Swiss Life fund raises 381 million
Swiss Life REF (CH) Swiss Properties has successfully completed its capital increase. The real estate fund received new money amounting to the maximum of around CHF 381 million.
According to Swiss Life Asset Managers, 3.6 million new units were issued at CHF 108.00 per unit as part of the capital increase, corresponding to a subscription rate of 100%. In total, the volume of new money amounted to around 381 million. In future, there will be nine million fund units in circulation.
The fund intends to use the newly raised capital to finance the acquisition of a portfolio of 38 properties with a volume of around 500 million; the seller is Swiss Life AG. The fund will then have 86 properties with a market value of around 1.2 billion. A listing of the fund on the SIX Swiss Exchange is planned for the coming year.
Swiss Life REF (CH) Swiss Properties reported a realised profit of 14.2 million for the 2017/18 financial year, almost two percent more than in the previous year (13.9 million). Investors will receive a total distribution of CHF 14.0 million or CHF 2.60 per unit. Based on the off-market price as of 30 September 2018, the distribution yield is 2.17 percent. (ah)
