Solvalor 61 issues new shares
The management of Solvalor Fundmanagement SA, the management company of the real estate investment fund Solvalor 61, announces the issuance of new shares. After the last issue in 2013, a new capital increase of approximately 103 million francs is now scheduled to take place at the beginning of November. The aim of this issue, led by UBS AG, is to finance the fund's numerous real estate projects and to repay mortgage obligations, according to the company.
For several years, Solvalor 61 has been carrying out a broad-based construction program. Most recently, 211 apartments were put on the market, most of them in Versoix and Lausanne (Ouchy, La Sallaz, Beau-Séjour and Le Mont). The fresh money will be used to secure the financing of larger ongoing construction projects: These construction projects include the construction of 101 apartments in Ostermundigen (Berne) and a further 40 apartments on Avenue de Sainte-Luce in Lausanne, for which the public launch has already been initiated. Furthermore, the addition of a floor to a building in Petit-Lancy (Geneva) will create 24 new apartments, while twelve new units are scheduled for completion in May 2016 in the municipality of Saint-Sulpice.
The new construction program launched by Solvalor 61 has significantly rejuvenated the fund's portfolio: the stock of buildings less than ten years old has increased from ten percent in 2010 to over 18 percent at present. Details of the new issue in terms of maturities, issue price and subscription ratio are to be announced in October 2015. (bw)
