UBS Asset Management awarded €300m European office mandate
UBS Asset Management has announced a €300 million ($330 million) pan-European real estate investment mandate by Italian life insurance company Poste Vita S.p.A., which can be extended up to €500 million ($550 million). The investment is structured as an Italian Real Estate Alternative Investment Fund called the UBS-Diamond Eurozone Offices fund. UBS-DEO will target core and core-plus investment opportunities with a focus on new or recently developed office assets that have high occupancy secured by long-term leases and are in prime locations within the top 10 to 15 cities in the euro zone. It will mainly target direct investments ranging in size from €50 million to €100 million ($55 million to $110 million). Despite the uncertainty following the recent U.K. Brexit vote, numerous real estate investment mandates have been awarded in the rest of Europe.