Fresh money for UBS Direct Urban
The capital increase of UBS Direct Urban was fully subscribed. The fund will thus receive CHF 86 million.
UBS announces that all new units of the UBS (CH) Property Fund - Direct Urban have been subscribed. The majority of the issue proceeds of around CHF 86 million will be used for five projects: The acquisitions of a mixed-use property in Multergasse in St. Gallen (investment volume approx. 12 million; inception 4th quarter 2019), a mixed-use property in Leonhardsberg in Basel (investment volume approx. 8 million; inception 2nd quarter 2020) and a commercial property in Freiestrasse in Zurich (investment volume approx. 15 million; inception 2nd quarter 2020).
Furthermore, the new construction of the residential property "Residenza Morettina" on Via Romerio in Locarno (investment volume approx. 12 million; completion scheduled for the 2nd quarter of 2020) and the replacement construction of a residential property on Leonhard-Ragaz-Weg/Goldbrunnenstrasse in Zurich-Wiedikon (investment volume approx. 57 million; completion scheduled for the 4th quarter of 2020) will be financed with the proceeds from the capital increase.
The remaining new funds are to be used to purchase additional properties, finance refurbishments and construction projects, and repay debt financing. (ah)
