Procimmo restructures fund assets
Three previously independent funds are to become sub-funds of the newly formed Procimmo Real Estate Sicav. The "Streetbox" fund will also be restructured.
Following the merger of the two funds Swiss Commercial Fund and Swiss Commercial Fund II to form the Procimmo Real Estate SICAV, Procimmo is now announcing a further reorganization of the fund assets. The assets under management of CHF 4 billion are to be integrated into two different SICAVs, subject to regulatory approvals.
The planned restructuring will take place as part of the integration of the fund management company into Procimmo SA, according to a statement. The aim is to increase efficiency and flexibility in the operational management of the funds and to give investors voting rights, Procimmo writes in a press release. According to the plans, three managed contractual investment funds will be converted into sub-funds of the Procimmo Real Estate SICAV. This fund will then comprise a total of four sub-funds, as the existing fund itself ("Swiss Commercial Fund") will become the "Industrial" sub-fund. The previously independent "Procimmo Residential Lemanic Fund" will become the "Residential" sub-fund and the previously independent Procimmo Swiss Commercial Fund 56 and "Immobilien-CH für Institutionelle 56J" will become the "Commercial PK" and "Residential PK" sub-funds respectively.
In addition, Procimmo intends to apply to Finma for the conversion of the contractual investment fund "Streetbox Real Estate Fund" into a sub-fund of a new SICAV. This will then bear the name "Streetbox Real Estate SICAV" with a "Swiss" sub-fund.
Procimmo takes over fund management itself
Procimmo SA will remain the asset manager of the two funds and will also - as announced in April - take over the fund management company. Subject to regulatory approvals, these conversions and the establishment of the new SICAV will be carried out gradually in the first quarter of 2025, followed by the transfer of the fund management company. "They will not incur any costs for investors," writes Procimmo.
In April, Procimmo announced its intention to separate from the previous fund management company Solutions & Funds and to manage the funds independently (IB reported). (aw)
