Novavest: Merger is complete
Senioresidenz AG is history. The shares of the new Novavest Real Estate AG are listed on the stock exchange.
The merger between Novavest Real Estate AG and Senioresidenz AG was completed with the entry in the commercial register on June 14. The new registered shares of Novavest Real Estate AG issued as part of the merger have been traded on the Six Swiss Exchange since June 17. The new, merged company has a real estate portfolio with a market value of CHF 1.02 billion and target rental income of CHF 42.6 million. The residential portion of the target rental income amounts to 59%.
Two extraordinary general meetings of the two merged companies cleared the way for the merger in May. The merger was financed by an ordinary capital increase of around 2.3 million shares with a nominal value of CHF 22.75 each and around 134,000 newly issued shares - also with a nominal value of CHF 22.75 - created from Novavest's conditional capital and required for the conversion of the 3.50% mandatory convertible bond taken over from Senioresidenz.
Zürcher Kantonalbank acted as financial advisor for the transaction. (aw)
