Truststone: capital increase raises 27 million
Patrimonium Asset Management's Truststone Real Estate Sicav raised about CHF 27 million in its capital increase. The issue was oversubscribed, Patrimonium said.
The capital increase for Truststone Real Estate Sicav was carried out from October 4 to 18, 2021, and the proceeds will be used to finance the acquisition of several properties with high development potential and yields between 3.70% and 6.50%, informs Patrimonium Asset Management.
The portfolio after the capital increase consists of 17 buildings with a total of 138 apartments and one secured construction project with 22 apartments. The total market value is 93.4 million, and the expected gross yield is 4.3%, according to Patrimonium. In this regard, the trend is upward "due to the potential of graduated rents," according to the asset manager.
Truststone is aimed at qualified investors and invests in core-plus, value-add and opportunistic properties in the moderate residential rental segment, in commercial properties with long-term leases and/or development potential, and in land and development projects. The Sicav is expected to continue to grow through contributions in kind and capital increases. Once a portfolio value of 300 to 400 million has been reached, Truststone is to be listed on the stock exchange. (ah)
