Erres plans major portfolio purchase

Edmond de Rothschild has specified the plans for the previously announced capital increase of its Sicav (Erres Swiss). Accordingly, the volume of the issue is set at CHF 395 million, which corresponds to the issue of one new share for every five existing shares. The subscription period begins on July 21 and ends on July 31 of the same month. The fund management company will also provide further details on the use of the funds. The new capital will be used for the completion of three new construction projects in Lausanne, Geneva and Thônex (28.0 million), for four densification and renovation projects in Geneva (30.0 million) and for the purchase of ten residential properties. The latter acquisitions reportedly include three properties in Geneva, two in Lausanne and two in Peseux as well as one each in Vernier, Bernex and Thônex. The total amount is stated as CHF 118.0 million. Finally, there is talk of a CHF 290.0 million portfolio for which exclusivity exists. The locations in question are Geneva, Croix-de-Rozon, Yverdon and twice Vernier. (aw)