UBS AG (UBS) to Close Real Estate Fund as Office Downturn Hit

UBS Group AG (UBS) will liquidate a flagship real estate fund it acquired when it bought Credit Suisse. The move came as the latest indication of the turmoil brought on by investors withdrawing their money from slumping commercial real estate markets.The fund, which comprises offices for four-fifths of its assets, has redemption requests from investors. However, the bank stated that fulfilling those demands would need selling assets at an ‘inopportune time,’ which would affect current investors. UBS determi ...