Sustainable Real Estate: Fund increases capital and aims for stock market listing
The Sustainable Real Estate Switzerland fund intends to raise up to CHF 85 million through a capital increase. The subscription period runs from May 15 to June 5.
The funds from the capital increase are to be used for further growth and temporarily to reduce the leverage ratio. According to the fund management, around CHF 35 million will be required for the turnkey purchase of a new building and the completion of two ongoing new construction projects:
- In Vernier (GE) übernimmt der Fonds eine gemischt genutzte Liegenschaft mit 27 Wohnungen und 725 qm Büro- und Gewerbeflächen nach Fertigstellung. Der Eigentumsübergang ist für Anfang Juni geplant. Das Gesamtinvestitionsvolumen beträgt 18,7 Mio. CHF.
- An apartment building with 29 apartments is being built in Lausanne (VD). Completion is scheduled for June 2023, with a total investment volume of CHF 22.9 million.
- In December 2022, a building plot was acquired in Oensingen (SO) for the construction of five apartment buildings with a total of 34 apartments. Completion is scheduled for February 2025. The total investment volume amounts to CHF 21.5 million
In 2024, the property in Corsier-sur-Vevey will be completely renovated. The building permit has been obtained. The investment sum amounts to CHF 7.5 million. In addition, several measures are planned to improve the sustainability of the portfolio.
IPO planned by September
Subject to shareholder approval at an extraordinary general meeting scheduled for the end of June 2023 and Finma, the real estate fund is expected to be listed in late August or early September with Zürcher Kantonalbank as lead manager. Furthermore, the fund announces that in November 2022 the management fee was reduced from 0.425 to 0.400%. As of April, a cost reduction has been achieved by restructuring the property management, at the same time Sustainable Real Estate AG has taken over the responsibility for asset management, transaction management and developer representation.
Asset management under own management in the future
As of January 1, 2024, Sustainable Real Estate AG will also take over the fund's asset management from Edmond de Rothschild REIM (Switzerland) AG. "The transfer of asset management to the fund sponsor Sustainable Real Estate AG enables a further reduction in complexity and the integration of sustainability into all core processes," says Marco Scheurer, Managing Director of Sustainable Real Estate AG. (aw)
