La Foncière: Special distribution of 14 million
La Foncière real estate fund announces that it will distribute an extraordinary coupon of CHF 14 million to unitholders.
The extraordinary dividend will total CHF 14.14 million, or CHF 1.143 per unit, and will be distributed to unitholders on September 23, 2019, the fund management company says. The amount will be taken from the reinvestment reserve, which totaled 102 million as of September 30, 2018, it said.
How this reserve for reinvestments, built up since January 1, 2007, is to be taxed, was recently the subject of a clarification by the Federal Tax Administration (FTA). The extraordinary distribution is the result of an agreement with the EStV, which regularizes the whole thing in accordance with current law, the fund management continues. The special dividend is subject to both withholding and income tax for the unit holders and will be distributed in addition to the annual coupon.
La Foncière further emphasizes that the extraordinary distribution will have no impact on the fund's 2019 income statement and will not affect the performance of future financial years.
Net fund assets at the end of the first semester of fiscal 2019 were 1.01 billion, and the leverage ratio was 19.72%. (ah)
