Axa Real Estate Fund: First issue successful
All shares in the first capital increase since the merger of three Axa funds have been subscribed, and the fund will receive fresh funds of CHF 280 million.
The first chapter increase of the newly merged Axa Real Estate Fund Switzerland, the largest NAV-based real estate fund in Switzerland, was completed in June. As a result of the issue, the fund received new money amounting to CHF 280 million. This was the maximum amount stated by Axa at the time of the announcement.
The fund was created from the merger of the three real estate funds Axa Vorsorge Fonds Immobilien Schweiz, Axa Immovation Residential and Axa Immovation Commercial in March of this year. Axa reports lively interest from domestic pension funds in subscribing to new units. "It is also pleasing that new investors have been acquired, further expanding the circle of investors".
The capital increase brings the real estate fund's net fund assets to a total of CHF 4.13 billion. The new units will be paid out on June 28. The proceeds from the issue will be used to further expand the investment portfolio and finance renovation and construction projects. (aw)
