CS REF LivingPlus plans capital increase
Credit Suisse Real Estate Fund LivingPlus (CS REF LivingPlus) is conducting a capital increase of up to CHF 170.04 million from May 30 to June 10, 2016.
The proceeds will be used primarily for the further expansion of the real estate portfolio and to reduce leverage, Credit Suisse says.
The issue will be carried out on a commission basis ("best-effort basis") as part of a public rights offering in Switzerland. An official rights trading will take place on the SIX Swiss Exchange from May 30 to June 8, 2016. Units that are not subscribed for may not be issued, which will change the issue amount. The effective number of new shares to be issued will be announced on June 15, 2016. The payment will take place on June 17, 2016.
One subscription right is allocated to each existing share. Twelve subscription rights entitle the holder to subscribe to one new share. A maximum of approximately 1.6 million new shares will be issued at a net price of CHF 106. The net asset value is CHF 103.08 per unit.
Launched in 2007, CS REF LivingPlus focuses its investment strategy on demographic trends and the increasing aging of the Swiss population. The fund invests primarily in senior properties, modern forms of living with integrated services, and healthcare properties in popular Swiss locations. The focus is on obstacle- and barrier-free residential properties with corresponding service offerings for tenants. The fund has total assets of CHF 2.54 billion as of December 31, 2015.
As part of the IAZI Swiss Property Benchmark, the real estate fund was named the best residential real estate fund in 2015. In addition, the fund received a Green Star Award for its sustainability efforts from the international Global Real Estate Sustainability Benchmark (GRESB) for the second year in a row in 2015. (ah)
