Axa Immovation Residential announces capital increase
From June 4 to 15, 2018, a capital increase with a volume of around CHF 75 million is to be carried out for the Axa Immovation Residential real estate fund.
According to Axa Investment Managers Switzerland, a maximum of 67,500 new fund units totaling around 75 million will be issued. The fund management company intends to use the proceeds to expand the portfolio and repay short-term debt capital.
According to the information provided, the issue price is made up of the net asset value of the semi-annual financial statements as at March 31, 2018 plus the accrued income up to the payment date as well as the ancillary purchase costs and the issue commission. The issue will be carried out on a commission basis ("best-effort basis") and the new shares will be paid out on June 25, 2018. The subscription rights of existing investors will be preserved during the capital increase.
Launched in 2013, Axa Immovation Residential invests in Swiss residential real estate located in cities in high-growth economic regions and their catchment areas. Investments are made both in existing properties and in development and construction projects, whereby at least 80% of the total rental income must be generated from residential use.
