Asset Management has acquired La Forgiatura business campus in Milan, Italy on behalf of two institutional investors.
It is the first deal for UBS AM Real Estate & Private Marketsβ European Club Deal strategy.
UBS did not disclose the price but said it was a βlow three-digit million amountβ.
La Forgiatura is an integrated campus on the site of a regenerated nineteenth century industrial complex with 30,000sqm of grade-A office space.
There are nine individual buildings and a further one under construction, and more than 400 on-site parking spaces.
Situated in Zona Certosa, in the North-Western part of the city, La Forgiatura is Milanβs first entirely carbon-free scheme and is LEED certified.
UBS said its customised clients solutions team βdrew together two institutional investors with aligned interests and a strong appetite for direct access to income-producing real estate with long-term growth potential, and identified the attractive investment opportunity and structureβ.
Tilman Hickl, head of customised clients solutions, said: βThe successful closing of our first club deal with institutional clients in Europe, with the acquisition of a promising and income-generating business campus, marks the beginning of a new era of sustainable real estate solutions for our clients.
βThis transaction re-affirms investorsβ confidence in our deal-focused strategy, underpinned by its ability to immediately deploy capital and accurately allocate properties to our investors.β
