UBS Asset Management has won a mandate from an unnamed “major” German institutional client to invest in unlisted property funds in developed real estate markets worldwide.
The mandate – worth €225 million – brings the firm’s multi-managers real estate business’ assets under management to over $17 billion.
The business will invest primarily in core strategies selected from a “broad” universe of real estate fund managers already familiar to the investment team.
Joerg Sihler, head of corporate clients of UBS Deutschland AG, said: “There is a growing awareness of real estate as a convincing indirect investment proposition on account of the attractive uncorrelated returns it can offer, in addition to the possible income upside in the current low interest rate environment.”
The multi-manager real estate (MM-RE) business – set up in 2007 as part of the asset manager’s real estate and private markets arm – aims to offer investors access to an international portfolio of actively managed funds and other indirect investments spanning the risk spectrum.
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