A future for the architectural heritage

Q: UBS «Foncipars» successfully completes capital increase

The capital increase for UBS «Foncipars» carried out from 23 April to 4 May 2026 was successfully completed, and all units were fully placed. As a result, the fund received new capital amounting to approximately CHF 156 million. The activities of recent months in prime locations in the Lausanne and Geneva regions highlight the continued development of the portfolio.

Substance with potential

The eight-story residential building with five entrances dates back to 1963 and was designed by the renowned Geneva-based architect Georges Addor. At the time of acquisition, the property was largely in its original condition. Although the building was fully leased and structurally sound, its energy performance no longer met the statutory requirements of the Canton of Geneva and clearly exceeded the limit value in force since 2022.

Particular issues included:

uninsulated ceilings above the unheated ground floor,
a damp flat roof with outdated waterproofing,
and large-scale, single-glazed window systems on the south façade.

Refurbishment while occupied

The refurbishment concept followed a clear principle of proportionality: interventions were carried out where they achieved the greatest energy and economic impact, without fundamentally altering the proven apartment layouts.

The 65 apartments, all featuring continuous south-facing balconies, continued to be considered spacious and marketable. Accordingly, interventions within the apartments were limited to window replacement and the installation of thermal internal insulation on the north facade. Individual apartment refurbishments are carried out selectively when tenants change.

Building envelope as the focus – in coordination with heritage protection

The core of the project was the refurbishment of the building envelope, implemented in close coordination with the heritage authorities:

South facade: The existing windows were replaced with modern triple glazing providing enhanced sound insulation, complemented by new external sun blinds, new safety-glass balcony railings and the refurbishment of the carbonated balcony slabs.
North facade (“façade rideau”): The curtain wall façade was replaced while retaining the visible aluminum grid. Specially developed window elements combined integrated louvre blinds, internal double glazing and an external weather protection layer.
Flat roof: The flat roof was completely rebuilt with a vapor barrier, modern thermal insulation, bitumen waterproofing and a gravel layer, and supplemented with a photovoltaic system across the entire permissible surface area.

Sustainability and efficiency in harmony

Building services were also selectively optimized: the heating pipes were retained, but cleaned and fitted with thermostatic valves. The sanitary pipes were given corrosion protection and fully replaced in the basement. Adjustable ventilation elements ensured demand-based air exchange, increasing living comfort while reducing energy consumption.

Following completion of the refurbishment, the property’s energy consumption was reduced by around 50% – despite the strict requirements of heritage protection. The entire property was awarded the HPE GE certificate (Haute Performance Énergétique*) by the cantonal energy department.

Residential location Geneva remains in demand

Proximity to the Geneva economic area, stable demand for housing and forecast population growth underline the attractiveness of the location. Combined with the energy upgrade, the project sustainably strengthens income and value stability within the UBS «Foncipars» portfolio.

Facts & Figures:

Construction period: May 2025 to May 2026
Investment volume: CHF 9.5 million
Occupancy rate: 100%. The property was refurbished while occupied.

The refurbishment project exemplifies UBS «Foncipars»’ strategy of respecting existing values, anticipating regulatory requirements and securing long-term performance through sustainable investments – an example of how responsible real estate management and investor interests go hand in hand.¹

¹ Past performance is not a reliable indicator of future developments.

Elvire Massacand
Fund Manager since 2012

UBS «Foncipars»

UBS (CH) Property Fund – Léman Residential «Foncipars»

Valor 1 442 085

Product page UBS «Foncipars»

Short news

UBS «Foncipars» successfully completes capital increase

Energy-efficient renovation launched in and around Lausanne

UBS «Foncipars» has launched a comprehensive program to energetically refurbish its portfolio, with the aim of gradually decarbonizing it and sustainably improving the energy efficiency of its buildings.

A total of 36 properties were identified for energy refurbishment due to their low energy efficiency and the use of fossil energy sources. The first phase of the program has already been successfully launched and includes 14 buildings in and around Lausanne.

By replacing heating systems and implementing targeted improvements to the building envelope, CO₂ emissions are expected to be reduced by around 70% and energy consumption by approximately 30% by 2029. At the same time, UBS «Foncipars» is assessing the development potential of the properties, for example through additional stories or attic conversions.

Rethinking energy efficiency: UBS «Foncipars» relies on AI

The real estate fund has carried out a pilot project for an AI-based optimization solution to further reduce energy consumption and CO₂ emissions in building operations. In addition to structural measures, the fund is, for the first time, using AI-supported optimization of ongoing operations.

As part of the pilot project, six residential buildings were equipped with the AI solution. It analyses energy consumption in real time and automatically optimizes heating operations without any loss of comfort for tenants. Already in the first heating season, energy and CO₂ emissions were saved. The positive results confirm the potential of AI-based operational optimization. UBS «Foncipars» therefore plans to extend the solution to around a quarter of the portfolio from the next heating season, making a further contribution to achieving its sustainability goals.

More information

Information on the investment objectives, risks, fees and costs of the product, as well as further detailed information, can be found in the prospectus (or the relevant offering document), which should be read carefully before making any investment.

*Sustainability certificates such as Minergie, SNBS, LEED or DGNB are awarded by independent third-party organizations during a property’s planning and construction phase. The assessment is based on publicly available criteria. Final certification takes place after completion of the construction project and does not guarantee sustainability during ongoing operation.

Further information on Haute Performance Enerétique