UBS Zurich Italy Real Estate Fund (UBS-ZIREF) has purchased Schiller27, a mixed-use property in Frankfurt, Germany.
The fully-let seven-storey Schiller27 building comprises 3,000 square meters (sqm) of office space and 350sqm of ground-floor retail space.
UBS-ZIREF, managed by Swiss investment manager UBS Asset Management on behalf of Zurich Insurance Group’s Italian arm, acquired the asset from a real estate fund managed by DIC Asset.
UBS-ZIREF bought the property, which was constructed in 1997, for a total purchase price of 27 million euros (around $30 million).