Novavest issues convertible bond
Novavest Real Estate AG intends to further expand its real estate portfolio and is planning to issue a mandatory convertible bond of up to CHF 17 million to finance any acquisition projects in the short term.
The mandatory convertible bond has a coupon of four percent per annum and a term from July 6, 2016 to October 6, 2016. The bond is then to be converted into Novavest share capital as part of the capital increase planned for fall 2016.
Novavest, based in Zurich, focuses on the management and development of properties for purely residential use and for office and commercial use, as well as on new construction projects in these segments. The real estate portfolio consists of properties located in the catchment areas of the centers of Basel, Bern, Aarau, Zurich, Winterthur and St. Gallen as well as on their axes. (ah)
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