UBS fund makes core acquisition in Spain

UBS Asset Management has returned to Spain with the acquisition of the Urbil shopping centre in San Sebastian, Northern Spain.

A core real estate fund managed by UBS has bought the asset from CBRE Global Investors for €61 million. CBREGI, said the disposal is part of its asset rotation programme and added that it is looking for new investment opportunities in Spain. Opened in May 2000, the scheme provides 34,750 sq m of space over 62 units, 11 restaurants, a 8-screen multiplex cinema and 2,533 parking spaces. The mall is anchored by an Eroski hypermarket.

Source: NRev