PK City of St. Gallen: New real estate AST
The Pension Fund of the City of St. Gallen is transferring its real estate portfolio to a new investment foundation. This should also enable other pension funds to participate in the real estate portfolio.
The PF of the City of St. Gallen is a collective foundation in which not only the municipal employees are insured, but also, among others, the staff of the Concert and Theatre Cooperative and the employees of Abraxas Informatik. The pension assets are jointly invested via the collective foundation.
According to Managing Director René Menet, the St. Gallen Pension Fund is contributing its properties to the Aurora Investment Foundation, which was set up specifically for this purpose, "so that other employee benefit institutions can participate in our property portfolio and we can develop it further". According to regional media reports, the majority of the 23 properties worth a total of almost CHF 272 million that the pension fund is contributing to Aurora AST are residential properties spread throughout the St. Gallen city area. Two others are located in Gossau, one on Lake Constance. (bw)
