Axa: Fund merger creates 4.7 billion portfolio
Axa wants to merge three funds to create the largest NAV-based real estate fund in Switzerland.
Axa Investment Managers Switzerland plans to merge three real estate funds at the end of March 2024. Subject to approval by Finma, the new name "Axa Real Estate Fund Switzerland" will be the largest NAV-based real estate fund for pension funds in Switzerland in terms of net fund assets.
The three funds "Axa Vorsorge Fonds Immobilien Schweiz", "Axa Immovation Residential" and "Axa Immovation Commercial" invest in "core" properties in all regions of Switzerland. The combined real estate portfolio will consist of over 180 residential and commercial properties, mixed-use properties and development and construction projects. The residential segment accounts for 60 % of the portfolio.
Net fund assets of just under CHF 4 billion
The net fund assets of all three real estate funds amounted to a total of CHF 3.94 billion as at September 30, with total fund assets amounting to CHF 4.66 billion. The new product is aimed exclusively at qualified, tax-exempt pension funds in Switzerland. The Axa Real Estate Fund Switzerland is distributed jointly by Axa Versicherungen AG and Axa Investment Managers Schweiz AG.
The merger is to be completed on May 31 with retroactive effect to March 31, 2024. The exchange ratio will be determined based on the audited semi-annual financial statements of the funds as at March 31. The properties of the respective funds will be revalued for the semi-annual financial statements. (aw)
