Cronos Immo Fund: Issue fully subscribed
The proceeds from the latest capital increase amount to CHF 45 million and are to be used for ongoing new construction projects, among other things.
The Cronos Immo Fund carried out its 10th capital increase from February 20 to March 4. All 423,962 new shares were subscribed, which corresponds to an amount of around CHF 45 million. The new shares were paid out on March 11.
The fresh capital will be used to finance the seven ongoing new construction projects, to renovate several existing properties and to reduce debt. The aim is to "rejuvenate the property portfolio and improve its energy performance", says Hervé Mützenberg, Director at the fund management company Cronos Finance SA.
The fund also intends to rely on contributions in kind, it adds. The fund has acquired almost 40% of its real estate portfolio through real estate swaps with private landowners. Today, the Cronos Immo Fund owns 86 properties. Of these, 90% are residential properties, the majority of which are located in French-speaking Switzerland, primarily in the Lake Geneva region. The fund's total assets amount to CHF 975 million. (aw)
