UBS buys Eurcenter in Italy for Zurich Insurance Group

A fund managed by UBS Asset Management on behalf of Zurich Insurance Group’s Italian arm has paid €90.3m for an office building in Rome.

Borsa Italiana listed property firm COIMA Res said it sold the Eurcenter property to Zurich Italy Real Estate Fund.

Built in the 1950’s and refurbished in 2010, the Eurcenter building was bought by Coima in 2016 through the purchase of a 86.7% stake in the Coima Core Fund VI.

Coima said the sale price represents a premium of 13% to the asset acquisition price in August 2016 2016 and a 4% premium to the last book value of the property as of 30 June.

The Eurcenter is Coima’s second largest property, representing 12% of its portfolio.

 

 

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