Procimmo Fund PSCF becomes a SICAV
Procimmo Swiss Commercial Fund PSCF is to be transformed into a SICAV by the end of the year, Procimmo announces. FINMA has yet to give its approval.
Once the SICAV is created and registered in the commercial register - and subject to FINMA approval - the company will bear the name Procimmo Real Estate SICAV with the investor class Swiss Commercial Fund, Procimmo said. The full name will then be Procimmo Real Estate SICAV - Swiss Commercial Fund. The ticker symbol will remain PSCF.
With the change of legal form, the fund will be organized as a legal entity and can establish a board of directors. According to Procimmo, the board will consist of Hans Rudolf Hauri (Chairman), Stefan Fahrländer (Vice Chairman) and Erin Wood Bergeretto (Member). Hans Rudolf Hauri was CEO of RUAG Real Estate for many years, and Stefan Fahrländer is a founding partner and CEO of the consulting firm Fahrländer Partner Raumentwicklung. Erin Wood Bergeretto is a partner in a law firm specializing in real estate law.
The structural change will also enable investors to participate more in the development of the SICAV, for example by giving them additional rights at general meetings, Procimmo adds.
Currently, the total fund assets of PSCF amount to over CHF 1 billion. The fund invests primarily in commercial real estate, especially in commercial and industrial properties outside city centers. The investment strategy focuses on easily accessible locations close to highways as well as properties with a high appreciation potential. (ah)
