Berninvest: Good Buildings to go public
The fund management company Berninvest is planning an IPO for the real estate fund Good Buildings SREF as well as a capital increase of up to CHF 55 million.
The capital increase will be launched to finance the acquisition of two residential properties worth CHF 34 million from the portfolio of Vaudoise Insurance and the purchase of a new construction project, Berninvest says. The maximum proceeds from the measure are expected to be 55 million, and Berninvest plans to publish the exact terms in the first half of 2019. After completion of the planned transactions, the portfolio will have a value of around 285 million.
Within the next six months, the Good Buildings Swiss Real Estate Fund is also to be listed on the SIX Swiss Exchange. The fund management company expects the listing to increase the tradability of the units and at the same time to enable non-qualified investors to acquire fund units.
According to the Berninvest press release, the occupancy rate at the end of the year was around 89 percent, which is higher than last year. This was due to targeted letting measures, for example at the Breitmatte development in Wangen. For the 2018 financial year, an increase in the distribution from CHF 2.50 to CHF 3.00 will be proposed to the Board of Directors, which would correspond to a distribution ratio of around 80 percent.
The Good Buildings SREF invests in new construction projects and existing newer properties, with a heavy overweight to residential over commercial. (ah)
