Fund: Solvalor 61 plans capital increase
Solvalor Fund Management is planning a capital increase of its SIX-listed real estate investment fund Solvalor 61 in November. A maximum of 563,407 new units are to be offered at a subscription price of CHF 188.50/unit. This corresponds to a capital increase of up to CHF 106 million.
The issue is intended to secure the financing of larger ongoing construction projects, the company says. Investments of CHF 35 million are already planned for the 2015/2016 financial year. In the pipeline, for example, are the construction of around 100 apartments in Ostermundigen (Bern) and a further 40 apartments on Avenue de Sainte-Luce in Lausanne.
Earnings up by more than 8 percent
Solvalor 61 increased its net income by 8.52 percent to CHF 21.3 million in the 2014/2015 fiscal year ended June 30, 2015 (previous year: CHF 19.7 million). The fund's total expenses for the fiscal year increased by 4.6 percent to CHF 25.7 million, which Solvalor attributes to the expansion of its real estate portfolio. Income increased by 6.3 percent to CHF 47 million. Rental income increased by eight percent year-on-year to CHF 46.4 million.
At the end of the financial year, the net assets of Solvalor 61 amounted to CHF 729.3 million, compared with CHF 719.9 million in the previous year. During the financial year, the value of the real estate portfolio increased by 13.2 percent from CHF 719.8 million to CHF 814.6 million. This was due to the acquisition of several buildings and a building plot for a total amount of CHF 62.5 million, in addition to construction investments. At the end of the financial year, the net asset value per unit was CHF 184.91 with a stock market listing of CHF 249.90. (ah)
