UBS Global Asset Management Real Estate has closed its South East Recovery Fund (SERF) after reaching the maximum target level of £400m.
The fund, which will be geared to £700m – £800m, had a solid performance of 13.8% in quarter three 2006, and 54% for the year ended September 2006.
The fund currently has a portfolio of £402.8m gross asset value with the final date for investing the remaining funds is July 2007.
Richard Tanner, managing director, UBS Global Asset Management Real Estate, said: “We still have significant money to invest and remain active in the market for more opportunities.”
“We are delighted by the outstanding performance of the Fund.
“We saw an opportunity in the south east office market and are now seeing the returns in the City and the south east. We still see good value in south east offices.”
References: EGi News 27/11/06
