Swiss Life Fund seeks fresh capital

Swiss Life REF (CH) European Properties plans to issue up to one million new units; the issue price has been set at 104.00 euros. According to Swiss Life Asset Managers, the issue is aimed at both existing and new investors. The planned issue will be carried out on a "best-effort basis" and three subscription rights entitle the holder to acquire one new unit. The subscription period is scheduled from June 24 to July 5 and the payment is planned as of July 11, 2019.

Just recently, the fund announced the acquisitions of properties in Dublin, Luxembourg and Madrid. Most recently, it acquired the commercial property "32 Rue de Cambrai", its second property in Paris. Further property acquisitions are under consideration, Swiss Life Asset Managers said. A substantial portion of the issue proceeds will be used to repay short-term debt.

Swiss Life REF (CH) European Properties was launched at the end of 2017 and held 13 properties in Germany, France, Spain, Luxembourg, Belgium, the UK, Ireland, and Finland with a market value of EUR 409 million as of the end of May this year. The fund invests in office, retail, residential and mixed-use properties in European metropolitan regions. The focus is on central locations in major cities and regional centers and their agglomerations. (ah)