Axa Real Estate Fund Switzerland with first capital increase
The fund management of the newly formed fund is planning an issue of CHF 150 to 200 million.
Following the completion of the merger of the three real estate funds Axa Vorsorge Fonds Immobilien Schweiz, Axa Immovation Residential and Axa Immovation Commercial to form Axa Real Estate Fund Switzerland, the fund management company is planning an initial capital increase in June 2024. The funds from the capital increase will be used to further expand the real estate portfolio and to finance renovations and construction projects.
The issue price will consist of the net asset value of the combined fund as at March 31, 2024, plus accrued income up to the payment date, as well as ancillary purchase costs and the issue commission. "The fund management company reserves the right to postpone the planned capital increase depending on market developments," according to a statement.
The fund has total fund assets of around CHF 4.66 billion as at September 30, 2023. The focus is on residential real estate, which accounts for around 60 % of the total portfolio. (aw)
