Swiss Prime AST buys residential project near Geneva
The SPA Immobilien Schweiz investment group is buying a development site with 175 apartments and is to be opened for a CHF 75 million issue.
The Swiss Prime Investment Foundation has acquired construction site D of the newly planned Cherpines district, part of the Geneva suburban municipality of Plan-les-Ouates (GE), for the "SPA Real Estate Switzerland" investment group. 175 rental apartments are being built on an area of just under 15,000 square meters. The project is part of a larger development comprising around 3,000 residential units and 2,000 workplaces.
Opening in October
In this context, the Investment Foundation announces that the Board of Trustees has decided to open the investment group for a further issue. The subscription period runs from October 14 to November 15. This is the 13th issue. The volume is expected to be CHF 75 million.
Return on investment in H1 at 1.8%
Since its launch in fall 2015, the investment group's total assets have grown to more than CHF 4.0 billion (as at June 30, 2024). According to Swiss Prime AST, the return on investment amounted to 1.79% in the first half of the year (1 HY 2023: 0.89%), while the cash flow return was 1.77%. The fresh capital is to be used for the acquisition of new properties with a "focus on yield optimization and strengthening the portfolio quality and increasing the residential ratio". In addition, ongoing development projects will be financed and the development pipeline further expanded, according to the statement. (aw)
