Union Investment has exited a logistics property at Industriestrasse 11 in Oftringen, Switzerland to a Swiss property fund managed by UBS Asset Management.
In a statement, the parties did not diclose the value but said the purchase price was 'higher than the most recent expert value'.
The logistics property comprises around 31,155 m2 of rental space and was built in 2008. Union bought it in 2013 for the portfolio of the institutional mutual fund UniInstitutional European Real Estate and was fully let to the logistics company Fiege throughout the entire portfolio phase.
Perhaps reflecting any suspicion, Union denied the sale was any kind of withdrawal from the Swiss market.
Alejandro Obermeyer, head of investment management DACH at Union Investment, said: 'The sale is purely for strategic portfolio reasons. It is definitely not a strategic withdrawal from the Swiss market. On the contrary: we are ready to invest again at the next suitable opportunity.'
The logistics centre in Oftringen is 60 km west of Zurich and is located directly at one of Switzerland's most important transport hubs. Its immediate proximity to the A1 and A2 motorway network ensures connections to the north and south as well as to the east and west. The property also has its own railway siding, which enables multimodal logistics.
