Realstone RSF: Issue raises 190 million francs
The fund uses the new resources to finance acquisitions and projects. One of the goals is to increase the residential quota.
The Realstone RSF fund completed its latest capital increase on July 11 with proceeds of CHF 190 million. All units offered were subscribed, according to the fund management company. Following the acquisition of a mixed-use property at Rue de l'Écluse 30-38 in Neuchâtel (NE) for CHF 94 million, the debt ratio will initially be reduced. The property comprises 203 apartments ranging from studios to 4.5-room apartments. Valued at a purchase price of 4.90%, this property reportedly has a rental reserve of 30%.
The fresh funds will also be used to keep three of the five entrances to the recently completed Solarstrasse 23-31 residential property in Winterthur (ZH) in the portfolio. The other two entrances, however, will be sold as condominium units as originally planned.
Finally, the capital increase will also be used to finance projects, in particular the construction of apartments in Gland (VD) and Fribourg (FR), for which building permits were issued at the beginning of the year, as well as the conversion of three office floors into furnished serviced rooms at the Octagon property at Chemin du Pavillon 2 in Grand-Saconnex (GE).
Over the next five years, the fund management has set itself the target of increasing the net result with a minimum return of 3% on the net asset value and increasing the residential portion to 70%. (aw)
