UBS funds buy up
UBS Real Estate has made acquisitions for the UBS Direct Urban and UBS Sima funds and for the UBS AST-IS1 investment foundation in recent months. Among other things, the Grossmatte development in Lucerne has changed hands.
UBS Direct Urban, which has been listed on the SIX Swiss Exchange since November 2015, acquired a commercial building in Männedorf (ZH) for CHF 39 million on February 1, 2016. The property comprises around 8,400 square meters of rentable space and 88 parking spaces on an adjacent plot. The portfolio, which focuses on properties in urban areas of Switzerland, amounts to around CHF 260 million.
At the end of January, the UBS AST-IS1 investment foundation acquired the "Grossmatte" development in Lucerne. The project, for which construction work is due to start soon, provides for around 160 one- to four-room apartments. Around 2,100 square meters of retail space will also be created on the ground floor, for which long-term contracts have already been concluded with two large retailers. A two-storey parking garage is also planned. This 2000-watt project is scheduled for completion in spring 2018. The investment volume amounts to around CHF 93 million.
UBS Sima acquired a commercial property in the center of Lucerne in mid-December. The property has a rentable area of around 1,200 sqm, of which around 780 sqm is office space and around 380 sqm is retail space. The remaining space is used for storage. The space is let on a medium to long-term lease. (ah)
