UBS Europe buys in Spain
The real estate fund UBS Europe has acquired a retail property in Madrid. The purchase price was 19 million euros.
According to UBS Real Estate Switzerland, the property is located in Megapark, one of Madrid's most sought-after retail locations. It has a sales area of around 4,400 sqm, which is fully let to well-known tenants for more than nine years.
It is fully leased to well-known tenants for more than nine years. The megapark reportedly has around 22 million visitors a year and is one of the top three retail parks in Spain. Within the Megapark, the new acquisition is in a prime location, according to UBS Real Estate Switzerland.
UBS Europe has acquired five properties with a total value of over €100 million since its launch in May 2018. Currently, the fund is exclusively examining the acquisition of office properties in Germany, Belgium, Italy and Spain. The fund management company expects to conduct a second closing in the coming months, by September 2019 at the latest.
UBS Europe invests in real estate in Europe outside Switzerland. The fund is aimed at qualified investors. (ah)
