Capital increase for UBS Direct Urban
UBS Fund Management announces an issue of up to CHF 86 million for the UBS Direct Urban real estate fund.
According to the fund management company UBS Fund Management (Switzerland) AG, a capital increase with subscription rights in the order of CHF 86 million is to be carried out for UBS (CH) Property Fund Direct Urban at the end of October or beginning of November this year. The aim is to raise additional funds for the purchase of properties, the financing of refurbishments and construction projects, and the repayment of debt financing.
The fund management intends to announce the exact terms of the issue at the end of September. The issue price will consist of the net asset value as of June 30, 2020, after distribution plus the accrued income up to the payment date as well as the issue commission and will include ancillary costs for the benefit of the fund assets, according to the statement. The company reserves the right to postpone the capital increase depending on market developments.
UBS Direct Urban invests in residential and commercial properties in urban areas throughout Switzerland. The fund holds the properties in direct real estate ownership. (ah)
