UBS Real Estate Kapitalanlagegesellschaft, the Munich-based real estate investment unit of Swiss bank UBS' Global Asset Management arm, is selling the Sebalder Höfe mixed-use scheme in Nuremberg, Bavaria, to a unit of Talanx, the third-largest insurance group in Germany. The transaction amounts to over EUR 24 mln.

The property was owned by the UBS (D) 3 Sector Real Estate Europe open-ended real estate fund.

The office and retail building, located in the city centre, was bought by UBS in its development stage in 2006 and offers a total of 9,300 m2 of space, including 4,400 m2 of retail facilities and 300 parking places. The complex comprises two supermarkets, a drugstore, a shoe retailer, a pharmacy, and around 5,000 m2 of fully leased office space.

UBS Global Asset Management manages a total of CHF 536 bn in assets.