Swiss fund manager UBS Real Estate has acquired the Living Office building in Dusseldorf for its open-ended real estate fund UBS (D) Euroinvest Immobilien. The seller was CF Living Office Immobilien, a real estate holding of the American food and financial services group Cargill Inc. The transaction price amounted to around EUR 52 mln.

Swiss fund manager UBS Real Estate has acquired the Living Office building in Dusseldorf for its open-ended real estate fund UBS (D) Euroinvest Immobilien. The seller was CF Living Office Immobilien, a real estate holding of the American food and financial services group Cargill Inc. The transaction price amounted to around EUR 52 mln.

The office complex, composed of two buildings, offers 22,000 m2 of total rental surface and 370 parking spaces. The scheme is almost fully rented out to insurance, fashion and IT companies.

The first building of the Living Office complex was built in 1916 and completely renovated in 2003. The second building was completed in 2009 and incorporates elements of the industrial architecture of the older part. The building is located in the Derendorf district in Dusseldorf, a development area which has experienced significant construction activity over the past five years.

Last month, UBS announced plans to raise up to CHF 530 mln (EUR 370 mln) for its Sima property fund to finance acquisitions. With CHF 5.5 bn of assets, Sima currently ranks as Switzerland's biggest real estate investment vehicle by market size.