UBS fund sells in Tampere at 21% discount

Finnish listed real estate firm Sponda has acquired an office property in central Tampere, Finland, from Munich-based fund manager UBS Real Estate Kapitalanlagegesellschaft for nearly €64 mln, or a net initial yield of 7%.

The deal volume represents a 21% discount to the price paid by UBS for the asset between July 2007 and April 2009.

Asset manager UBS acquired the complex at the time for its UBS (D) Euroinvest Immobilien open-ended fund for a total of €81 mln, according to the company's annual report.

Located in central Tampere, at Åkerlundinkatu 11 A-D, the asset provides 20,000 m2 of office space across four buildings completed in 2008–2009 as well as 308 parking spaces. The property is currently almost fully occupied to a total of 19 tenants with an occupancy rate of 97%.