Union Investment sells logistics property in Switzerland to a UBS fund
Union Investment has sold the logistics property at Industriestrasse 11 in Oftringen, Switzerland. The buyer is a Swiss property fund from UBS Asset Management. The purchase price is higher than the most recent Expert value.
The logistics property, which comprises about 31,155 square meters (335,350 square feet) of rental space and was built in 2008, was acquired by Union Investment in 2013 for the portfolio of the institutional mutual fund UniInstitutional European Real Estate and was fully let to the logistics company Fiege throughout the entire portfolio phase.
“The sale is purely for strategic portfolio reasons,” said Alejandro Obermeyer, head of investment management DACH at Union Investment. “It is definitely not a strategic withdrawal from the Swiss market. On the contrary: We are ready to invest again at the next suitable opportunity.”
The logistics center in Oftringen is 60 kilometers (37 miles) west of Zurich and is located at one of Switzerlan