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UBS Expands Continental European Real Estate Business; Hires Senior Lend Lease Team

Media Releases Switzerland

UBS today announced that its UBS Global Asset Management business group, one of the world's leading global asset managers, has significantly expanded its Continental European real estate business. This growth provides clients with an increasing range of investment opportunities in this important asset class. UBS Global Asset Management has hired a senior management team previously with Lend Lease Real Estate Investments Europe to serve as key executives in the new venture.

UBS today announced an expansion of its UBS Global Asset Management business group's Continental European Real Estate business.

This expansion will combine the existing European real estate resources of UBS Global Asset Management and a senior real estate management team previously with Lend Lease Real Estate Investments Europe into an integrated, full-service Continental European real estate business to serve institutional and wholesale clients. With existing personnel based in Switzerland and the new team to be based in London, the business will manage real estate assets of the UBS group and establish an open-ended euro real estate fund. It also plans to launch a number of closed-end investment vehicles targeted primarily at the European institutional market. The UK team, which runs the award winning Triton fund, will be unaffected by this new initiative.

The expanded Continental European team joins the strong existing real estate businesses in the USA, UK and Japan. The team of senior managers, previously with Lend Lease, that has now joined UBS Global Asset Management comprises:

  • Charles Foster Taylor, formerly chief executive officer of Lend Lease Real Estate Investments Europe, will lead the group's Acquisition and Disposition function.

  • Simon Foxley, formerly managing director of Lend Lease's European Value Enhanced Fund, will serve as a senior Portfolio Manager.

  • Mark Chamieh, previously managing director, Marketing, will become head of Institutional Marketing and Business Development.

Reto Ketterer, a 22 year UBS veteran, is the head of the Continental European real estate business for UBS Global Asset Management.

The European real estate market has seen increasing asset flows as investors seek diversification. There is currently in excess of 2.2 trillion euros of European commercial real estate. UBS Global Asset Management is fully committed to leveraging its existing expertise in the UK and Switzerland to building a leading business in Continental Europe, providing a range of investment opportunities for clients globally.

"This expansion of our Continental European real estate business underlines UBS's commitment to delivering best in class real estate investment opportunities to the full spectrum of UBS clients," said John Fraser, Chairman and Chief executive officer of UBS Global Asset Management. "We are delighted that Charles Foster Taylor and his team have decided to join UBS. They will be a key part of our drive to expand our real estate business.

"Continental European real estate is an increasingly important sector of the real estate asset class," said Jim O'Keefe, Head of Global Real Estate at UBS Global Asset Management. "We constantly seek to provide our clients with innovative investment opportunities and this initiative further expands our capabilities and client reach."

UBS Global Asset Management has a phenomenal brand and distribution network in Europe, said Charles Foster Taylor. We are very excited by the opportunity to leverage these and to build a market-leading real estate investment management business in Continental Europe"

UBS Global Asset Management has more than CHF 20 billion in commercial, multifamily and agricultural real estate assets under management around the globe. UBS Global Asset Management has real estate asset management capabilities in the United States, United Kingdom, Switzerland and Japan.

Notes to Editors
UBS is one of the world's leading financial firms, combining financial strength with a reputation for innovation and a global culture that embraces change.

UBS Global Asset Management, with £243 billion / CHF540billion of assets under management, seeks to deliver superior investment performance to institutional investors, financial intermediaries and private investors worldwide.

London/Zurich/Basel, 21 July 2003