Capital increase for CS REF International
The real estate fund CS REF International intends to increase its capital by almost CHF 240 million. The issue is scheduled from May 29 to June 9.
As announced by the fund management company of CS REF International, the issue will be carried out on a commission basis ("best-effort basis") as part of a rights offering in Switzerland. Each existing unit in the real estate fund will be allocated one subscription right, ten subscription rights entitle to the subscription of one new unit. A maximum of 228,897 new shares will be issued.
The issue price per payment was set at CHF 1,045 net with a net asset value of CHF 1,030.15 per unit. The issue volume thus amounts to a maximum of CHF 239.2 million.
A regular, off-exchange rights trading will take place from May 29 to June 7, 2017 via Credit Suisse (Schweiz) AG. On June 15, the fund management company intends to announce the effective number of new units to be issued. The payment will take place on June 16.
Fund is fully invested
The funds from the capital increase are to be used for the further expansion of the real estate portfolio. Three properties have been acquired since the beginning of the year. This means that the fund is fully invested and is dependent on new capital for the further expansion of the real estate portfolio, the fund management informs.
On April 20, 2017, the fund acquired the "Broadway" commercial property in Portland (Oregon/USA). The property is reportedly "in a prime location in the south of the Central Business District". The net leasable area is around 16,000 sqm, of which 15,000 sqm is offices and 1,000 sqm is retail use. The building, which was originally developed for the newspaper The Oregonian built building was extensively renovated from 2014 to 2016. The property is almost fully leased for the next ten years.
In addition, a property in Adelaide, Australia, was purchased in January and a property in Chicago in February.
