PSCF II completes capital increase and makes additional purchases
The real estate fund Procimmo Swiss Commercial Fund II (PSCF II) raised CHF 55 million in its capital increase despite the Corona crisis and purchased two properties worth CHF 43.1 million.
During the subscription period of the capital increase from March 10 to 24 .the financial markets worldwide have been hit by a severe correction due to the Corona pandemic. Nevertheless, Procimmo Swiss Commercial Fund II issued approximately 456,000 new fund units and raised new funds in the amount of more than CHF 55 million. Against the background of the current uncertain situation on the financial markets, the issue can be seen as a successful signal, Procimmo says.
Two properties with a market value of around 43.1 million in Interlaken (BE) and Regensdorf (ZH) have just been acquired for PSCF II, the fund management company adds. The property in Interlaken is reportedly located on Kammistrasse, has a market value of around 25.5 million and comprises two buildings: an office building completed in 2016 with around 3,100 sqm of leasable space and a commercial building with leasable space of over 11,400 sqm. Procimmo puts the gross yield target on cost price at 6.1%.
The second property in Regensdorf on Bahnstrasse is a property with just under 8,000 sqm of leasable space that is used primarily for commercial and office purposes. According to Procimmo, the market value is around 17.6 million, and the gross yield target on prime costs is 6.8%.
As of March 31, 2020, the real estate fund held 30 properties in the cantons of Aargau, Basel-Land, Bern, Fribourg, Grisons, Lucerne, Solothurn and Zurich. Further acquisitions of commercial and industrial properties in German-speaking Switzerland are planned, and potential in the portfolio is also to be leveraged, Procimmo adds. In the 2020/2021 financial year, it is planned to convert the fund into a mutual fund and list it on the SIX Swiss Exchange. (ah)
