Helvetia postpones launch of new real estate fund
The subscription period for the first issue of the Helvetia (CH) Swiss Property Fund was actually scheduled to begin on March 23. However, Helvetia Asset Management is postponing the launch of the new fund due to the Corona crisis.
The start of the subscription period for the first issue of the Helvetia (CH) Swiss Property Fund planned for today has been postponed due to the "currently challenging investment environment caused by Covid-19", Helvetia Asset Management announced on Monday. Due to the postponed subscription period, the launch of the property fund, originally scheduled for mid-April, will also take place later. It is not yet known exactly when: Information on the new schedule will be provided at the end of April, the asset management company wrote in a statement. The subscription period was originally scheduled to run from March 23 to April 9, 2020, with payment on April 15, 2020.
The new real estate fund will invest directly in real estate assets in Switzerland, primarily in large and medium-sized cities and their agglomerations. Primarily properties with residential use are to be acquired, supplemented by mixed-use and commercial properties, Helvetia Asset Management announced in early March.
The real estate portfolio is to be built up primarily through portfolio transactions from the Helvetia insurance portfolio, but acquisitions on the market are also possible, it said. The fund's initial offering is expected to reach a volume of up to CHF 450 million, according to earlier statements, and the proceeds will be used to acquire a broadly diversified real estate portfolio from Helvetia with a total value of 532 million. (ah)
