UBS said on Thursday that it will liquidate a real estate fund inherited when it took over Credit Suisse which is valued at more than $2bn.
UBS AG
15 August 2024 13:43:47
Source: Sharecast
The Credit Suisse Real Estate Fund International had total assets worth CHF1.88bn at the end of June.
UBS said it would need to sell the portfolio’s most liquid assets at an "inopportune time" in the real estate market in order to meet the outstanding 2023 redemptions.
UBS said that 36% of the fund's total units in circulation in 2022 had been redeemed by the end of 2023.
"The process to sell assets over the past 18 months to meet...redemptions has demonstrated the limited depth of the real estate markets," it said.
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