Issuance brings nearly CHF 290 million into Erres' coffers
The capital increase of Edmond de Rothschild Real Estate SICAV - Swiss (Erres) was fully subscribed, resulting in a cash inflow of CHF 289.9 million for the fund.
According to an announcement by Edmond de Rothschild REIM, the capital increase of Edmond de Rothschild Real Estate SICAV - Swiss (Erres), which took place between August 29 and September 9, 2022, was subscribed to 100%. Accordingly, almost 2.3 million new shares will be issued, bringing the number of share certificates in circulation to around 16 million.
The issue raised CHF 289.9 million for the fund. According to the fund management, the money will mainly be used to finance five new projects in Thônex, Geneva, Bülach, Nyon and Lausanne (CHF 130.6 million). It will also be used to pay the balance of the acquisition of a real estate company with 13 residential buildings in Geneva, Nyon and Rolle worth CHF 44.8 million and to finance the already secured acquisition of three residential buildings in Geneva for CHF 80.3 million. Furthermore, the reduction of the gearing ratio is planned. (ah)
