UBS Asset Management’s real estate arm has bought a prime office building in Paris for €43 million amidst what it calls a “challenging economic backdrop”.
Bought from a private property investor, the Haussmann-style building, constructed in the early 20th century, comprises over 1,500 sqm of space spread over six floors.
It is fully let to tenants from various sectors, including retail, fashion and consultancy, with a multinational supermarket chain occupying the ground floor.
Gijsbert van Riemsdijk, regional head of transactions at UBS-AM Real Estate & Private Markets, said the asset has defensive characteristics and clearly visible income streams.
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 an office-led property in Lyon earlier this year.
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