Baloise AST: Capital increase with oversubscription
The Real Estate Switzerland investment group has raised CHF 80 million in additional capital and is buying four properties.
The Baloise Investment Foundation for Pension Funds has completed a capital increase of CHF 80 million for the Real Estate Switzerland investment group. According to Baloise, the issue was oversubscribed.
The capital increase will raise the investment group's total assets from around CHF 130 million to CHF 210 million. The fresh funds will be used to purchase four apartment buildings in the cantons of Zurich, Neuchâtel, Aargau and Fribourg. The properties are characterized by low rental loss rates and income growth potential, according to Baloise, and the gross initial yield of the four properties is 4.2%. "We also intend to expand the portfolio in the future," says Fabian Hauswirth, Portfolio Manager Real Estate at Baloise Asset Management Ltd. (aw)
