Swiss Life REF Swiss Properties seeks fresh capital
The real estate fund Swiss Life REF (CH) Swiss Properties announces a capital increase of up to CHF 380 million. The money is to be used to finance the purchase of a large property portfolio.
A total of up to 3.6 million new units in the fund are to be issued, Swiss Life Asset Managers says. According to the fund management, the subscription period is planned from November 21 to December 3, 2018, and the payment as of December 10, 2018.
With the newly raised capital, Swiss Life REF (CH) Swiss Properties intends to finance the acquisition of a portfolio of 38 properties with a volume of around CHF 500 million, the statement added. The portfolio is currently owned by Swiss Life AG. It is characterized by "high-quality locations and properties with a focus on residential properties in economically strong regions". After the acquisition, the fund will have a total of 86 properties with around 1,800 apartments.
Swiss Life REF (CH) Swiss Properties was launched in 2015 and invests primarily in residential properties in Swiss cities and their agglomerations as well as in commercial properties in central locations. It is aimed at qualified investors and is traded over the counter. It is expected to be listed on the SIX Swiss Exchange before the end of 2019. (ah)
