UBS Euro Core, a core real estate fund managed by UBS Asset Management's Real Estate & Private Markets business, has completed the sale of Campo Sentilo, an office property in Munich, Germany. The purchase price was undisclosed.
The purchaser of the 8,210 m² office building was Quantum Immobilien on behalf of an individual fund launched by BNP Paribas Real Estate Investment Management Germany.
The office building, located south west of Munich's city centre in the Obersendling district and fully let to 11 tenants, was owned by UBS Euro Core for ten years and performed well during this period.
Post sale, UBS Euro Core – which is being liquidated – has a total of six assets remaining in Spain, Finland and France, with the sales process for each of these assets progressing well.
Mark Gifford, Senior Portfolio Manager for UBS Euro Core and Head of Transactions Europe ex CH commented: “This is a high quality asset which appealed to the investment market. The market is currently very strong for core small to medium sized office buildings and we are seeing pricing moving rapidly inwards in both the City centre as well as Munich’s office submarkets.”
