Helvetica Swiss Commercial: IPO in sight
The fund management company Helvetica Property Investors AG announces that the capital increase of the Helvetica Swiss Commercial real estate fund (HSC) was oversubscribed and thus successfully completed. The issue proceeds amount to approximately CHF 102 million.
In addition to subscriptions from existing investors, new investors will also be served and included in the investor base, the fund company says.
The capital increase was carried out on a commission basis ("best effort basis") as part of a rights offering in Switzerland. No official rights trading took place during the subscription period. With a subscription ratio of two to one, 926,475 shares were subscribed at an issue price of CHF 109.95 per share during the subscription period which ended on June 19, 2018. Thus, a total of 2,779,425 shares are outstanding and traded over-the-counter.
"For me, the successfully executed capital increase is further proof of the attractiveness of the Swiss commercial real estate market and the HSC Fund," says Hans R. Holdener, CEO and Managing Partner. "Thus, we can continue our growth strategy and focus on the further build-up of the HSC Fund as well as the listing by mid-2019 at the latest. For this, the inflow of new equity forms the ideal basis."
The new shares were paid on June 26, 2018. The proceeds from the issue will be invested in attractive real estate assets in Switzerland for further portfolio expansion as part of the real estate fund's investment policy. Due to the existing acquisition pipeline, the funds from the capital increase would be able to be invested in the short term, says Holdener.
