UBS takes over real estate fund Residentia
UBS is taking on the management of the Residentia real estate fund. It mainly contains residential properties in Ticino. With the takeover, the major Zurich bank wants to strengthen its presence in the southern Swiss real estate market.
As of the beginning of February 2021, UBS Fund Management (Switzerland) AG will take over the management of the Swiss real estate fund Residentia, UBS informs in a message . The listed fund mainly holds residential properties in the canton of Ticino. The announcement puts the total assets of Residentia's portfolio at around CHF 275 million.
With the takeover of Residentia, the Zurich-based bank wants to strengthen its asset management in the real estate sector in southern Switzerland. "We believe in the Ticino real estate market," Daniel Brüllmann, Head of Real Estate DACH at UBS Asset Management, is quoted in the press release. He sees his company "ideally positioned for this takeover".
UBS Switzerland AG will act as a deposit bank for Residentia, is further explained in the announcement. The Pagani Real Estate SA of Residentia co-founder Matteo Pagani is to support the fund management company in Ticino as a “local presence”.