Baloise fund plans major portfolio purchase
A capital increase of CHF 150 million by Baloise Swiss Property is planned for the purchase of a portfolio with a market value of CHF 300 million. The difference is to be made up by sales, among other things.
The fund management company Baloise Asset Management Ltd is planning a capital increase of around CHF 150 million for the Baloise Swiss Property Fund. The fund plans to use the proceeds to purchase a real estate portfolio of up to 14 properties with a market value of CHF 300 million. The properties are spread across ten cantons and are owned by Baloise Life Ltd. The transaction as part of an asset transfer is subject to regulatory requirements and approval by Finma. However, this approval has not yet been granted.
Sales also planned
The difference between the market value of the property portfolio and the proceeds of the planned capital increase is to be covered «through divestments in the sense of portfolio optimization as well as through additional debt capital». Following the transaction, a debt ratio of between 23% and 25% is targeted.
The subscription period for the new shares is scheduled for the second half of August.
