Fund: CS REF Interswiss increases its capital
Credit Suisse Real Estate Fund Interswiss is carrying out a capital increase. The issue is expected to bring up to CHF 138.9 million into the real estate fund's coffers.
According to a statement from Credit Suisse Asset Management, the capital increase is to take place from August 30 to September 10, 2021. A maximum of 691,121 new fund units will be issued, and the issue price has been set at CHF 201.00 net. This is based on a new net asset value of CHF 196.34 per unit, which was re-estimated by the independent valuation experts at the time of the payment. This took into account current income, changes in value from ongoing construction projects and renovations, as well as acquisitions and sales of properties.
Each existing unit in Credit Suisse Real Estate Fund Interswiss (CS REF Interswiss) will be allocated one subscription right, and twelve subscription rights entitle the holder to subscribe to one new unit. The fresh capital of up to CHF 138.9 million will be used to finance the further expansion of the real estate portfolio.
According to the information provided, the issue will be carried out on a commission basis ("best-effort basis") as part of a public rights offering in Switzerland. An official rights trading will take place on the SIX Swiss Exchange from 30 August to 8 September 2021. The effective number of new shares to be issued is expected to be announced on 15 September, with payment taking place on 17 September 2021.
With 62 properties and total fund assets of almost CHF 2.35 billion, CS REF Interswiss is the largest listed commercial real estate fund in Switzerland. (ah)
