CS REF Siat increases its capital
The real estate fund Credit Suisse Real Estate Fund Siat (CS REF Siat) has announced a capital increase of up to CHF 155.4 million.
The capital increase is scheduled to take place from August 24 to September 4, 2020, Credit Suisse Asset Management said. Each existing unit in CS REF Siat will be allocated one subscription right, and 16 subscription rights will entitle the holder to subscribe to one new unit. In total, a maximum of 964,918 new units are to be issued at a price of CHF 161.00 each (including 2.5% issuing commission).
An official rights trading will take place on the Six Swiss Exchange from August 24 to September 2. The effective number of new shares will be announced on September 9; payment will take place on September 11.
The real estate portfolio of CS REF Siat had been valued by the independent valuation experts at the time of the issue.
The net asset value per unit has been re-estimated at the time of payment, Credit Suisse Asset Management added. This resulted in a new net asset value of CHF 156.81 per unit as of September 11, 2020. Changes in value from ongoing construction projects and renovations, acquisitions and sales of properties, and current income were taken into account.
CS REF Siat invests primarily in multi-family properties in Switzerland's large and medium-sized cities and their agglomerations. In addition, the fund holds commercial properties in Bestad that are leased to first-class tenants on a long-term basis. The proceeds from the issue will be used to expand and diversify the real estate portfolio. (ah)
