Realstone: Capital increase and IPO
The Realstone Development Fund is planning a capital increase of CHF 217 million and also intends to go public at the end of June.
Realstone Development Fund has announced a capital increase for late May to early June. According to the fund, the subscription period runs from May 29 to June 9, 2017, with a payment date of June 16, 2017. One new share can be subscribed for every two old shares, and the subscription price is CHF 128.84 per share. In total, the issue has a volume of up to 217 million.
The fund intends to use the funds from the capital increase to open up new business opportunities. On the other hand, five project developments are to be financed. In addition to these projects in the development stage, the Realstone Development Fund has seven managed real estate properties with 960 residential units.
The listing of the fund on the SIX Swiss Exchange is scheduled for the end of June, subject to the approval of the amendments to the fund contract by FINMA and the approval of the listing application by the stock exchange.
For the coming year, the Realstone Development Fund is forecasting significant earnings growth, in part because of the "highly successful marketing of recent properties brought to market in 2016." Ongoing development projects also ensure growth for the next five to seven years, the fund adds.
