UBS to liquidate $2 billion real estate fund post market downturn

16 Aug 2024 CW Team

UBS has announced plans to liquidate a $2 billion real estate fund it inherited through its acquisition of Credit Suisse. The Swiss bank's decision comes as investors increasingly pull out of struggling commercial property markets. The fund, heavily invested in office spaces, faced significant redemption requests, prompting UBS to conclude that winding down the entire fund was the best course of action. The global commercial real estate market, particularly in the U.S., has experienced a steep decline in valuations since 2021, driven by rising office vacancy rates following the pandemic. UBS reported that 83% of the fund?s investments were in office properties, with significant exposure to the U.S. (22%), Germany (16%), and Canada (14%). UBS noted that continued efforts to meet redemption requests would necessitate selling assets at unfavourable prices, adversely affecting existing investors and diminishing the attractiveness of the remaining portfolio. The decision to liquidate marks the latest sign of distress in the commercial property sector, as financial institutions like Blackstone Mortgage Trust and Starwood Real Estate Income Trust have also taken measures to avoid forced sales in the current market environment. (ET)

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