Navigation

UBS sells property unit to foreign buyer

UBS continues to refocus its business Keystone

Switzerland's largest financial group UBS has sold its real estate company IMPRIS to the foreign investment fund. It is the first time a Swiss real estate group has been purchased by an overseas investor.

This content was published on December 1, 2000 - 13:57

The buyer is the investment fund, Whitehall, which is owned by the United States broker, Goldman Sachs.

No financial details were released, but UBS said it would lighten its balance and free up capital, as it acquires US-based broker, Paine Webber, in a cash and share deal worth $11.8 billion.

Founded in 1999 with its headquarters in Zurich, IMPRIS manages a portfolio of 13 properties in Switzerland. Assets in its portfolio comprise office and retail properties totalling 100,000 square metres, based mainly in Geneva and Zurich.

A spokeswoman for UBS said the group was also planning to sell another real estate portfolio, Nurestra, in the same way.

"Strategically, the transaction underlines UBS's intention to focus on its core activities. This excludes ownership and administration of real estate," UBS said in a statement.

swissinfo with agencies

This article was automatically imported from our old content management system. If you see any display errors, please let us know: community-feedback@swissinfo.ch

Comments under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

Share this story

Join the conversation!

With a SWI account, you have the opportunity to contribute on our website.

You can Login or register here.