Capital increase for CS REF Siat
The real estate fund Credit Suisse Real Estate Fund Siat (CS REF Siat) intends to raise up to CHF 174.6 million in fresh capital. To this end, the fund management company is conducting a capital increase from August 22 to September 2, 2016. The issue proceeds are to be used for the further growth of the real estate portfolio.
The issue will be carried out on a commission basis ("best-effort basis") as part of a public rights offering in Switzerland, Credit Suisse announced. One subscription right will be allocated to each existing unit. Twelve subscription rights entitle the holder to subscribe to one new unit at a net issue price of CHF 147.
In view of the issuance of new units, the properties of the portfolio were revalued by independent experts. This results in a new net asset value of CHF 143.65/unit as of September 9, 2016, which is an increase of CHF 2.55/unit compared to the net asset value as of March 31, 2016.
An official rights trading will take place on the SIX Swiss Exchange from August 22 to 31, 2016. Units that are not subscribed for may not be issued, which may result in a change in the issue amount. Credit Suisse intends to announce the effective number of new shares on September 7, 2016. The payment will take place on September 9, 2016.
Five construction projects in realization
Currently, CS REF Siat has five construction projects worth CHF 420 million in the realization phase: Recently, the fund has the "Erlenmatt Baufeld A" construction project in Basel in co-ownership with Credit Suisse Real Estate Fund LivingPlus and Credit Suisse Real Estate Fund Interswiss, each with one third. Also in Basel, CS REF Siat has invested in one of the high-rise residential buildings "Sky Lights Schoren". The high-rise will be ready for occupancy in fall 2016 and is already around 75 percent leased.
In Dübendorf, between the village center and the Überlandstrasse road, from the beginning of September 2016 to the spring of 2021, three stages will be the "Im Giessen" residential quarter on the banks of the Glatt River, with 380 rental apartments and 7,000 square meters of commercial space built, the majority of which has already been leased on a long-term basis.
In addition, the "Sasso Corbaro" residential development is being built in Cadenazzo in Ticino, and the "Jardin du Lac" residential property in Neuchâtel in western Switzerland.
With total fund assets of around CHF 2.7 billion (as of March 31, 2016), CS REF Siat is, according to its own information, the largest residential real estate fund in Switzerland. The portfolio comprises 172 properties and a total of around 11,500 tenancies.
