UBS Fund Management has announced plans to liquidate the UBS (CH) Property Fund – Europe vehicle after sustained redemption requests and weak liquidity in Europe’s real estate markets delayed repayments to investors.
Trading in the fund’s units on the SIX Swiss Exchange was suspended with immediate effect on 20 October, with delisting scheduled for 23 October, UBS said.
The fund has faced elevated redemption requests over the past two years, with repayments deferred as the manager struggled to sell assets in challenging market conditions. Further redemption requests were received at the end of the financial year on 30 June 2026.
UBS cited persistently weak demand and limited liquidity in European property investment markets, where assets can currently be sold only selectively and often at significant discounts. It warned that asset disposals and the distribution of liquidation proceeds could take several years.
The fund invests across Europe in residential, logistics, office and retail properties. Despite the liquidity challenges, UBS said the portfolio continued to generate stable income and had a very low vacancy rate.
The fund’s portfolio comprised 14 properties valued at €268m at 30 June 2025, generating annual rental income of €14.1m. Germany accounted for the largest share of the portfolio, at 35.4%, followed by the Netherlands (17.7%), Spain (14.7%), Italy (14.3%), Norway (14%) and Belgium (3.9%). Commercial assets made up 85.8% of the portfolio, with residential property accounting for the remaining 14.2%.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| combined 64% stake in ABP | mixed | UK | IFM Investors | Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System | 8,600 acres | ~£6400 (€7600) | ABP is one of the largest commercial landowners in the UK, with over 2,400 acres of development land and a rent roll of around £130m. |
| Onnec Group | corporate | UK and Europe | CBRE | Onnec shareholders | NA | £760 (€905) | Onnec specialises in the design, deployment and maintenance of network, fibre and data centre infrastructure. |
| stake in LEG Immobilien | living | Germany | Aroundtown | Financial investors | NA | ~€700 | The investor has become the single largest shareholders in LEG, with a stake of over 20%. |
| 50% stake in private hospital portfolio | healthcare | UK | GIC | PHP | 27 hospitals | £350 (€417) | The portfolio has a weighted average unexpired lease term of 22 years. |
| the Lake Como Edition | hotel | Como, Italy | Sansiri Capital | Bain Capital, Omnam | 148rooms | €230 | The hotel will continue to operate under the Edition Hotels brand. |
| 50% stake in shopping centre portfolio | retail | Italy | Klépierre | Finiper | 87,000m2 | €196 | The portfolio includes Il Leone and Destriero shopping centres in the Lombardy region of Italy. |
| three private hospitals | healthcare | Portugal | Unnamed institutional investor | Praemia REIM France | NA | €180 | The portfolio includes three assets operated by Lusíadas Saúde and located in Lisbon, Porto nad Albufeira. |
| Lidle food store portfolio | retail | France, Italy and Spain | Patrizia | Lidl | 50,000m2 | €160 | The portfolio comprises 24 newly developed Lidl food stores. |
| four hotel properties | hotel | Denmark | Alma Property Partners and Midstar AB, | Pandox | 928 rooms | €153 (SEK1700) | The assets are Motel One Copenhagen, Scandic Sluseholmen, Scandic Glostrup, Scandic Hvidovre and Scandic Kolding. |
| Racc headquarters | mixed | Barcelona | Catalan government | Reial Automòbil Club de Catalunya | 36,699m2 | €75.5 | The property, located on Avinguda Diagonal, will be key to the development of the Health Campus project. |
| Novotel Paddington hotel | hotel | London | Private overseas investor | British Land | 206 rooms | £63 (€75) | The asset is operated by Essendi. |
| El Tormes shopping centre | retail | Salamanca, Spain | Santander Real Estate Retail Opportunities fund | La Salle IM | 22,500m2 | €70 | The acquisition is the fund’s first investment since it closed its capital raising in the first half of 2026. |
| The Front | office | Helsinki | PEAB | Annehem Fastigheter | 17,000m2 | €63 | The property is 70% let. |
| Gamlestads | office | Gothenburg | Annehem Fastigheter | PEAB | 13,000m2 | €61 (SEK675) | The asset generates annual rental income of some SEK41m. |
| Titania Palast | mixed | Berlin | Family office | The Tristan fund Episo5 | 6,000m2 | €60 | The building is fully leased, with an average remaining lease term of approximately seven years. |
| Oakdene Parade | retail | Cobham, UK | Mago Capital | NA | 21 units | £40 (€48) | The property includes 22 residential flats above the retail parade, and is anchored by Waitrose. |
| 1 John Street | office | Cardiff | Private investor | JR Smart | 115,000sqft | £36 (€43) | The asset is let in its entirety to Lloyds Banking Group, providing a base for its team of 2,500 people in South Wales. |
| warehouse and office complex | mixed | Oddział, Poland | TOYA | Hillwood Polska | 57,800m2 | €42 | The build-to-suit development encompasses two buildings. |
| three hotel properties | hotel | Sweden | Västerkulla Hotell AB | Pandox | 320 rooms | €33 (SEK369) | The assets are Scandic Hallandia in Halmstad and Scandic Kalmar Väst in Kalmar. |
| last-mile logistics facility | logistics | Corbas, France | Valor Real Estate Partners | Roche Dubar | 9,000m2 | NA | The fully leased facility was delivered in 2013 as a BTS to a leading beverage distribution company. |
| logistics units | logistics | Zaragoza, Spain | Atland Investment Management | Savills IM | 50,500m2 | NA | The properties are fully let. |
| urban retail park | retail | Granada, Spain | AEW | NA | 26,677m2 | NA | The acquired asset comprises five buildings offering a total of 26 units across two main areas. |
| Vista Square | living | Liverpool | Orka Investments | NA | 249-beds | NA | Investec Real Estate provided the acquisition financing for the transaction. |
| Bikini Island & Mountain Hotel Port de Sóller | hotel | Mallorca, Spain | Amundi | JP Real Estate | 114 rooms | NA | Following an extensive refurbishment in 2018, JP Real Estate successfully repositioned the property as a four-star lifestyle hospitality concept. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| UBS (CH) Property Fund - Europe portfolio | mixed | Germany, the Netherlands, Spain, Italy and Norway and Belgium | UBS | 14 properties | €268 | NA | UBS has announced the planned liquidation of the fund, which owns a majority of assets in Germany. |
| Crerar hotel portfolio | hotel | UK | Blantyre Capital | 10 assets | £90 (€107) | Savills | The 589-room portfolio comprises nine properties in the Scottish Highlands & Islands and one in the Lake District. |
| Lord Mayors BTR development | living | Swords, Ireland | Rycroft Developments | 134 apartments | €72 | Deloitte, Dillon Marshall | The project also includes a crèche, café, gym and 125 parking spaces. |
| Block C in Maynooth Business Campus | office | Maynooth, Ireland | Fine Grain | 67,532sqft | €15 | Avison Young | Now known as the Campus Atrium, the propertyis fully let. |
| Exbridge House | living | Exeter, UK | TT Group | 77,000sqft | NA | Savills | The property is being offered for sale as a residential opportunity with a Prior Approval application pending for its conversion into 81 residential apartments. |
| Bala Lake Hotel | hotel | Snowdonia, UK | John Lewis | 18 rooms | NA | Savills | The owner bought the site in 2008 to offer its staff subsidised stays. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Bond investors | VIA Outlets | Unsecured | €184 (CHF170) | The senior unsecured fixed-rate green bonds is due in 2031. |
| Bangkok Bank | Sansiri Capital | the Lake Como Edition | €165 | The facility finances the acquisition of the asset, which was recently restructured. |
| Bank Pekao | Hochtief | four residential buildings in Zory, Poland | €62 | The loan finances the construction of four residential buildings spanning 42,000m2. |
| Quantum Development Finance | Asset Capital | Melbury Court project in Durham | £30 (€36) | The project will provide 232 rooms for students. |
| Finint Investments sgr | Cordifin | Interporto Quadrante Europa in Verona | €34 | The senior loan will finance the final stage of the development. |
| Deutsche Hypo – NORD/LB Real Estate Finance | Aaron Group | Muntgebouw in Utrecht | €28 | The historic building served for over a century as the headquarters of the Royal Dutch Mint, where the nation’s coinage was produced. |
| Bank Pekao | Panattoni | Panattoni Park Warsaw South IV in Warsaw | €13 | The financing is earmarked for the final phase of the park which has already been fully let. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Ares Management Corporation, Norges Bank Investment Management | European Logistics Investment Partnership | Targeting attractive logistics investment opportunities across Europe, with a focus on modern, high-quality assets serving evolving supply chain, distribution and e-commerce needs. | NBIM has made an equity commitment of €1.5 bn. |
| Atalaya Asset Management and Summum Hotel Group | Atalum Hospitality | Connecting owners who need to sell, refinance or transform their hotels with investors interested in structured deals. | The new platform is planning €2bn of hotel investment. |
