UBS Asset Management Global Real Estate has sold a Paris office development to Middle Eastern sovereign wealth fund ADIA for €55m ($60.6m).
The investment manager’s UBS Euro Value Added Real Estate Fund sold the office building in Paris business district La Défense to Abu Dhabi Investment Authority’s Tamweelview European Holdings subsidiary.
LaSalle Investment Management said it bought the asset for Tamweelview.
The sale of the property, the last in the vehicle, brings to an end the UBS fund’s life.
UBS bought the 6,700sqm asset in April 2006 and is redeveloping it into the 51,200sqm, 38-storey office Tour Alto.
Patrick Jenvrin, head of global real estate in France and senior portfolio manager for UBS-EVA, said: “The sale is of great significance to both our asset management and investment teams, who have worked tirelessly over the past five years to identify and realise the optimum repositioning strategy for Les Saisons, enabling this prime located asset to reach its full potential with an ambitious new design.”
UBS will continue to manage the redevelopment for the next 12 months via a mandate with the buyer.
Demolition of the building will start later this year, with completion due in 2020.