Procimmo merges two real estate funds
The merger of Procimmo Real Estate SICAV Swiss Commercial Fund and Swiss Commercial Fund II creates a fund that, according to Procimmo, holds the largest portfolio of commercial, industrial and logistics properties in Switzerland.
The two collective investment schemes managed by Procimmo, Procimmo Real Estate SICAV Swiss Commercial Fund and Procimmo Swiss Commercial Fund II, are to be combined in the course of the coming year, the asset manager announces.
The merged real estate portfolio will have a volume of approximately CHF 2 billion and will be the largest portfolio of commercial, industrial and logistics properties in Switzerland, Procimmo added.
The aim of the merger is "to raise the profile of commercial, industrial and logistics real estate among potential and existing investors and to generate more clout in the real estate market," according to the statement. It would be easier to realize important development projects, make higher investments and reduce tenant risks. In addition, Procimmo expects "significant synergy effects" that will lead to a reduction in costs for investors.
Procimmo Real Estate SICAV - Swiss Commercial Fund was launched in 2007 and invests in commercial, industrial and logistics properties in Western Switzerland. Procimmo Swiss Commercial Fund II, launched in 2014, follows the same strategy as its counterpart in French-speaking Switzerland, but invests mainly in German-speaking Switzerland.
In order to merge the two funds, Procimmo Swiss Commercial Fund II will first be converted into a sub-fund of Procimmo Real Estate SICAV. In a second step, the two sub-funds will be merged. This must be approved by the general meeting of Procimmo Real Estate SICAV, and must also be approved by the financial supervisory authority Finma and other authorities. (ah)
