Procimmo: Finma approves fund merger
As planned, three funds may be renamed and become sub-funds of the Procimmo Real Estate SICAV at the beginning of next year.
(Photo: Gajus-Images - depositphotos)
Procimmo may combine several funds as planned. Finma has given the company the green light for the changes to the fund contracts, the fund names and the timetable. The changes have already come into force these days. As a first step, three funds will be given new names: The "Immobilier-CH pour Institutionnels 56j (I56)" will henceforth trade as "Residential PK", the "Procimmo Residential Lemanic Fund (PRLF)" as "Residential" and the "Procimmo Swiss Commercial Fund 56 (P56)" as "Commercial PK".
In a second step, the three investment funds will then be converted into sub-funds of Procimmo Real Estate SICAV on January 8. The newly created fund will then comprise four sub-funds with the names "Industrial" (ex-Swiss Commercial Fund), "Residential" (ex-PRLF), "Commercial PK" (ex-P56) and "Residential PK" (ex-I56).
For the funds that will become sub-funds, the conversion means, among other things, that the financial year will be extended. This will run from January 1, 2024 to June 30, 2025.
Procimmo first announced its plans to restructure the fund at the beginning of October (IB reported).
