Swiss Prime Site Solutions: First real estate fund launched
Swiss Prime Site Solutions plans to launch its first real estate investment fund at the beginning of November. The seed portfolio consists of seven properties which the fund will purchase from Swiss Prime Site Immobilien.
A few weeks ago, Swiss Prime Site Solutions announced that it had received authorisation as a fund management company from the Swiss Financial Market Supervisory Authority Finma, now the real estate asset manager's first real estate fund follows on 1 November. According to Swiss Prime Site Solutions, the Swiss Prime Site Solutions Investment Fund Commercial (SPSS IF Commercial) is a contractual real estate fund under Swiss law aimed at qualified investors resident in Switzerland.
The investment focus is mainly on commercial properties with a high diversification of tenants "with high credit ratings and reputations", according to the asset manager. The long-term distribution of use is expected to be on commercial, office and retail space across Switzerland. The initial launch will give investors access to a seed portfolio of seven properties for exclusive purchase from Swiss Prime Site Immobilien AG. Further investment opportunities of currently around CHF 180 million are in the acquisition pipeline and are being examined in greater detail, Swiss Prime Site Solutions announced. This would bring the total property portfolio to 13 properties and a value of around CHF 260 million. The fund will hold the properties directly.
The first issue will start on 1 November and run until 10 December; the settlement date is 17 December. The issue volume is a maximum of 250 million. The fund will be traded over the counter, and investors will buy in at the net asset value at the time of the initial launch. Swiss Prime Site Solutions is aiming for growth of around 200 to 300 million per year for the fund. A listing on the SIX Swiss Exchange is planned in three to five years. (ah)
