Zurich Investment Foundation: Capital increase going according to plan
Zurich Investment Foundation (ZAST) uses CHF 200 million in proceeds from a capital increase to purchase real estate in Basel, Geneva, Lucerne and Zurich.
The Zurich Investment Foundation (ZAST) has completed a capital increase of CHF 200 million for the "Real Estate Residential Switzerland" investment group. The issue took place in a "currently challenging market environment", but went according to plan. The announced target volume was reportedly even oversubscribed by existing investors and new customers. ZAST will use the proceeds from the issue to acquire four properties in Basel, Geneva, Lucerne and Zurich.
These include a property in Lucerne's old town on Schwanenplatz, with rental apartments, offices and retail space, a mixed-use property on Rümelinsplatz in Basel's old town - the "Haus zum Stern" - as well as a residential property near the Uno district in Geneva and a residential project in Zurich. This will be realized in the Höngg district, with construction scheduled to start in early 2024.
The "Real Estate Residential Switzerland" investment group invests in residential properties throughout Switzerland and manages properties in this investment group worth over CHF 3 billion. (aw)
