UBS’s unified alternative investments business has invested $30m (€25.6m) in a 57-storey luxury US apartment building owned Dutch pension fund asset manager PGGM and The Dermot Company.
Unified Global Alternatives (UGA) is investing to help refurbish and mordenise the 767-unit 20 Exchange Place building in New York City.
Dermot and PGGM acquired the building in Manhattan’s financial district last year from a partnership led by DTH Capital. At the time, the acquisition of 20 Exchange Place marked the seventh asset jointly acquired by PGGM and Dermot.
Andrew Levison, partner and CIO at Dermot, said: “This [UBS UGA] investment is a testament to the strong work that we’re doing at Dermot and the opportunities provided by this historic building in the financial district. Over the years, significant public and private investment has bolstered interest in this culturally vibrant neighbourhood with proximity to jobs, daily conveniences, and excellent schools.
“As a limited partner, UBS is joining our effort to create significant value through our business plan, which blends modernisation, including new lifestyle- and wellness-focused amenities, with the preservation of 20 Exchange’s historic character, ensuring the property meets contemporary tenant needs while honouring the building’s legacy.”
Colin Armstrong, a portfolio manager, UGA, UBS, said: “We look forward to participating in the modernisation of this asset and the continued evolution of the financial district submarket.
“Accessing assets like 20 Exchange Place during a challenging transactional market offers a potentially favourable outcome for clients.”
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