UK - UBS Global Asset Management is to launch an office property fund which aims to return up to 17% per annum.
The UBS South East Recovery Fund will invest in office properties within the South East of England, in order to take advantage of the upswing in the economy and the recovery in the office property market.
UBS believes rental income will recover next year and forecasts growth of at least 25% over the period from 2005 to 2008.
The fund – which UBS admits is a higher risk investment than its other funds – will be managed by the same team that runs its Triton property fund. The fund’s target size is £200m-£300m, and UBS expects to close the fund on June 1.
UBS managing director Richard Tanner said: “This is aimed at a range of investors that offer a little bit more action on a smaller part of their portfolios.
“We anticipate – although performance targets are hard to nail down exactly – that the fund will deliver returns in the teens. That’s a pretty good return for property.”
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