Capital increase for the Baloise Swiss Property Fund
The Baloise Swiss Property Fund intends to carry out a capital increase of around CHF 200 million in August. This is to finance the purchase of a real estate portfolio.
According to the fund management company Baloise Immobilien Management, the subscription period is scheduled to start on August 12. A maximum of around 1.96 million new units will be issued at a net price of CHF 104 each, bringing the number of units in circulation up to around 4.7 million.
The proceeds of the issue will be used to purchase a real estate portfolio of 20 core/core plus properties of Basler Versicherung and Basler Leben. According to Baloise Immobilien Management, Finma has already granted an exemption from the takeover ban for related parties for the transaction.
According to the information provided, the portfolio consists of residential and mixed-use properties located primarily in conurbations with more than 100,000 inhabitants spread across a total of nine cantons. The regional focus is on northwestern Switzerland, the Lake Geneva region, Zurich and the Mittelland. Residential use accounts for 77% and office use for 8%. (ah)
