UBS Wealth Arm, US Property Firm in Deal to Buy US Properties - Report

Tom Burroughes

3 June 2008

US-based Thomas Properties Group has announced it has partnered with UBS Wealth Management to acquire $250 million worth of Class A office properties in select markets, according to local US media.

The Los Angeles real estate company will provide property management and leasing services to the partnership and 15 per cent of the capital on most investments. The North America Property Fund division of the Swiss bank’s US wealth management operations will be the lead equity investor.

No specifics were given about the acquisitions, aside from that they will be of “stabilised” properties. Markets will include Los Angeles, Orange County, San Diego, San Francisco, Austin, Houston, Washington DC/Northern Virginia, Seattle, Denver and Phoenix.