Swiss property fund manager UBS said it has raised CHF 530 mln (EUR 374 mln) for its flagship Sima real estate fund to finance the acquisition of new development projects. 'This constitutes a record sum raised for any existing Swiss listed real estate fund thus far,' the company said in a statement.

Swiss property fund manager UBS said it has raised CHF 530 mln (EUR 374 mln) for its flagship Sima real estate fund to finance the acquisition of new development projects. 'This constitutes a record sum raised for any existing Swiss listed real estate fund thus far,' the company said in a statement.

It added: 'With a subscription rate of 100%, this capital increase not only confirmed the excellent positioning of our real estate funds in the Swiss market but also highlighted our strong distribution network.'

UBS Sima is the country's largest listed real estate fund with a value of CHF 5.5 bn. Following the successful capital hike, UBS said it is buying eight major commercial and residential projects. These include the Balance business park project in Lausanne-Malley for CHF 50 mln, the Kesselhaus leisure and entertainment centre in Winterthour for CHF 68 mln, seven office buildings in the new Quartier de l’innovation district of Lausanne-Ecublens for CHF 90 mln, the Cristal shopping centre in Martigny for CHF 90 mln and the Eiger office complex in Berne-Gümligen for a further CHF 80 mln.