UBS Real Estate has announced the sale of an office building in central Oslo to Norwegian financial services group Storebrand. The sales price of NOK 845 mln (EUR 108 mln) reflects a 14% profit on the amount the asset was acquired for three years ago, UBS said in a statement.

Located near the city's central business district, the scheme is owned by the UBS (D) Euroinvest Immobilien open-ended fund. The property offers around 22,000 m2 of office accommodation and 165 parking spaces. It is multi-let with Astrup Fearnley as anchor tenant. The German investor acquired the scheme in October 2008 as its first property acquisition in Norway. It has since managed to raise the occupancy levels from 75% to 100%.

UBS (D) Euroinvest Immobilien is an open-ended KAG fund investing in European office properties.