Sales at UBS open-ended real estate fund
UBS Real Estate has disposed of further properties in its open-ended real estate fund UBS 3 Sector Real Estate, which is currently being wound up. As the "Immobilien-Zeitung" (IZ) writes, three Spanish logistics properties were most recently sold to a local investor.
As a result, the UBS 3 Sector Real Estate open-end fund now comprises only eight properties. Their total value is stated at 112.2 million euros. The Spanish logistics properties sold to Grupo LAR for 18.5 million euros are so-called "warehouses" near Madrid and the Almussafes Industrial Park near Valencia. In September, the fund assets are to be transferred to the custodian bank, writes IZ.
Meanwhile, the suspension of redemption of fund units at the sister fund UBS Euroinvest will be extended for a further twelve months until July 2016. The fund has a loss in value over the year of more than 17 % with current real estate assets of around 1.5 billion euros. If in the coming year the payout to investors ready to exit is not possible, the liquidation of the fund must be initiated, according to IZ. (mr)
