UBS Asset Management adds to Frankfurt office portfolio with prime acquisition

UBS Asset Management (UBS AM) Real Estate & Private Markets (REPM) has acquired Eschersheimer Landstrasse 50-54 (ELS 50-54), a prime office-led asset in Frankfurt, Germany, from ELS Grundbesitz GmbH, a property company held by project developers Orna and Arthur Wiener and architects Holger Meyer and Caspar Schmitz-Morkramer. A purchase price was not disclosed.

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’s central business district.

ELS 50-54 is a class A property of 6,117 square meters (65,843 square feet) spread over seven stories. Built in 2002, the high-quality asset was extensively refurbished and upgraded by the vendor in the past 18 months to modernize and enhance floorplate flexibility, transforming it from a single- to multi-tenanted property. Highli