UBS Asset Management completes double office acquisition in Germany

UBS Asset Management Real Estate & Private Markets has acquired two predominantly public sector–tenanted office properties in the German cities of Hamburg and Wiesbaden for a combined price of approximately €50 million ($56 million).

The two properties were acquired off-market and in separate transactions on behalf of clients of UBS-AM.

The Hamburg asset is centrally located in the heart of Hamburg’s City Süd district. The seven-story property, named Südetagen, comprises 10,055 square meters (108,000 square feet) of leasable floor space along with an underground parking garage. The asset has been acquired fully leased, with a local public administration accounting for the majority of rental income. City Süd has proved to be one of Hamburg’s strongest commercial and office submarkets in recent years, strategically located between the city center and the HafenCity business district. Südetagen occupies a prominent corner position in close proximity to exc