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UBS Asset Management affiliate pays €250M for retail portfolio in Paris

The Italian real estate arm of UBS Asset Management Inc. purchased a luxury retail real estate portfolio in Paris for €250 million, IPE Real Assets reported.

The transaction was carried out on behalf of the UBS Diamond Eurozone Offices fund, a pan-European fund targeting core and core-plus investment opportunities in eurozone cities. It is managed by UBS on behalf of Italian insurance company Poste Vita SpA.

The properties at 12, 14 and 48 Montaigne Avenue in the eighth arrondissement of the French capital are long-term leased to international high-fashion retailers, the publication said.