UBS Asset Management (UBS AM) Real Estate & Private Markets (REPM) has invested €43m, on behalf of Zurich Insurance Group’s Italian arm, to buy an office asset in France.

The manager said the fully-let Haussmannian building in Paris, which was acquired from a private real estate investor, is the second office property acquisition on behalf of the UBS I Zurich Italy - Real Estate Fund (UBS-ZIREF). 

Earlier this year, the UBS-ZIREF fund bought the Open 6 office-led property in Lyon.

Located at 14 Avenue Franklin Delano Roosevelt, the office-led Haussmannian building totals 1,532sqm, including 300sqm of ground-floor retail space.

Gijsbert van Riemsdijk, head of transactions Europe ex CH at UBS-AM Real Estate & Private Markets, said: “This prime acquisition offered the rare opportunity to gain access to a core office property benefitting from a highly-sought address in a leading global city.

”Our ability to conclude this transaction amidst the challenging economic backdrop is testament to the expertise of our local team, while our conviction in the strong underlying fundamentals of the Paris office market gave us the confidence to proceed.

”The asset’s highly defensive characteristics, clear visibility of income streams and longer-term upside potential align with the Fund’s goal of generating resilient returns for our client.”

In July 2016, Zurich Insurance Group’s Italian arm mandated UBS with €400m to invest in European office, retail and industrial assets.

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