Swiss Central City Real Estate Fund: Details of the capital increase
The fund management company Nova Property Fund Management has now announced the exact terms of the issue, which is scheduled for mid-October. It is expected to raise up to CHF 128.9 million for the fund.
Nova Property Fund Management AG announces that the capital increase for the Swiss Central City Real Estate Fund is to be carried out between 14 and 27 October 2020. The fund management intends to use the proceeds to expand the real estate portfolio. Corresponding, "very attractive acquisition properties" are already in the pipeline, according to Nova Property.
A maximum of around 1.19 million new shares are to be issued at CHF 108.40 each; the capital increase thus has a volume of around 128.9 million. One subscription right will be allocated to each existing share. The issue will increase the number of shares in circulation to a maximum of 2.38 million.
The issue will be carried out on a "best effort basis" as part of a rights offering to investors in Switzerland who are admitted in accordance with the fund contract, Nova Property further announces. There will be no trading in subscription rights.
The real estate portfolio of the Swiss Central City Real Estate Fund had a market value of 177.7 million as at 30 June 2020. As of 1 October, it will be expanded to around 238 million with the transfer of ownership of nine properties in Basel-Stadt worth 60 million. (ah)
