Swiss Life: Fund completes record capital increase
The ESG Swiss Properties fund received CHF 610 million - the highest issue volume of a Swiss listed real estate fund to date.
Swiss Life Asset Managers has completed the largest capital increase of a listed Swiss real estate fund to date. As recently announced, the Swiss Life REF (CH) ESG Swiss Properties real estate fund has received new capital of around CHF 610 million. This makes it one of the five largest listed real estate funds in Switzerland. Its market capitalization is now around CHF 2.5 billion.
The issue was carried out on a commission basis ("best-effort basis") as part of a public subscription offer in Switzerland. Three subscription rights entitled the holder to acquire one new share. A total of 5.4 million new shares will be issued, which corresponds to a subscription quota of 100%. The new shares will be paid out on July 17, 2024.
The capital increase will be used to acquire a real estate portfolio from the Swiss Life Group worth around CHF 700 million. IB had already announced the composition of the portfolio here reported. In addition to the portfolio purchase, the funds are earmarked for the renovation and densification of existing residential buildings. In addition, the debt ratio is to be reduced to around 23%. In an initial announcement, the issue volume was put at CHF 650 million (IB reported). (aw)
