UBS: "Sima" plans 350 million franc issue
The real estate vehicle with net fund assets of CHF 7.5 billion is announcing a capital increase that will be significantly larger than the last one.
The UBS (CH) Property Fund - Swiss Mixed ("Sima") intends to raise fresh capital at the end of April or beginning of May. According to the fund management company UBS Fund Management (Switzerland) AG, the issue with subscription rights will be in the region of CHF 350 million. The fund intends to use the additional funds to finance acquisitions, renovations and projects as well as to repay loans. "The fund management company reserves the right to postpone the capital increase depending on market developments," the announcement states.
The fund invests in residential and commercial properties throughout Switzerland. The last capital increase was carried out in May and concluded with a volume of just over CHF 200 million. Net fund assets amounted to CHF 7.5 billion at the end of the first half of the year - around CHF 150 million more than a year earlier. (aw)
