Alt Investments
UBS Wealth Management Expands Property Portfolio With Purchase of German Bank Building
Germany’s DekaBank has sold its 38-storey “Skyper” skyscraper complex in Frankfurt to UBS Wealth Management Global Property Fund for €400 mi...
Germany’s DekaBank has sold its 38-storey “Skyper” skyscraper complex in Frankfurt to UBS Wealth Management Global Property Fund for €400 million ($500 million). “With this sale in a profitable market, we will reduce the amount of capital we have invested in real estate and will be able to invest more in our core business, giving a better return,” said Matthias Danne, a member of DekaBank’s management board. Last month UK-based Protego Real Estate Investors bought the Buttermarket Shopping Centre in the English city of Ipswich on behalf of UBS Wealth Management UK Property Fund for £50.5 million ($93 million).
