Realstone wants to merge funds
Fund management company Realstone SA has announced that it will merge the real estate funds Realstone Swiss Property and Realstone Development Fund. The merged portfolio will have a market value of over CHF 2 billion.
Subject to approval by the Financial Market Authority Finma, Realstone Swiss Property and Realstone Development Fund are to be merged under the name Realstone as of March 31, 2021.
The market value of the total assets under management will amount to CHF 2.12 billion after the unification - based on the latest audited annual reports, Realstone informs. This will make the new Realstone fund one of the largest residential real estate funds in Switzerland.
Specifically, the real estate portfolio of the Realstone Development Fund will be transferred to Realstone Swiss Property, to be called Realstone in the future. The investors of the Realstone Development Fund, which will be dissolved without liquidation, will receive shares in the corresponding amount of the acquiring fund. The unification is to take place as of May 31, 2021, retroactive to March 31, 2021.
In the course of the merger, the assets of the two funds are revalued and the revaluation is used to calculate the exchange ratio and to transfer assets and liabilities of the transferring fund to the acquiring fund for accounting purposes. (ah)
