UBS investment foundations expand portfolios
The investment foundations UBS AST Real Estate Switzerland and UBS AST Commercial Real Estate Switzerland each increased their portfolio volume by more than 3% in fiscal year 2019/20.
UBS said UBS AST Real Estate Switzerland (UBS AST-IS) reported an investment return of 4.7% at the end of fiscal 2019/20 (Sept. 30, 2020). The portfolio volume increased by 3.7% to CHF 2.37 billion, mainly due to the purchase of an existing property in Granges-Paccot (FR). UBS AST-IS and UBS AST Commercial Real Estate Switzerland (UBS AST-KIS) each acquired half of the property. The UBS AST-IS portfolio now consists of 132 properties. According to UBS, the rent default rate has fallen to 6.5% - despite rent defaults due to the Corona pandemic.
UBS AST-KIS reported a performance of 4.1%, and the portfolio volume increased by about 3.4% from 688.1 million to 711.4 million. Although the fiscal year was dominated by the pandemic from March onwards, the company still managed to cope with the uncertainties, UBS said. Various major expiring leases had been extended, it said. (ah)
