Zurich Italia, through its core pan-European UBS (I) Zurich Italy - Real Estate Fund (UBS-ZIREF) managed by UBS Asset Management, has announced the acquisition of four properties in Frankfurt and Amsterdam for a total of €135 mln.
The deals bring the value of the real estate fund to over €430 mln of assets in Italy, Germany and the Netherlands.
UBS-ZIREF has acquired two office properties at Schiller Strasse 27 and Eschersheimer Landstrasse 50-54 in Frankfurt for €29 mln and €49 mln respectively.
Situated in the city centre, the assets are fully leased to several tenants on long term rental agreements.
In the Netherlands, the fund has bought a historic asset at Herengracht 182, first developed in 1615, which provides 2,300 m2 of space leased to fashion group Karl Lagerfeld. The asset was bought for €33 mln. The second asset, located at Weteringschans 165,provides 2,850 m2 of retail and office space and was bought for €24 mln.
Giorgio Pieralli, head of Illiquid Asset of Zurich Italia, commented: 'We are very satisfied with the start of the foreign investment phase, with four distinct operations that allow us to continue pursuing the goal of generating interesting and stable returns in the long term.'
He added: 'These operations confirm our confidence and our strong interest in lifting our real estate exposure and diversifying our investments across Europe, particularly in the cities that show the most interesting growth potential and propensity for innovation.'
Launched three years ago, UBS-ZIREF is targeting a volume of €600 mln.
