Schroder Immo Plus: Capital increase in sight
A capital increase of CHF 100 million is being considered for the Schroder Immo Plus real estate fund. The money is to be used to refinance the acquisition of two office properties in Lausanne.
The acquisition in Lausanne consists of the buildings R58 (built in 1997, recently renovated) and R60 (built in 2018, Minergie standard), which are connected via a shared underground car park. According to Schroder Investment Management, the investment volume for the properties at Avenue de Rhodanie 58/60, an attractive and well-developed location, is around CHF 70 million. The gross initial yield is reported at 3.8% and the net initial yield at 3.3%. The properties comprise 6,900 sqm of rental space and over 100 parking spaces. The fund management company puts the annual rental income at CHF 2.7 million with 100% leased; the current occupancy rate is around 95%. The average remaining term of the rental contracts (WAULT) is approx. 7.4 years.
To refinance the purchase, the fund is considering a capital increase of around 100 million in the fourth quarter. The remaining proceeds will be used to invest in existing projects and to further reduce short-term debt. (ah/bw)
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