PPCC: Pisitófilos Creditófagos. Primavera 2026

[Derby]

https://www.ft.com/content/67d6e6ab-724c-4e23-b806-51fed911b766

UBS gates €400mn property fund for up to 3 years

Swiss bank said liquid assets in the Germany-based fund were insufficient to meet rise in redemption requests


The UBS fund invested in commercial real estate across major European cities including France, Spain and Italy © Reuters

UBS has gated a €400mn European real estate fund for up to three years following a rise in redemption requests, as investors brace for worsening economic conditions triggered by the conflict in the Middle East.

The Swiss lender said on Wednesday that it would suspend withdrawals from its Euroinvest real estate fund for “up to 36 months”, according to a letter to the fund’s investors seen by the FT.

UBS said in the letter it was gating the Germany-based fund because its liquid assets were insufficient to “pay the redemption price for the shares submitted for redemption and to ensure the proper ongoing management” of the fund.

The gating comes at a moment when investor nerves are already frayed by strains elsewhere in private markets including private credit.

In the US, large private capital groups including Ares, Apollo Global Management and BlackRock’s HPS Investment Partners have in recent weeks limited withdrawals from private credit funds, as individual investors have started to worry about credit quality.

But UBS’s move marks the first time a major European property fund has suspended withdrawal requests since the US and Israel launched military operations against Iran last month, triggering a broader regional conflict and sending shockwaves through the global economy.

The European Central Bank this week said that it stood ready to increase interest rates as early as April if the inflation shock from the Iran war spirals out of control.

Higher rates typically raise borrowing costs and depress asset valuations, prompting investors to shift away from real estate to safer asset classes.

Returns from the UBS Euroinvest fund soured after 2022 when higher interest rates triggered a repricing of European property markets.

Performance turned negative from 2024 and then deteriorated more sharply in the 12 months to February this year, according to a fund document seen by the FT, slumping 9 per cent.

At the same time investor redemptions increased, leaving the fund unable to meet withdrawal requests.

“There is not a huge liquidity buffer and this is normal when outflows exceed inflows,” said one person familiar with the fund. The gating was first reported by Green Street News.

The fund invested in commercial real estate across major European cities including France, Spain and Italy. These were meant to be stable income-generating assets such as offices and other prime properties.

UBS said: “In this challenging market environment, UBS Real Estate has taken the decision to suspend redemptions at this time to ensure the protection of all our investors’ interests.”

[sudden and sharp]

El texto de la resolución recibió 123 votos a favor, 52 abstenciones ―entre los que estaban los países miembros de la Unión Europea― y tres votos en contra, de Estados Unidos, Israel y Argentina. La resolución, la primera de carácter integral sobre la esclavitud y la trata transatlántica en la historia del organismo, supone un importante precedente en materia de memoria histórica, justicia y reparación.

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La ONU aprueba reconocer la esclavitud africana como el “crimen más grave contra la humanidad”, pese a la resistencia de EE UU y la UE
https://elpais.com/planeta-futuro/2026-03-25/la-onu-aprueba-reconocer-la-esclavitud-africana-como-el-crimen-mas-grave-contra-la-humanidad.html



[ Nuestros políticos nos han ahorrado hoy una vergüenza importante. ]