Capital increase for Helvetia Swiss Property in sight
The fund management company of Helvetia (CH) Swiss Property Fund is planning a capital increase with a volume of CHF 200 million. The proceeds are to be used to purchase a real estate portfolio of Helvetia Versicherungen.
Helvetia Asset Management announced that it intends to further expand the real estate portfolio of Helvetia (CH) Swiss Property Fund, which was launched two years ago, over the next few years. The fund management company is therefore planning a capital increase of CHF 200 million for the first half of 2022. The issue proceeds will again be used for the acquisition of a broadly diversified real estate portfolio from the Helvetia Insurance portfolio.
The fund management is satisfied with the performance in the first eight months of the second financial year. As of May 31, 2021, the unaudited indicative net fund assets had risen to CHF 449 million or CHF 99.80 per unit and had thus almost reached the level of the issue value. The transaction costs for the acquisition of the initial real estate portfolio had thus been largely offset.
With 83% of target rental income attributable to residential uses, the fund's portfolio was largely spared negative effects from the Covid 19 pandemic in the first eight months of its second fiscal year, it adds. In fact, it said, the rental delinquency rate has declined significantly from 3.2% in September 2020 to 2.3% as of the end of May 2021. For the current fiscal year, the fund management company holds out the prospect of a distribution for the first time. (ah)
