Helvetia launches residential real estate fund on the market
Helvetia Asset Management launches the Helvetia (CH) Swiss Property Fund, a Swiss real estate fund whose portfolio is to contain a high residential share.
The Helvetia (CH) Swiss Property Fund invests directly in real estate assets in Switzerland, primarily in large and medium-sized cities and their agglomerations. Primarily properties with residential use are to be acquired, supplemented by mixed-use and commercial properties, Helvetia Asset Management says. The real estate portfolio is to be built up primarily through portfolio transactions from the Helvetia Insurance portfolio, but acquisitions on the market are also possible.
The fund's initial offering is planned for April and is reportedly targeted at qualified investors, with Helvetia Group also investing. The issue has a volume of up to CHF 450 million, and the proceeds will be used to acquire a broadly diversified real estate portfolio from Helvetia's portfolio with a total value of 532 million. The portfolio comprises 29 properties with a high residential share and a low vacancy rate, the statement added. The subscription period runs from March 23 to April 9, 2020, with payment on April 15, 2020.
After the launch of the fund, Bank J. Safra Sarasin is to ensure over-the-counter trading. Listing on the SIX Swiss Exchange is planned in three to five years. (ah)
