Erres: Fund raises almost 280 million
The capital increase for Edmond de Rothschild Real Estate SICAV - Swiss (Erres) has been fully subscribed. The fund will thus receive CHF 279.7 million.
Around 2.3 million new shares in Edmond de Rothschild Real Estate SICAV - Swiss (Erres) were issued as part of the issue, bringing the fund an inflow of 279.7 million. The number of shares outstanding is now 13.75 million. The new shares will be issued and listed on 23 September 2021.
Erres intends to use the new funds to finance acquisitions in Geneva and the Lausanne area, as well as the construction of residential and mixed-use properties in the cantons of Geneva and Berne.
Launched in 2011, Erres invests throughout Switzerland, although its geographical and strategic focus is on French-speaking Switzerland: properties in the cantons of Geneva and Vaud together account for 73% of the portfolio's value. The residential portion of the fund has been increased in recent years and currently stands at a good two-thirds. The remaining third is distributed among properties used for office, retail, restaurants, food retail and commercial purposes. (ah)
