UBS Foncipars raises 133 million
The UBS Foncipars real estate fund has received CHF 133 million in new funds as part of its capital increase. The majority of the money is to be invested in projects in western Switzerland.
According to UBS, the majority of the issue proceeds will be invested in the acquisition of a residential property in Geneva-Onex (investment volume CHF 22 million), the renovation and roof extension of a residential property in Lausanne (CHF 13 million), the construction of a new residential property in Bussigny (CHF 30 million), the renovation of the residential property La Tourelle in Geneva (CHF 50 million) and the construction of a new residential and commercial property in Crissier (CHF 20 million).
UBS Foncipars intends to use the remaining funds from the issue to purchase additional properties, finance renovations and construction projects, and repay debt financing.
The fund, which focuses on residential buildings in western Switzerland, currently holds 131 properties worth CHF 1.6 billion. In addition to the acquisition of existing properties and new construction projects, the portfolio is to be increasingly developed through refurbishments and subsequent densification. (ah)
