UBS Global Asset Management has invested €80m ($88.3m) in a Spanish office scheme.
Fund manager Benson Elliot said it has sold the Cornerstone asset, in Poblenou, a Barcelona office district, to a fund managed by UBS.
The former said it forward-purchased the property in 2011 from Solvia, a subsidiary of Banco Sabadell, in a joint venture with Bream Real Estate.
The 20,700 sqm development, which opened in late 2013, is 77% let.
Trish Barrigan, Benson Elliot senior partner, said strong institutional interest during the sales process had validated the firm’s decision to move early into the Spanish market.
“We believed in the sustainability of Barcelona as a magnet for international business, and saw a dearth of competitive supply in the pipeline,” she said.
As well as investing in Spain’s office sector, Benson Elliot has also invested in Spanish retail, last year buying the Imaginalia shopping centre in Albacete.
