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Eurogate: architectural competition for residential area.

| Media Releases Switzerland

Things are moving at Eurogate, the major development planned in the vicinity of Zürich main station. UBS, the developer, is joining forces with the City of Zürich to commission design proposals from eight prominent domestic and foreign architectural firms for the residential area on the Lagerstrasse. The studies are intended as a means of finding attractive, commercially viable and exemplary solutions for utilising this urban zone, within planning approval constraints and other project prerequisites.

The privately-commissioned architectural study targets an area of Eurogate earmarked to accommodate 350 out of a total of 500 apartments, plus office, light industrial and leisure space, and relocated SBB facilities. The brief is for contemporary, innovative design solutions addressing the residential area and distribution of the apartment mix. The developer's specifications require an optimal blend of apartment and utilisable space, emphasising urban accommodation containing a 40-45% share of 4½-room apartments.
Architectural firms from Zürich, Lugano, Vienna and Rotterdam are participating in the competition, which offers a lucrative follow-on commission to the winner.

Eurogate - signals at green

UBS is assuming responsibility for realising Eurogate, following final signature of a sale contract involving UBS and the previous shareholder and project owners - Eurogate Zürich AG and the Eurogate Zürich consortium respectively. After years of planning work and legal proceedings, UBS is convinced that there is a better-than-ever chance of bringing Eurogate to fruition. The cornerstone for this epoch-making construction project
is expected to be laid in early May 2001.

Ambitious schedule

The architects invited to participate in the competition must operate within a tight schedule imposed by the Bahn 2000+ guidelines. Documentation is being made available at the start of September, an initial presentation of work in progress will take place at the end of October, and the end of November marks the deadline for submitting the studies. These will be assessed by a jury of prominent persons. UBS and the City of Zürich will announce the results shortly before Christmas. Construction of the residential area should get underway in the second half of 2002.

UBS as developer and investor

UBS is acting as developer and investor in Eurogate. As such, UBS will ensure that the project is realised within the specified timeframe, legislative and other constraints. Sole contractor is the Eurogate consortium under the aegis of Karl Steiner AG. Ralph Baenziger AG is responsible for realising the commercial areas of the Eurogate development.

UBS will finance Eurogate via its UBS Asset Management group, creating attractive investment opportunities targeted primarily at institutional customers.

Like all construction projects of this magnitude, Eurogate still has a number of hurdles to clear. However, all the involved parties are resolutely determined to realise Eurogate within the specified timeframe.

Zurich/Basel, 1 September 2000

UBS