SPA Real Estate Switzerland: Fifth issue
Swiss Prime Investment Foundation has now announced the details for the fifth issue of the SPA Immobilien Schweiz investment group.
The subscription period for the SPA Immobilien Schweiz investment group issue will start on October 1 and end on October 31, 2019, with payment scheduled for November 29.
Around 86,800 new entitlements are to be issued at a price of CHF 1,148.88 each. The issue will thus reach a volume of 100 million. The Board of Trustees of Swiss Prime Investment Foundation is authorized to decide, depending on demand, on a possible increase of the issue from a maximum of 108,800 entitlements or 125 million.
1,000 existing subscription rights entitle the holder to 65 new entitlements. The subscription rights are not transferable or tradable; subscription rights not exercised expire without compensation. The Board of Trustees decides on the use of the unexercised entitlements; in particular, it may allocate them to new or existing investors.
The fresh capital is to be used to finance current development projects, to reduce the leverage ratio and to purchase existing properties, Swiss Prime Investment Foundation says. Over the next few years, development projects amounting to 500 million are to be realized, while the acquisition pipeline comprises 200 million, according to the investment foundation. (ah)
