UBS: «Siat» increases rental income
In a financial year with no purchases or sales, the fund's rental income increased by CHF 7.6 million to CHF 171.6 million.
The UBS real estate fund «Siat» increased its total market value by 3.8% or 154.3 million to CHF 4.24 billion in the 2024/2025 financial year. According to the information provided, the portfolio growth is due in particular to construction progress and renovations. Adjusted for investments, this resulted in an appreciation of CHF 113.4 million or 2.8%. There were no property transactions in the financial year.
Rental income increased by CHF 7.6 million to CHF 171.6 million, which according to UBS is partly due to the completion of new construction and renovation work. The rent default rate increased slightly by 0.6 percentage points compared to the previous year, resulting in a cumulative rent default rate of 3.1% as at September 30. Net income remained virtually unchanged at CHF 85.3 million, while total income increased from CHF 119.2 million to CHF 186.5 million. Unrealized capital gains of CHF 113.4 million contributed to this (previous year: CHF +44.8 million).
Completion of the major project in Spreitenbach
One of the highlights of the year was the completion of the «Tivoli Garten» in Spreitenbach (AG) after a five-year construction period. Together with UBS Green Property, UBS «Siat» invested around CHF 153.0 million here. The project comprises 445 apartments and 13,500 square meters of commercial and retail space. Decathlon already opened in the spring with an area of 5,500 square meters.
The fund is also carrying out the complete renovation and extension of a property in Zurich's Seefeld district. Not far from Zurich's Bellevue and Lake Zurich at Seefeldstrasse 26, 28 and 32, 34, the project includes the energy-efficient refurbishment of the building envelope, including window replacement. The work will be completed in summer 2026.
Work on two high-rise residential buildings in Basel has been completed. In the Hirzbrunnen district of Kleinbasel, the 196 apartments were reoccupied in October 2023 and February 2025.
Finally, «Siat» reports that the ground-breaking ceremony for a new replacement building called «Dialogo» in Lugano-Massagno will take place on November 19. The project is the brainchild of Zurich architects AWW Architekten AG. The demolition of 44 existing apartments has already taken place. The new replacement building will comprise 60 apartments, which should be ready for occupancy in the second half of 2029. The investment volume amounts to CHF 29.9 million. (aw)
