Swiss Life REF (CH) European Properties seeks fresh money

The real estate fund Swiss Life REF (CH) European Properties, launched at the end of November 2017, is planning further acquisitions. According to the fund management company, as of the end of May 2020, the portfolio comprised a total of 15 properties in Germany, France, Spain, Luxembourg, Belgium, the UK, Ireland, Finland and the Netherlands with a market value of over EUR 500 million.

In addition to two properties in Paris and Dublin, the first two residential properties in Germany (Offenbach and Dortmund) and the first commercial property in the Netherlands (The Hague) were acquired for the fund in the last financial year; further property acquisitions are already being examined.

A capital increase is currently planned for the fund, in which existing investors and new investors can participate; six subscription rights entitle the holder to acquire one new share. The issue price is 105.00 euros. A maximum of 666,666 new shares will be issued. The subscription period will take place from June 29 to July 17, 2020, and the payment is scheduled for July 27, 2020. According to the fund management company, a substantial portion of the issue proceeds will be "immediately used to repay short-term borrowings." (bw)