The German asset management unit of Swiss banking group UBS said on Thursday that it has divested two office buildings to fund manager Real I.S. for a total of EUR 98 mln. The company is selling two of the three office buildings within the Beatrixpark office complex. They offer 27,500 m[sup]2[/sup] of office surface and 250 parking spaces and are leased to an organisation of the Dutch government with a long-term rental agreement.
The German asset management unit of Swiss banking group UBS said on Thursday that it has divested two office buildings to fund manager Real I.S. for a total of EUR 98 mln. The company is selling two of the three office buildings within the Beatrixpark office complex. They offer 27,500 m2 of office surface and 250 parking spaces and are leased to an organisation of the Dutch government with a long-term rental agreement.
The announcement follows the signing at end-September of a preliminary agreement to sell the assets. UBS KAG is retaining Phase III of the project in its portfolio. The properties were acquired in 1999 by UBS (D) Euroinvest Immobilien open-ended fund.
Last week, UBS halted redemptions from another fund, UBS (D) 3 Sector Real Estate Europe on the back of growing redemption demands from its investors. The vehicle, which had re-opened in October 2009 after a one-year redemption freeze, will be suspended for a period of 12 months, UBS said.
The fund is managed by UBS' Munich-based KAG fund management unit.