UBS invests €80m in Spanish office scheme

UBS Global Asset Management has invested €80m ($88.3m) in a Spanish office scheme.

Fund manager Benson Elliot said it has sold the Cornerstone asset, in Poblenou, a Barcelona office district, to a fund managed by UBS.

The former said it forward-purchased the property in 2011 from Solvia, a subsidiary of Banco Sabadell, in a joint venture with Bream Real Estate.

The 20,700 sqm development, which opened in late 2013, is 77% let.

Source: IPE Real Estate