UBS Asset Management (UBS AM) Real Estate & Private Markets (REPM) acquired a fully-let 6,117sqm asset on behalf of Zurich Insurance Group’s Italian arm

The manager said it has acquired the office-led Eschersheimer Landstrasse (ELS) 50-54 asset in Frankfurt from ELS Grundbesitz for an undisclosed sum.

The property was purchased on behalf of the UBS I Zurich Italy - Real Estate Fund (UBS-ZIREF) and represents the second German addition to the fund’s portfolio in the past month following the recent acquisition of Schiller27, also in Frankfurt.

The seven-storey ELS 50-54 building was built in 2002. The asset was refurbished and has been transformed from a single to multi-tenanted property.

Peter Rocker, head of transactions Germany, real estate and private markets, said: “This acquisition adds to our recent purchase of the nearby Schiller27 property and clearly demonstrates our confidence in the Frankfurt office investment market.

”In line with the fund’s investment strategy, ELS 50-54 offers well-balanced income streams and attractive growth prospects, enabling us to deliver resilient returns for our client over the long-term.”

In July 2016, Zurich Insurance Group’s Italian arm mandated UBS with €400m to invest in European office, retail and industrial assets.