Swiss Prime AST: Oversubscribed issue and new Board of Trustees

Swiss Prime Investment Foundation has completed the 14th issue for its "SPA Real Estate Switzerland" investment group. According to the information provided, the originally announced issue volume of CHF 150 million was significantly oversubscribed. "In view of the extraordinarily high demand, the Board of Trustees has decided to increase the target volume, but at the same time to limit the issue proceeds to CHF 250 million," the investment foundation announced.

The fresh funds will be used to expand the real estate portfolio. Its market value reached CHF 4.2 billion at the end of March. However, funds from the issue are also earmarked for projects such as Riverside Living II in Zuchwil, Co-Next in Muttenz, Tribsche II in Lucerne and La Colombe in Biel. And finally, AST intends to reduce the debt financing ratio.

Changes to the Board of Trustees and management

There is also news in terms of personnel: after ten years on the Board of Trustees, Martin Neff has decided not to stand for re-election. "His valuable commitment has played a key role in shaping the strategy," announces the Investment Foundation. At the investors' meeting on May 15, Fredy Hasenmeile, Chief Economist at Raiffeisen Switzerland, was elected as a new member of the Board of Trustees.

Swiss Prime AST also announces that Lorenz Wüthrich, the previous Deputy CIO of the "SPA Real Estate Switzerland" investment group, has assumed sole responsibility for the CIO function as of July 1. Deniz Orga remains CIO of the "SPA Living+ Europe" investment group. (aw)