UFG Rem buys from UBS for EUR 42m

French fund manager UFG Rem has acquired office building Le Confluent in Maisons-Alfort near Paris from one of UBS Global Real Estate's investment funds. The acquisition price amounts to around EUR 42 mln.

The building, which was acquired for UFG's Multimmobilier 2, Epargne Fonciere and Eurofonciere 2 SCPI listed property funds, consists of nearly 9,000 m² of office accommodation as well as 145 parking spaces. The asset was developed by a partnership of UBS and local real estate company Sefri-Cime. Delivered in December 2008, it is 85%-leased to five tenants; Allianz, Oseo, RSI, Altelios and LGL.

UBS Global Real Estate was advised by Olivier Duparc and Clifford Chance while Etude 14 Pyramides assisted the buyer.

UFG Rem has EUR 5.4 bn of real estate assets under management. In 2010, UFG Rem expects to invest globally a total of over EUR 700 mln for its SCPI and OPCI vehicles as well as for its institutional investors, mostly consisting of business and office property (around EUR 500 mln).