AXA Immovation Residential increases capital
The real estate fund AXA Immovation Residential will carry out a capital increase from June 12 to 23, 2017. The issue volume is expected to be CHF 84 million.
According to the fund management of AXA Immovation Residential, the proceeds from the capital increase will be used to expand the investment portfolio and repay short-term debt.
A maximum of 75,000 new fund units are to be issued; the issue price is composed of the net asset value of the semi-annual financial statements as of March 31, 2017 plus accrued income up to the payment date as well as ancillary purchase costs and the issue commission. The volume of the capital increase will thus amount to up to CHF 84 million. Unsubscribed shares will not be issued, which may reduce the issue amount.
The issue will be carried out on a best-effort basis. Subscription rights of existing investors will be preserved in the capital increase.
The AXA Immovation Residential real estate fund invests in residential properties in cities in high-growth economic regions and their catchment areas. Investments are made in existing properties and in development and construction projects, with at least 80 percent of the total rental income generated from residential use.
