UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has acquired a prime office building in Paris for a total cost of €43 million ($50 million).
The property was purchased on behalf of the UBS (I) Zurich Italy – Real Estate Fund (UBS-ZIREF) from a private real estate investor and represents the second addition to the fund’s French offices portfolio following the acquisition of Open 6, an office-led property in Lyon, earlier this year.
Spread over six stories, the attractive Haussmannian building was originally constructed in the early 20th century and recently benefited from an extensive refurbishment by the vendor. The office-led asset totals 1,532 square meters (16,490 square feet), including approximately 300 square meters (3,230square feet) of ground-floor retail space let to a major multinational supermarket chain. The property has been acquired fully let with a mix of tenants active in various sectors, including retail, fashion and consu
