Avadis raises 200 million for residential investment group
A capital increase for the Real Estate Switzerland Residential investment group was oversubscribed, according to Avadis Investment Foundation.
The funds from the capital increase were used to acquire a portfolio of residential properties in the cantons of Geneva and Vaud for the Real Estate Switzerland Residential investment group. The remaining funds will be used for the construction of around 100 apartments in the canton of Aargau and 135 apartments in the canton of Vaud, as well as for the total renovation of 25 apartments in the city of Bern.
"Despite some uncertainties in the real estate markets due to the interest rate turnaround, we were able to successfully execute the capital increase. This underlines the confidence of investors in the quality and stability of our real estate portfolios," said Dr. Claudia Emele, managing director of Avadis Investment Foundation. The capital increase was reserved for existing investors in the investment group and was reportedly oversubscribed. As of March 31, the investment group's total assets amounted to CHF 2.9 billion. (aw)
