Rothschild fund ERRES raises 179 million
The capital increase of Edmond de Rothschild Real Estate SICAV - Swiss (ERRES) was fully subscribed. The fund will thus receive CHF 178.8 million.
The subscription period ran from September 2 to 13, and the new shares were issued and first listed on September 20, 2019. A total of around 1.53 million new shares were issued.
The fund intends to use the funds from the capital increase to finance the further growth of the portfolio and to permanently reduce the leverage ratio to a percentage between 25% and 28 %.
According to Edmond de Rothschild, 120 of the total 178.8 million in new money will be invested before mid-October. The remaining amount will be invested gradually until the end of the current financial year on March 31, 2020. 75 million is earmarked for the acquisition of new properties, and a total of 23 million for new buildings and renovations. 79 million is to be used for debt repayments. (ah)
