UBS Direct Urban invests in St. Gallen
The UBS Direct Urban real estate fund has acquired a residential and commercial property in the old town of St. Gallen.
UBS Asset Management announced that the fund has acquired a residential and commercial property on Multergasse in the old town of St. Gallen, effective December 1, 2019.
The property was completely renovated in 1997 and an extension was added to the courtyard side, the statement continues. According to the statement, the basement and first floor contain around 500 sqm of commercial space, which is leased long-term to a Danish furnishing label. The company completely renovated the retail space when it moved in. The floors above contain a total of ten apartments with 2.5, 3 and 3.5 rooms.
According to UBS, the investment volume is around CHF 12 million. With the acquisition, the UBS Direct Urban portfolio grows to 17 properties in ten cantons. (ah)
