UBS Direct Residential plans capital increase
UBS Fund Management intends to carry out a capital increase for the UBS (CH) Property Fund - Direct Residential in the fall.
According to a press release, the issue is scheduled to take place at the end of October/beginning of November this year and will raise up to CHF 93 million for the fund. The fund management company intends to use the additional funds to purchase properties that
Financing refurbishment and construction projects as well as the repayment of debt financing.
The issue price will consist of the net asset value as at June 30, 2018 after distribution plus accrued income up to the payment date and the issue commission, UBS announced. The exact terms of the capital increase are to be announced at the end of September.
The UBS (CH) Property Fund - Direct Residential invests primarily in residential buildings and properties with development potential in German-speaking Switzerland. The fund holds the properties in direct land ownership. (ah)
