Akara: Diversity PK seeks fresh capital
Asset manager Akara announces a CHF 200 million capital increase for its real estate fund Akara Diversity PK.
According to Akara, drawings would be serviced on a first come, first served basis. Letters of intent received in advance would be incorporated into this principle. The subscription period is scheduled to take place in the fourth quarter of this year with payment in mid-December. The aim of the capital increase is to finance upcoming real estate projects and to invest in Swiss real estate assets with residential and commercial uses (50% each, ±15 percentage points) within the framework of the fund's investment policy.
As of the June 30 balance sheet date, the fund had a secured outstanding investment volume from project developments, construction projects, revitalizations and conversions until the end of 2024 of around CHF 233 million for 36 properties and existing properties. By the end of this year, around 63 million will be needed to realize these buildings, Akara said. A total of about 690 new apartments and 4,290 sqm of new commercial space are planned in the coming years.
10 Acquisitions since the beginning of the year
In the first half of 2021, the fund acquired seven additional investment properties with a cumulative market value of 71.73 million, and by the end of July, three further acquisitions had been made with a total market value of 82.69 million. As of the balance sheet date, the fund holds 116 portfolio properties and eleven construction projects with a market value of 1.72 billion. With a share of 43%, the majority of the fund properties are located in the Zurich region. The rental default rate decreased by 0.4 percentage points to 5.93 % in the reporting period. Gross income for the first half of the year amounted to 32.85 million, rental income to 28.32 million and net income to 23.85 million.
The Akara Diversity PK shows an investment return of 1.98% for the period from January 1, 2021 to June 30, 2021. The average gross (target) return on completed construction and net return are 4.16% and 3.17%, respectively. Total fund assets (GAV) amount to CHF 1.75 billion and net fund assets (NAV) amount to CHF 1.27 billion. (ah)
