SPA Real Estate Switzerland: Issue significantly oversubscribed
The SPA investment group has raised fresh capital of 112.8 million as part of its latest issue. According to the information provided, the target volume was CHF 75 million.
The Swiss Prime Investment Foundation carried out an issue for the "SPA Real Estate Switzerland" investment group from October 14 to November 15. According to the SPA, the issue was significantly oversubscribed and achieved a total volume of CHF 112.8 million. "In order to meet the high demand, the Board of Trustees has decided to increase the target volume of CHF 75 million," the investment foundation writes in a press release.
New investors reportedly contributed around 50% to the issue result. The new shares will be paid out on November 27. "We are very pleased with the high level of interest and the substantial capital commitments from new investors, which reflect not only a changed market environment but also the attractiveness of the investment group and the trust placed in the investment foundation and the work of the entire team," says Jérôme Baumann, Chairman of the SPA Foundation Board.
The fresh funds will be used to expand the real estate portfolio. The current market value of the real estate portfolio is around CHF 4.1 billion. In addition, the capital inflows will be used to finance development and construction projects such as Riverside Living II in Zuchwil, Co-Next in Muttenz, Tribsche II in Lucerne, La Colombe in Biel and Cherpines in Plan-les-Ouates (GE). "These developments will further contribute to strengthening the residential quota," the SPA continues. Around 665 new apartments will be built by 2027. The debt ratio of 26.54% at the end of the third quarter is also to be reduced. (aw)
