UBS Landlord Puts Zurich Campus on the Block as Vontobel Lifts Target to CHF 42.50
Published on 11/14/2026 at 13:31 | Editorial boerse-global.de
Norway's sovereign wealth fund is looking to offload the Üetlihof in Zurich before the year is out, a sale that would change hands on a property UBS occupies as tenant rather than owns. The bank's lease at the site runs until 2037, according to AWP, while both the buyer and the price remain undecided. UBS told the NZZ that the Üetlihof is an important location for the bank — a signal that the tenancy, not the title, is what matters to the lender.
The disposal talk surfaced alongside a busier flow of corporate news from the Swiss giant. Vontobel on Thursday raised its price target on UBS from CHF 40 to CHF 42.50, though the research house kept its rating at "Hold" and pointedly declined to attach a buy call to the higher number. UBS shares finished Friday at EUR 43.83.
Capital Rules Back in the Political Fray
On the regulatory front, a possible compromise is taking shape. According to Bloomberg, a proposal aired on 4 November by a member of Switzerland's National Council would permit a different valuation method for foreign subsidiaries. The scope of the plan and the political backing behind it were still unclear, the report said. The National Council's economic and tax commission had planned to continue detailed deliberations on UBS's capital adequacy at its meeting on 23 and 24 November.
Media reports suggest the proposal from parliament's larger chamber would let UBS apply more conservative valuation methods when calculating the extra capital required for its overseas units. That could shrink the additional USD 16bn the bank expects to need, though the outcome and the size of any relief remain open.
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Earnings Anchors and a Ratings Nod
For the third quarter of 2026, UBS reported on 28 October a net profit of USD 2.7bn. Return on CET1 capital came in at 14.8%, according to company figures. By the end of 2026, UBS expects its CET1 ratio to land near its target of roughly 14%. Moody's confirmed the bank's ratings on 3 November.
On the funding side, UBS AG said on Thursday it will redeem all outstanding securities across ten ETRACS ETN series, with settlement scheduled for 17 and 18 December. For BDCZ, the formal notice of termination is not due until 24 November, meaning that series still awaits its announced notification ahead of the planned wind-down.
Property Fund Fully Subscribed
UBS Fund Management (Switzerland) AG closed the capital increase of the UBS (CH) Property Fund – Direct Mixed Urban on 4 November. Every new unit was subscribed, and the fund took in around CHF 183m, with the proceeds going to the real estate vehicle.
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Separately, UBS AG filed a Form 6-K with the US Securities and Exchange Commission carrying an updated legal opinion from Homburger AG, replacing the statement previously lodged for the UBS registration declaration.
Investors will get their next look at the group's numbers on 3 February 2027, when UBS Group AG is scheduled to publish fourth-quarter 2026 results.
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