Union Investment has acquired a €65m office building in Spain from UBS Asset Management.

Union Investment said the acquisition of Building C of the Cornerstone ensemble in Barcelona represents the Hamburg-based real estate investment manager’s re-entry into the Spanish office property market. 

The deal was made on behalf of Union Investment’s open-ended UniInstitutional European Real Estate fund, Union Investment said, adding that the acquisition represents the manager’s first Spanish office investment in about 12 years.

The Cornerstone ensemble consists of three office buildings in Barcelona’s Poblenou district. Built n 2014, the 10,010sqm Building C is the largest building in the Cornerstone ensemble. UBS acquired the Spanish office scheme in 2015.

“We have been closely monitoring the Spanish office property market over the past few years and, with the Cornerstone property, we have now seized the opportunity to invest in a taxonomy-compliant property that still has a lot of potential, which we intend to lift together with our local Spanish team,” said Adam Irányi, the head of office investment management at Union Investment.

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