UBS Asset Management Real Estate & Private Markets has added an office building in Spain to its European office portfolio.

The manager has invested an undisclosed amount to buy the 3,700sqm asset located at Avenida de Pío XII 44 in central Madrid.

The recently refurbished office asset is spread across three storeys above ground and 87 underground parking spaces.

UBS Asset Management said the property is currently fully let to three tenants.

Manuel Hidalgo, the head of real estate Iberia at UBS Asset Management Real Estate & Private Markets, said the acquisition is the latest in a ”number of transactions we have completed across Europe in the office sector recently”.

“The asset has industry-leading ESG credentials, and we look forward to continuing its development in line with the forecast recovery of the Spanish economy, allowing strong returns and attractive yields in the mid to long-term.”

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