UBS Direct Residential: Capital increase raises 97 million
The real estate fund UBS Direct Residential has successfully completed its capital increase. All new units have been fully subscribed, UBS reports.
The capital increase was carried out from 21 to 29 October 2021 and has brought UBS (CH) Property Fund - Direct Residential issue proceeds of CHF 97 million into its coffers. The fund intends to use a large part of the money for six projects: The acquisition of a mixed-use property on Klybeckstrasse in Basel with an investment volume of approximately 11 million, the purchase of a residential property on Bruggerstrasse in Baden for 20 million, the construction of the new residential property "Chemin Champ Perrin" in Bussigny for 28 million, the purchase of two residential properties in Basel on Sperrstrasse and Belchenstrasse for a total of 18 million, and for the second phase of the replacement construction of the "Zentrumweg" residential property in Niederhasli for 20 million - construction is scheduled to begin in the fourth quarter of this year.
The fund intends to use the remaining funds to purchase additional properties, finance refurbishments and construction projects, and repay borrowings. (ah)
