UBS Asset Management Real Estate & Private Markets has raised a further $135.8m (€117m) for its core open-ended UK fund, lifting the diversified property fund’s assets under management to more than a billion pounds.
The manager said the funds raised have been allocated to a number of deals across the portfolio.
The deals include investment into a new life science campus development, the acquisition through developing funding of a last mile logistics facility in Leeds, and the development of a pre-leased supermarket, which will adjoin an existing retail warehouse holding within the fund.
Oliver Abram, portfolio manager at UBS Asset Management, said: “This new investment crucially enables us to deploy capital into identified growth sectors, diversifying the portfolio and ensuring that it is well-positioned to adapt to the challenges within the macro environment, as well as the structural and regulatory changes evident across the real estate market.
“Investing into existing assets to create value is a key element of our strategy together with a focus on sustainability. We are particularly excited by the fund’s investment into the development of a new life sciences campus which we anticipate will be an important component of the portfolio’s performance going forward.”
The manager said the fund has outperformed its benchmark for the past eight calendar years, delivering net total return of 7.1% per annum since inception and a distribution yield of 4.0% per annum over the past 10 years.
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