Swisscanto funds: Capital increase planned for mid-November
Swisscanto (CH) Real Estate Fund Swiss Commercial intends to launch the capital increase in the volume of approximately CHF 74 million announced at the beginning of October in the coming week.
The up to 716,615 new fund units can be subscribed from November 13 to 24, 2017 at an issue price of CHF 105 per unit. The capital increase was carried out in compliance with the subscription rights of existing unit holders: five existing units entitle to one new unit. In addition, the new unit certificates will be fully entitled to distributions for the current 2017 financial year, according to the company, which belongs to Zürcher Kantonalbank (ZKB).
The proceeds from the issue are to be used to finance existing obligations and to repay debt. This means that the capital will be used directly to generate income, it says. The real estate fund has a secure investment pipeline with which the existing property portfolio will be "expanded in a targeted manner".
The Swisscanto (CH) Real Estate Fund Swiss Commercial invests primarily in commercially used properties in Switzerland. It has been listed on the SIX Swiss Exchange in Zurich since November 2, 2015, and had total assets of just under 473 million at the end of June 2017.
The capital increase originally planned for May 2017 was initially postponed in the course of the year and New announced at the beginning of October been.
