Asset management group UBS' €825 mln Euroinvest Real Estate fund has sold the Innovum 212 office complex in Nuremberg to an unnamed international investor for €80 mln.
Acquired by UBS in 2003 and 2004, the asset has been repositioned over the past years thanks to a €10 mln capex investment completed in 2012.
It currently provides 35,300 m2 of office space and is 95% leased.
'The sale of 'Innovum 212' is a good example of successful asset management and very good market timing,'commented Alexander Isak, portfolio manager for the fund.
UBS Euroinvest plans to reinvest the proceeds in new acquisitions across Europe and particularly in Germany's top 7 markets.
