SPA: SPA Real Estate Switzerland raises 249 million
The latest capital increase has brought CHF 249 million into the coffers of the SPA Immobilien Schweiz investment group. The issue was significantly oversubscribed, according to the Swiss Prime Investment Foundation.
Due to high demand, the Board of Trustees of Swiss Prime Investment Foundation (SPA) has decided to increase the maximum amount of the issue, which was carried out from 1 September to 15 October 2021, the SPA says. The total volume was CHF 249 million, and the existing investor base has been significantly expanded. According to the SPA, new investors contributed around 40% to the issue result, and a total of over 300 Swiss pension funds are now invested.
The new funds will be used to expand the real estate portfolio of the SPA Immobilien Schweiz investment group; as of September 30, the real estate portfolio had a market value of 2.88 billion. In addition, development projects, primarily with residential use, will be financed and the leverage ratio will be reduced from the current 29.0% to 20.6% after the issue.
Real estate portfolio grows
In the third quarter, the investment group acquired two properties in Riedikon-Uster and in Geneva, which increased the target rental income by approximately 2.3 million. According to the SPA, the property in Riedikon-Uster is a residential estate with six apartment buildings comprising a total of 52 residential units. The development also includes an underground car park and a neighbourhood meeting place.
The mixed-use property in Geneva is located in the Pâquis district, on the right bank of Lake Geneva, just behind the Beau-Rivage Hotel. The property has an excellent location and is only a few metres from the lake, according to the investment foundation.
SPA Immobilien Schweiz had previously taken over properties in Wollerau (mixed use) and Saint-Aubin (senior living). (ah)
