UBS: «Siat» launches capital increase
The planned proceeds from the issue of around CHF 170 million are to be invested in project developments in the portfolio.
From December 4 to 12, UBS Switzerland AG is carrying out a capital increase with subscription rights for the «UBS (CH) Property Fund - Swiss Residential Siat» with a volume of around CHF 177 million. According to UBS, construction projects in very good locations in the Zurich, Basel and Neuchâtel regions increased the portfolio volume by a total of around CHF 260 million. The real estate portfolio comprises 175 properties and a volume of around CHF 4.2 billion. The distribution yield is 2.1%.
The proceeds from the issue will be used in particular for the following projects:
- Total renovation of residential property Faubourg de l'Hôpital, Neuchâtel (investment volume approx. CHF 18 million)
- Total renovation of residential property on St. Gallerstrasse, Winterthur (investment volume approx. CHF 9 million)
- Total renovation of residential property Schorenweg, Basel (investment volume approx. CHF 54 million)
- New development of «Tivoli Garten» residential property, Spreitenbach (investment volume approx. CHF 153 million)
- Total refurbishment of residential property Seefeldstrasse, Zurich (investment volume approx. CHF 26 million)
The remaining proceeds from the issue will be used to purchase additional properties, finance renovations and construction projects and repay debt financing, UBS announced. The issue was first announced in October (IB reported). (IB reported).
