Steiner Invest: Acquisitions in Berne and Geneva
In the first quarter of 2020, the Steiner Investment Foundation acquired the first project for the new Swiss Development Commercial investment group in Bern, and the largest project to date was also purchased in Geneva.
The Steiner Investment Foundation acquired the project in Geneva in January; it is currently the largest project in the Swiss Development Residential (SDR) investment group with a volume of CHF 555.7 million, the investment foundation says. According to earlier information, it is a 40,000 square meter plot in the middle of the Jardin des Nations. Steiner AG plans to build a mixed-use development there starting in 2024.
As of the end of the 1st quarter of 2020, the cumulative completion value of the portfolio of the SDR investment group was around CHF 1.34 billion, Steiner Invest further announces. The invested capital had thus been increased by 55.17% to 466.6 million. The net asset value (NAV) was CHF 121.78 per unit, and there were currently 27 projects in the portfolio.
In February, Steiner Invest also acquired its first project for the Swiss Development Commercial (SDC) investment group in Berne.
The Board of Trustees of the Steiner Investment Foundation now consists of five members. Ajay Sirohi (Chairman) and Reto Niedermann were re-elected, and Luzius Hitz, Andreas Hürlimann and Hendrik van der Bie were also newly elected. All members of the Board of Trustees are in office for a period of three years; new elections will be held at the next ordinary investors' meeting in 2023. (ah)
