Fund: Swiss Life Swiss Properties plans portfolio acquisition
The real estate fund Swiss Life REF (CH) Swiss Properties intends to acquire a real estate portfolio worth CHF 350 million. A capital increase is planned to finance the transaction.
Swiss Life REF (CH) Swiss Properties announced that it is examining the acquisition of a high-quality access portfolio currently owned by Swiss Life AG. The acquisition requires the approval of the financial supervisory authority Finma, which Swiss Life Asset Management has already received.
According to the information provided, the portfolio consists of 18 residential properties with a high location and property quality in economically strong regions. Just under half of the properties (measured by market value) are located in the cities of Zurich, Geneva and Lausanne and their immediate neighbouring communities. The remaining properties are located in small and medium-sized centres as well as in the agglomerations of the major cities.
New fund units are to be issued in December to finance the transaction. Swiss Life Asset Management plans to announce details of the capital increase in late autumn.
At the end of March, the Swiss Life REF (CH) Swiss Properties portfolio comprised 138 properties with a market value of CHF 1.97 billion. Following the acquisition, the fund will have 156 properties with just under 4,000 apartments. (ah)
