UBS Asset Management Global Real Estate has launched a €400m (£342m) pan-European fund for Zurich Insurance Group.
The 15-year UBS Zurich Italy Real Estate Fund will focus on offices, retail and industrial assets across the eurozone.
It is part of Zurich’s plan to expand its portfolio in Italy before targeting other countries on the continent.
Matteo Riccardi, chief investment officer at Zurich Italy, said: “The pan-European focus of this fund allows us to create attractive returns for our clients and shareholders. Our selection awarded UBS Asset Management due to the experience and local presence in our target investment markets.”
In January, UBS closed its £241m real estate debt fund, launched in December 2013.