The UBS Trumbull Property Fund expects to pay out $1.5bn (€1.3bn) worth of redemptions this year, according to one of its investors.
According to Marin County Employees’ Retirement Association’s (MCERA) meeting report, UBS was also expected to pay out a similar amount last year but only manage to pay $480m during the period.
As previously reported, the core open-ended fund, which now has $8bn redemption requests from investors, was planning to sell retail and office assets while increasing its exposure to industrial and apartment markets.
The Trumbull fund has a net asset value of $14.5bn. The retail assets, which account for 14.60% of the fund’s total portfolio, produced a -7.78% gross of fee return for the fourth quarter of 2020, according to MCERA’s report.
MCERA, which had $114.7m in the fund, requested for $20m in January last year and as tt the end of September had received $301,570 in total.
In January the UBS Trumbull fund made a $175m redemption payment.
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