BLKB: First issue of the Sustainable Property Fund completed

The first issue of the BLKB (CH) Sustainable Property Fund real estate fund has been completed, according to BLKB Fund Management AG. It is the first real estate fund under Swiss law to be launched by the subsidiary of Basellandschaftliche Kantonalbank. The issue on a "best-effort" basis comprised 1.3 million units at an issue price of CHF 100.00. Payment was made on July 30. The proceeds of the issue will be used to acquire a real estate portfolio with a market value of around CHF 177 million. According to BLKB, the portfolio has a high level of energy efficiency and a young technical age of ten years on average. All properties use non-fossil energy sources and do not emit any direct CO₂ emissions, it says.

The fund primarily buys in cities and agglomerations in northwestern Switzerland and also in the neighboring regions of Berne, central Switzerland and Zurich. Investments will primarily be made in properties with residential use, supplemented by mixed-use properties and commercial properties. A particular focus will be placed on sustainability criteria. The properties will be managed by Wincasa. Banque Cantonale Vaudoise acts as custodian bank and Zürcher Kantonalbank and BLKB as distribution partners. Bank J. Safra Sarasin is responsible for over-the-counter trading. A listing on the SIX Swiss Exchange is planned at a later date. (aw)