Immofonds suburban: New residential fund launched
Immofonds Asset Management has completed the initial issue of a new real estate fund: Immofonds suburban invests in residential real estate outside the major Swiss centres.
According to the fund management company Immofonds Asset Management, the new Immofonds suburban received CHF 40 million from the initial issue, divided into 400,000 units at an issue price of CHF 101.50 net per unit.
The issue proceeds are to be used to purchase three residential properties and one mixed-use property in the cantons of Aargau, St. Gallen and Schaffhausen; the properties are already tied up, according to the fund management company. The portfolio comprises 82 apartments with a total living space of 6,800 sqm and 900 sqm of commercial space. The market value of the portfolio is around 43 million, and the annual target rent is 1.7 million, it says. The gross yield is reportedly 4.1%.
As Gabriela Theus, managing director of Immofonds Asset Management AG, says, the Immofonds suburban portfolio is set to grow to 1 billion over the next few years. According to the fund management, the investment focus is on "residential properties in good micro-locations with interesting, innovative and sustainable development prospects throughout Switzerland". The strategic focus is on the Lake Constance region, Central Switzerland, the southern arc of the Jura, the Rhine Valley, Valais and Ticino. (ah)
