UBS Europe buys again
The UBS Europe real estate fund recently acquired two properties: a logistics property in the Netherlands and a retail property in Florence.
UBS (CH) Property Fund Europe acquired the first two properties for its portfolio in January of this year, now the fund has made further purchases.
According to a UBS statement, a logistics hall in Tilburg, the Netherlands, has been acquired for around 20 million euros - "in one of the most important logistics hubs in the center of the 'Eurodelta' Metropolis," UBS said. The logistics hall will be taken over in the summer of 2019, it said. The property is leased for ten years to the subsidiary of a listed company.
Already in early March, the fund acquired a 15th-century building in one of Florence's prime locations, which is used as a retail property. According to UBS, the store units are rented by internationally renowned suppliers of luxury goods; in the medium term, the property has sustainable potential for rent increases. It will also open in the summer of 2019.
In total, UBS Europe acquired four properties with a total value of around EUR 100 million in the first financial year since its launch. (ah)
