{"id":4247,"date":"2024-11-10T12:47:00","date_gmt":"2024-11-10T12:47:00","guid":{"rendered":"https:\/\/alphaprop.ch\/fusion-des-fonds-ubs\/"},"modified":"2025-07-21T09:41:37","modified_gmt":"2025-07-21T09:41:37","slug":"fusion-des-fonds-ubs","status":"publish","type":"post","link":"https:\/\/alphaprop.ch\/fr\/fusion-des-fonds-ubs\/","title":{"rendered":"Fusion des fonds UBS"},"content":{"rendered":"\n<div class=\"wp-block-group has-black-color has-text-color has-background has-link-color wp-elements-7a638c2f47f94666c93fbe0b0aecd9dc is-layout-constrained wp-container-core-group-is-layout-3bcd2578 wp-block-group-is-layout-constrained\" style=\"border-radius:24px;background-color:#ecf0f3;padding-top:24px;padding-right:24px;padding-bottom:24px;padding-left:24px\">\n<h3 class=\"wp-block-heading\">R\u00e9sum\u00e9<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Depuis la reprise de Credit Suisse, UBS g\u00e8re 14 fonds immobiliers. Ceux-ci devraient \u00eatre r\u00e9duits \u00e0 9. <\/li>\n\n\n\n<li>A une exception pr\u00e8s, il ne reste que des fonds dont la fortune nette est sup\u00e9rieure \u00e0 un milliard de francs.<\/li>\n\n\n\n<li>En 2025, les quatre fonds suisses d\u2019immobilier r\u00e9sidentiel cot\u00e9s en bourse devraient fusionner. Le march\u00e9 \u00e9value les portefeuilles de mani\u00e8re tr\u00e8s diff\u00e9rente. <\/li>\n\n\n\n<li>En 2025\/26, les deux fonds immobiliers suisses \u00e0 usage mixte et cot\u00e9s en bourse devraient fusionner. Ceux-ci se distinguent fortement par leur taille. <\/li>\n\n\n\n<li>En 2026\/27, les deux fonds immobiliers suisses commerciaux cot\u00e9s en bourse et poss\u00e9dant des terrains en propri\u00e9t\u00e9 directe devraient fusionner. Les deux fonds pr\u00e9sentent une orientation similaire en termes d\u2019utilisation. <\/li>\n\n\n\n<li>En supposant que les valorisations ne changent pas de mani\u00e8re significative d\u2019ici la fusion, les agios devraient s\u2019\u00e9galiser dans un march\u00e9 efficace. Ce processus a d\u00e9j\u00e0 commenc\u00e9. <\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>Vendredi dernier pourrait bien entrer dans l\u2019histoire des fonds immobiliers suisses cot\u00e9s comme l\u2019une des journ\u00e9es de n\u00e9goce les plus int\u00e9ressantes. Alors que l\u2019indice global SWIIT a recul\u00e9 de 0,35 %, des mouvements importants ont eu lieu entre les fonds. Dans le sillage du rachat du Credit Suisse par l\u2019UBS, on s\u2019attendait \u00e0 un regroupement des fonds immobiliers. La r\u00e9action du march\u00e9 montre toutefois qu\u2019il y a bien eu des surprises. Dans cet article, nous donnons un bref aper\u00e7u de la situation actuelle. Les calculs se basent sur les derniers rapports annuels et semestriels.<sup><a href=\"#footnote1\">1<\/a><\/sup><br>Depuis la reprise de Credit Suisse, UBS g\u00e8re 14 fonds immobiliers. Ce nombre devrait \u00eatre r\u00e9duit \u00e0 9.      <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Quels fonds restent (pour l&rsquo;instant) inchang\u00e9s ?<\/h2>\n\n\n\n<p>Regroupement de fonds UBS : un petit s\u00e9isme dans le milieu. Les grands fonds mixtes SIMA et SIAT avec propri\u00e9t\u00e9 fonci\u00e8re indirecte, le fonds d\u2019habitation UBS Anfos avec propri\u00e9t\u00e9 fonci\u00e8re indirecte, le fonds d\u2019habitation UBS Foncipars avec focalisation sur la Suisse romande (propri\u00e9t\u00e9 fonci\u00e8re indirecte), le fonds CS1a Immo PK n\u00e9goci\u00e9 \u00e0 la VNI pour les investisseurs exon\u00e9r\u00e9s d\u2019imp\u00f4ts et le fonds commercial CS LogisticsPlus avec propri\u00e9t\u00e9 fonci\u00e8re indirecte restent inchang\u00e9s. Le fonds CS LogisticsPlus, qui ne pourra sans doute pas \u00eatre fusionn\u00e9 facilement avec les fonds commerciaux Interswiss et Swissreal en raison de la propri\u00e9t\u00e9 fonci\u00e8re directe, est le seul fonds dont la fortune nette n\u2019est pas nettement sup\u00e9rieure \u00e0 un milliard de francs. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Quels seront les fonds r\u00e9unis ?<\/h2>\n\n\n\n<p>Dans un premier temps, les quatre fonds immobiliers r\u00e9sidentiels suisses cot\u00e9s en bourse avec propri\u00e9t\u00e9 fonci\u00e8re directe seront fusionn\u00e9s. L\u2019ann\u00e9e suivante, les deux fonds immobiliers suisses \u00e0 usage mixte cot\u00e9s en bourse et \u00e0 propri\u00e9t\u00e9 fonci\u00e8re directe seront fusionn\u00e9s, et enfin les deux fonds commerciaux cot\u00e9s en bourse et \u00e0 propri\u00e9t\u00e9 fonci\u00e8re indirecte. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2025 : fusion des quatre fonds immobiliers r\u00e9sidentiels suisses cot\u00e9s en bourse (CS REF LivingPlus, UBS Direct Residential, Residentia et CS REF Hospitality)<\/h3>\n\n\n\n<p>Quatre fonds avec propri\u00e9t\u00e9 fonci\u00e8re directe et ax\u00e9s sur le logement sont fusionn\u00e9s. Les fonds LivingPlus (61 % de la fortune nette) et Direct Residential (18 %) sont des fonds d\u2019habitation avec un portefeuille largement diversifi\u00e9 dans toute la Suisse. Le fonds CS Hospitality a travers\u00e9 des p\u00e9riodes de turbulences dans les ann\u00e9es avant et pendant la pand\u00e9mie, mais il a pu se stabiliser au cours des deux derni\u00e8res ann\u00e9es. Outre le segment de l\u2019h\u00f4tellerie qui lui a donn\u00e9 son nom, il g\u00e9n\u00e8re \u00e9galement des revenus locatifs provenant d\u2019autres utilisations commerciales ainsi que d\u2019utilisations r\u00e9sidentielles (30 %). Residentia a \u00e9t\u00e9 rachet\u00e9 par l\u2019UBS en 2021 et se concentre sur le Tessin.    <\/p>\n\n\n\n<p>Residentia et CS Hospitality ont obtenu ces derni\u00e8res ann\u00e9es, \u00e0 l\u2019exception de Hospitality en 2022, des rendements de placement clairement inf\u00e9rieurs \u00e0 ceux des deux fonds de logement. Les deux fonds se situaient en dessous du seuil critique d\u2019un milliard de francs d\u2019actifs nets et auraient sans doute eu du mal \u00e0 attirer de nouveaux capitaux avec leur profil. Les agios \u00e0 la date de r\u00e9f\u00e9rence du 7 novembre 2024 montrent clairement la diff\u00e9rence d\u2019appr\u00e9ciation des portefeuilles par le march\u00e9. L\u2019\u00e9volution actuelle ne devrait pas \u00eatre tr\u00e8s r\u00e9jouissante, en particulier pour les investisseurs qui ont r\u00e9cemment particip\u00e9 \u00e0 l\u2019augmentation de capital d\u2019UBS Direct Residential \u00e0 hauteur de plus de 70 millions de francs.   <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc5f33ce786&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc5f33ce786\" class=\"wp-block-image size-large wp-lightbox-container\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"229\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Wohnfonds_FR-1024x229.webp\" alt=\"\" class=\"wp-image-4256\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Wohnfonds_FR-1024x229.webp 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Wohnfonds_FR-500x112.webp 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Wohnfonds_FR-768x172.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Wohnfonds_FR-1536x344.webp 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Wohnfonds_FR-2048x459.webp 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Agrandir\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2025\/26 : Fusion des deux fonds immobiliers suisses \u00e0 usage mixte et \u00e0 propri\u00e9t\u00e9 fonci\u00e8re directe (CS REF Green Property et UBS Direct Urban), cot\u00e9s en bourse<\/h3>\n\n\n\n<p>Les deux fonds mixtes avec propri\u00e9t\u00e9 fonci\u00e8re directe se distinguent fortement par leur taille, mais d\u00e9tiennent tous deux un portefeuille mixte \u2013 Green Property se concentre, outre l\u2019immobilier r\u00e9sidentiel, surtout sur les surfaces de bureaux, tandis que Direct Urban a, en plus des surfaces r\u00e9sidentielles, une forte concentration sur les surfaces de commerce de d\u00e9tail. Les deux fonds pr\u00e9sentent par ailleurs une surpond\u00e9ration g\u00e9ographique dans la r\u00e9gion de Zurich (plus de 40 % du portefeuille). En ce qui concerne les rendements des placements, les fonds se sont \u00e9galement montr\u00e9s comparables, Green Property ayant typiquement obtenu un rendement des placements sup\u00e9rieur d\u2019environ 1 point de pourcentage au cours des cinq ann\u00e9es pr\u00e9c\u00e9dant 2023. L\u2019ann\u00e9e 2023 a toutefois \u00e9t\u00e9 difficile pour les deux produits.   <\/p>\n\n\n\n<p>Jusqu\u2019\u00e0 vendredi dernier, il existait une nette diff\u00e9rence de valorisation : alors que Green Property se n\u00e9gociait g\u00e9n\u00e9ralement pr\u00e8s de la valeur nette d\u2019inventaire (VNI) apr\u00e8s des ann\u00e9es de croissance \u00e0 partir de 2022, Direct Urban se n\u00e9gociait avec une nette prime.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc5f33cf418&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc5f33cf418\" class=\"wp-block-image size-large wp-lightbox-container\"><img decoding=\"async\" width=\"1024\" height=\"320\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_GemischteFonds_FR-1024x320.webp\" alt=\"\" class=\"wp-image-4259\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_GemischteFonds_FR-1024x320.webp 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_GemischteFonds_FR-500x156.webp 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_GemischteFonds_FR-768x240.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_GemischteFonds_FR-1536x481.webp 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_GemischteFonds_FR-2048x641.webp 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Agrandir\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2026\/27 : Fusion des deux fonds immobiliers commerciaux suisses \u00e0 propri\u00e9t\u00e9 fonci\u00e8re indirecte cot\u00e9s en bourse (UBS \u00ab Swissreal \u00bb et CS REF Interswiss)<\/h3>\n\n\n\n<p>La fusion des deux fonds commerciaux est sans doute la nouvelle la moins surprenante. Les deux fonds pr\u00e9sentent une orientation similaire en termes d\u2019utilisation et sont actifs dans toute la Suisse. En ce qui concerne le rendement des placements, l\u2019\u00e9volution des deux fonds a \u00e9galement \u00e9t\u00e9 relativement parall\u00e8le.  <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc5f33cff85&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc5f33cff85\" class=\"wp-block-image size-large wp-lightbox-container\"><img decoding=\"async\" width=\"1024\" height=\"311\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_KommerzielleFondsFR-1024x311.webp\" alt=\"\" class=\"wp-image-4265\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_KommerzielleFondsFR-1024x311.webp 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_KommerzielleFondsFR-500x152.webp 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_KommerzielleFondsFR-768x233.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_KommerzielleFondsFR-1536x466.webp 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_KommerzielleFondsFR-2048x622.webp 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Agrandir\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Quelle a \u00e9t\u00e9 la r\u00e9action et comment le march\u00e9 \u00e9value-t-il la fusion ?<\/h2>\n\n\n\n<p>Les fusions de fonds cot\u00e9s se produisent occasionnellement. Ainsi, Realstone a fusionn\u00e9 deux fonds cot\u00e9s en 2021, et Procimmo a \u00e9galement fusionn\u00e9 deux fonds l\u2019ann\u00e9e derni\u00e8re. A notre connaissance, l\u2019\u00e9change de parts lors de fusions se fait g\u00e9n\u00e9ralement \u00e0 la valeur nette d\u2019inventaire (VNI)<sup><a href=\"#footnote2\">2<\/a><\/sup>. Le march\u00e9 a r\u00e9agi en cons\u00e9quence vendredi : en supposant que les valorisations ne changent pas de mani\u00e8re significative d\u2019ici la fusion, les agios devraient s\u2019\u00e9galiser dans un march\u00e9 efficace.   <\/p>\n\n\n\n<p>Le graphique suivant montre les agios apr\u00e8s la cl\u00f4ture du n\u00e9goce le jeudi 7 novembre et le vendredi 8 novembre. La ligne grise indique la prime pond\u00e9r\u00e9e en fonction de l\u2019actif net du fonds fusionn\u00e9 le jeudi (voir les tableaux ci-dessus). Le graphique montre qu\u2019un net rapprochement a d\u00e9j\u00e0 eu lieu, mais qu\u2019il n\u2019est probablement pas encore totalement achev\u00e9.    <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"907\" height=\"1024\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_EntwicklungAgios_FR_2-907x1024.webp\" alt=\"\" class=\"wp-image-4249\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_EntwicklungAgios_FR_2-907x1024.webp 907w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_EntwicklungAgios_FR_2-443x500.webp 443w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_EntwicklungAgios_FR_2-768x867.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_EntwicklungAgios_FR_2-1361x1536.webp 1361w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_EntwicklungAgios_FR_2-1815x2048.webp 1815w\" sizes=\"(max-width: 907px) 100vw, 907px\" \/><\/figure>\n\n\n\n<p>En cons\u00e9quence, la performance quotidienne a \u00e9t\u00e9 tr\u00e8s diff\u00e9rente selon la taille du fonds et son \u00e9valuation. Alors que l\u2019indice n\u2019a globalement recul\u00e9 que de 0,35 %, les diff\u00e9rents agios ont entra\u00een\u00e9 des d\u00e9calages importants. Tous les fonds dont les agios sont sup\u00e9rieurs \u00e0 l\u2019agio moyen pond\u00e9r\u00e9 ont enregistr\u00e9 une performance n\u00e9gative, tandis que les fonds dont la valorisation est inf\u00e9rieure ont pu se rattraper. Residentia se distingue particuli\u00e8rement, avec une performance quotidienne record de pr\u00e8s de 27 %. Cela s\u2019explique par le fait que le fonds n\u2019a qu\u2019un faible poids dans le futur fonds de logement, mais qu\u2019il a pr\u00e9sent\u00e9 un \u00e9cart important au niveau de l\u2019agio.    <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69dc5f33d0f21&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69dc5f33d0f21\" class=\"wp-block-image size-large wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"775\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Performance_FR_2-1024x775.webp\" alt=\"\" class=\"wp-image-4268\" srcset=\"https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Performance_FR_2-1024x775.webp 1024w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Performance_FR_2-500x378.webp 500w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Performance_FR_2-768x581.webp 768w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Performance_FR_2-1536x1162.webp 1536w, https:\/\/alphaprop.ch\/wp-content\/uploads\/2024\/11\/20241111_MergeUBS_Performance_FR_2-2048x1549.webp 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Agrandir\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<p>Cette br\u00e8ve analyse r\u00e9sume les \u00e9v\u00e9nements de la fin de la semaine. La suite des \u00e9v\u00e9nements chez UBS Asset Management et la r\u00e9action du march\u00e9 restent int\u00e9ressantes. <\/p>\n\n\n\n<h3 class=\"wp-block-heading footnotes\">Notes de bas de page<\/h3>\n\n\n\n<p id=\"footnote1\"><sup>1<\/sup> Tous les calculs de cet article sont approximatifs et se basent sur les donn\u00e9es disponibles dans les rapports annuels et semestriels. Il est possible que des transactions aient eu lieu depuis la publication et que les chiffres aient \u00e9t\u00e9 adapt\u00e9s en cons\u00e9quence. <\/p>\n\n\n\n<p id=\"footnote2\"><sup>2<\/sup> Voir par exemple <a href=\"https:\/\/funds-data.s3.us-east-2.amazonaws.com\/19.10.2023\/Merger%20of%20collective%20investment%20schemes%20or%20subfunds\/neetvsngoc\/a06-200029-20231019-de.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">le communiqu\u00e9 de presse de Procimmo<\/a> sur la fusion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Plus d&rsquo;information<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.ubs.com\/ch\/de\/assetmanagement\/capabilities\/real-estate\/news-display-ndp\/de-20241107-ad-hoc.html?caasID=CAAS-ActivityStream\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Communiqu\u00e9 de presse UBS 7.11.2024<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vendredi dernier pourrait bien entrer dans l\u2019histoire des fonds immobiliers suisses cot\u00e9s comme l\u2019une des journ\u00e9es de n\u00e9goce les plus int\u00e9ressantes. Alors que l\u2019indice global SWIIT a recul\u00e9 de 0,35 %, des d\u00e9placements importants ont eu lieu entre les fonds. Suite \u00e0 la reprise de Credit Suisse par UBS, on s\u2019attendait \u00e0 un regroupement des fonds immobiliers. La r\u00e9action du march\u00e9 montre toutefois qu\u2019il y a bien eu des surprises.   <\/p>\n","protected":false},"author":1,"featured_media":4249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[10],"tags":[51],"class_list":["post-4247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-categorise","tag-placements-immobiliers-indirects"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fusion des fonds UBS - alphaprop<\/title>\n<meta name=\"description\" content=\"Vendredi pass\u00e9, l&#039;UBS a annonc\u00e9 la fusion de plusieurs fonds immobiliers ce qui a fait diminuer l&#039;indice SWIIT.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alphaprop.ch\/fr\/fusion-des-fonds-ubs\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fusion des fonds UBS - 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