Realstone fund goes public on June 30
The financial supervisory authority FINMA has given the green light for the listing of Realstone Development Fund. The listing on the Swiss stock exchange SIX is expected to be completed as of June 30, 2017.
Realstone announces that FINMA has approved the amendments to the fund contract of Realstone Development Fund and in particular its opening to non-qualified investors. The new fund contract entered into force on June 21, 2017, and as of June 30, the fund's shares are to be listed on the SIX Swiss Exchange.
The fund recently raised CHF 217 million in a capital issue. A total of around 1.69 million shares were subscribed, with total demand more than double the capital offered, according to the company.
Realstone intends to use the proceeds from the issue mainly for the development of its real estate portfolio, in particular for projects in Horgen, Fribourg and Gland, as well as for the acquisition of opportunities in city centers.
Realstone is confident that the fund will see a significant increase in rental income in the coming years. The development of current projects will ensure growth over the next five to seven years, Realstone added.
