UBS Asset Management fa shopping a Francoforte

UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) business announces that it has acquired the ‘Schiller27’ mixed-use asset in Frankfurt, Germany for c. EUR 27 million. The property was purchased on behalf of the UBS (I) Zurich Italy – Real Estate Fund (UBS-ZIREF) from a special real estate fund managed by DIC Asset AG.

Schiller27 is a seven-story V-shaped property occupying a prominent position in Frankfurt’s central business district, straddling both Schillerstrasse and Taubenstrasse. Constructed in 1997, the office-led asset totals 3,000 sqm, including approximately 350 sqm of ground floor retail space, and presents an institutional-grade investment proposition on account of its high quality, prime location and strong tenant roster. The property has been acquired fully let, with major tenants including German financial institutions ODDO Seydler Bank AG and Landesbank Baden-Württemberg (LBBW).

The asset holds a strategic central location in Germany’s thriving financial center and benefits from a wealth of retail and leisure amenities within its immediate vicinity. Schillerstrasse itself is renowned as the location of a popular weekly market and also offers excellent dining options catering to the local workforce. Schiller27 is highly accessible by both car and a wide array of public transport options, while its unrivalled commercial location is further enhanced by its proximity to the Frankfurt Stock Exchange Square / Börsenplatz, which is just 200 meters from the property.

The pan-European UBS-ZIREF fund is managed by UBS-AM and reserved to Zurich Investments Life SpA, a fully owned subsidiary of Zurich Insurance Group. The Fund is characterized by a core return profile, aiming to generate stable, diversified returns over the long-term. Investments are focused on high-quality office properties with the potential to provide stable rental returns, situated in prime locations within Italy and selective Eurozone markets.

Peter Haltenberger, Member of the Managing Board Real Estate Germany, commented: “Schiller27 is a high performing investment that offers attractive growth prospects, making it an excellent addition to the UBS-ZIREF portfolio. Both the quality of the asset and the strength of its location provide it with highly defensive characteristics and clear visibility of income streams that align perfectly with the Fund’s goal of generating strong and stable returns over the long-term for our client. We consider this to be an ideal opportunity to provide the Fund with exposure to one of Europe’s top five office markets, as Frankfurt continues to draw a growing list of international corporate occupiers amid undersupply of prime stock.”

Source : Company