UBS Asset Management's (UBS-AM) Global Real Estate (GRE) business has acquired two properties in Spain which together bring its assets under management across the Iberia business to circa €700m. GRE has operated in Iberia, including Spain and Portugal, since 2003 and currently manages seven funds or separate account mandates with a portfolio of assets across the office (65%), logistics (5%) and retail (30%) sectors.
GRE has invested €89m across two transactions in Madrid and Barcelona. In Madrid, it has acquired a modern office building, comprising 13,195m² of lettable space across five floors and 417 car park spaces, for €36.5m on behalf of a separate account client. The property, Jose Echegaray 6A- Las Rozas, is located in Las Rozas Business Park which is 20km north west of Madrid’s city centre in an area popular among major international businesses, with Oracle and Hewlett Packard amongst others operating in the vicinity. The asset is currently 100% occupied by five tenants, including Avantcard, Altamira Asset Management, Finanmadrid and marketing agency Anekis.
GRE has also acquired a further office asset in Barcelona, comprising 11,219m² of gross lettable area across nine floors as well as 944m² of storage space and 39 car park spaces. The property is located at Aribau 192- 198, close to the junction with Avenida Diagonal, one of the city’s main arteries. The property has been purchased on behalf of the UBS Diamond Eurozone Offices (“UBS-DEO”) fund for €52.5m, and is in line with the fund strategy which targets core and core-plus investment opportunities with a focus on new or recently developed office assets which have high occupancy secured by long-term leases and are in prime locations within the top 10-15 Eurozone cities. The asset is currently 90% let to two tenants: Spanish law firm Roca Junyent and Quality Medical Service (QMS).
