Swiss Life REF (LUX) Commercial Properties Switzerland seeks fresh money
In order to finance the purchase of a property portfolio, the real estate fund "Swiss Life REF (LUX) Commercial Properties Switzerland" intends to carry out a capital increase with a volume of CHF 85 million between June 8 and June 19, 2020.
The issue will be carried out on a "best-effort basis" with a maximum issue volume of 85 million, the management announces. The effective number of newly issued shares determined after the end of the subscription period.
The capital increase and the raising of debt capital will be used to finance the acquisition of a high-quality access portfolio with five properties worth around CHF 100 million. According to the fund management, the portfolio is owned by Swiss Life AG; it is characterized by a very high location and property quality and a high occupancy rate. The properties from the access portfolio are located in the cities of Zurich (two properties, around 45% of market value), St. Gallen (two properties, around 25% of market value) and Montreux (one property, around 30% of market value). More than 70 percent of the cumulative income came from office use and had a contract term of 3.7 years. (bw)
