UBS Euroinvest fund reopens
UBS Real Estate GmbH is reopening the public AIF UBS (D) Euroinvest Immobilien ahead of schedule and will start redeeming units at the end of November 2016.
Munich-based UBS Real Estate GmbH had suspended the redemption of units of UBS (D) Euroinvest Immobilien (UBS-EI) with effect from July 4, 2014 until July 4, 2017. Now the fund management announces to reopen the fund. As the issue and redemption of units takes place at the end of each month, the first trading day after reopening will be November 30, 2016.
According to UBS, management has received returns amounting to 161 million euros, which are to be paid out after reopening. These returns can be serviced from existing liquidity. In addition, long-term investors have signaled their willingness to remain in the fund, UBS said in a statement.
Since the closure of the fund, properties with a total value of 790 million euros have been sold. The focus had been to ensure "a sustainable real estate portfolio with stable earnings expectations" upon reopening. UBS-EI was launched in 1999 as an open-ended mutual fund aimed primarily at institutional investors. (ah)
