Swiss Life fund raises 94 million
The capital increase carried out for Swiss Life REF (CH) Swiss Properties in mid-January met with great interest from investors and was successfully completed. The total subscription volume amounted to around CHF 94 million.
The issuance for Swiss Life REF (CH) Swiss Properties was conducted from 10 to 18 January 2017 and on a commission basis ("best effort basis") in the context of a rights offering in Switzerland. No rights trading took place during the subscription period. At a subscription ratio of five to one (five subscription rights entitled to purchase one new unit), the maximum number of 900,000 units was issued at an issue price of CHF 104.37 per unit.
The new shares will be paid up next Monday (30 January 2017). As a result, 5.4 million units will be in circulation as of that date. The issue proceeds will be used to reduce debt financing and further expand the real estate fund portfolio, writes Swiss Life. The first launch of Swiss Life REF (CH) Swiss Properties took place in November 2015 with fund resources of CHF 450 million.
The fund invests primarily in residential and selected commercial properties, preferably located in Swiss cities or their agglomerations. The most recent purchase was a commercial property in Basel. Accordingly, the total market value of the real estate portfolio amounted to over CHF 620 million.
