UBS Asset Management (UBS-AM) has announced the acquisition by its global real estate business of two properties in Spain which together bring its assets under management across Iberia to about €700 mln.
UBS's global real estate business (GRE) has operated in Spain and Portugal since 2003 and manages seven funds or separate account mandates with a portfolio of assets across the office (65%), logistics (5%) and retail (30%) sectors.
The latest deals, totalling €89 mln, were in Madrid and Barcelona.
In Madrid, GRE acquired a modern office building, comprising 13,195 m2 of lettable space across five floors and 417 car park spaces, for €36.5 mln on behalf of a separate account client. The property, Jose Echegaray 6A- Las Rozas, is located in Las Rozas Business Park which is 20 km north west of Madrid's city centre.
GRE also acquired an office asset, Aribau 192-198, in Barcelona, comprising 11,219 m2 of gross lettable area across nine floors as well as 944 m2 of storage space and 39 car park spaces. The property was purchased on behalf of the UBS Diamond Eurozone Offices (UBS-DEO) fund for €52.5 mln.
UBS-DEO targets core and core-plus investment opportunities with a focus on new or recently developed office assets which have high occupancy secured by long-term leases and are in prime locations within the top 10-15 Eurozone cities. The asset is currently 90% let to two tenants: Spanish law firm Roca Junyent and Quality Medical Service (QMS).
Jesús Silva, head of Global Real Estate – Iberia at UBS-AM, said the group had built a portfolio of core and core-plus assets in Iberia over the last 13 years. 'While we remain focussed on this strategy in the short term, we are increasingly confident about the economic recovery in Spain and Portugal and at this stage we have not ruled out broadening our reach along the profile spectrum over the medium term.'
UBS-AM GRE was advised on the transactions by Linklaters, PwC, Cushman & Wakefield, Dentons, KPMG, Novasa, Olive and Aguirre Newman (Commercial).
