Steiner Investment Foundation raises 93 million
Steiner Investment Foundation received commitments of more than CHF 93 million in the fifth issue of its "Swiss Development Residential" real estate investment group. According to the company, it was the highest-volume issue to date.
Sixteen pension funds participated in the latest issue, including nine new investors, the Steiner Investment Foundation reports. A total of 44 pension funds are invested; total commitments since the launch of the investment group just over a year ago amount to around CHF 180 million.
In the first quarter of 2018, the "Swiss Development Residential" investment group made its ninth acquisition and purchased the "Glasi-Quartier" project (construction phases P, Q, R and S) in Bülach (ZH). The market value on completion is forecast at 100 million. Half of the space has already been leased to a retirement housing operator over the 20-year period. The current forecast portfolio market value on completion of all nine properties in the investment group is around 480 million.
