UBS’s Central London Office Value Added Fund has reached maturity after selling its final asset at 160 Blackfriars Road, SE1.
UBS CLOVA, a five-year closed-ended fund, closed with an IRR of 18.4%, ahead of its target return of 10%.
The fund was launched in June 2011 to take advantage of an expected upswing in the London office market.
It had a portfolio of nine assets across the city that UBS believed had value-added potential, with the last three having been disposed in the run up to the EU referendum in June.
Sam Sananes, portfolio manager for UBS-CLOVA, said: “With this final sale and the termination of the fund, we have achieved everything that we set out to with UBS-CLOVA and at the same time, delivered one of the best-performing UK funds over the last five years.
“Following the success of UBS-CLOVA, the global real estate team will continue to monitor and forecast real estate market cycles across key investment destinations worldwide and will likely look to replicate a similar, value-added closed-ended strategy when conditions prevail, either in London or elsewhere.”
The sale was ahead of the scheduled maturity date in December 2016.
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