Swiss bank UBS Global Asset Management has won two new mandates, giving it more than £250m of equity to invest in UK commercial real estate.
The equity will be geared to 50-60%.
The group’s Global Real Estate Business has been awarded the contracts by the UBS Wealth Management business.
GRE is now tasked with finding core and value-added properties for the two funds, weighted 40% to Central London offices and 40% to retail. The remaining 20% of the investment will be earmarked for “selective refurbishment schemes”.
Anthony Shayle, head of GRE in the UK, said: “The capital raised further demonstrates the confidence of our investors in the ability of UBS to access the UK market for new acquisitions and leverage off our active asset management.
“We are now actively seeking potential investment opportunities on behalf of these two new mandates, and with our existing funds anticipate a total buying requirement approaching £400m over the next 12 months.”
GRE currently has a UK balanced and a UK Central London office value-added fund with combined gross assets under management of more than £1bn.
