Swiss Life Europe Fund increases its capital
The real estate fund Swiss Life REF (CH) European Properties is carrying out a capital increase at the beginning of September. The volume is to be a maximum of EUR 42.8 million.
The issue, which is being conducted on a "best-effort basis," will be open to existing shareholders as well as new investors, Swiss Life Asset Managers writes in a statement. 14 subscription rights entitle the holder to acquire one new unit, with an issue price of 110.00 euros. A maximum of 388,888 new units will be issued, resulting in a maximum volume of EUR 42.8 million. The subscription period is from September 8 to 21, and payment will be made on September 28.
The proceeds from the issue will be used to expand the portfolio, Swiss Life Asset Managers said. The fund invests in office, retail and residential properties as well as mixed-use properties in European metropolitan regions. The focus is on central locations in major cities and regional centers and their agglomerations.
As of the end of June, the portfolio consisted of 19 properties in Germany, France, Spain, Luxembourg, Belgium, the UK, Ireland, Finland and Holland with a market value of EUR 710.5 million. In January, the fund sold an office property in Oxford, UK, via a bidding process and reinvested the liquidity from the sale in May in an office property in a central location in Manchester. The property was built in 1993 and was extensively refurbished in 2019. It has a leasable area of 5,451 sqm and is let to eight creditworthy tenants with an average remaining term of 6.6 years, Swiss Life Asset Managers said. The purchase price was about 33 million pounds (CHF 37.5 million). (ah)
