Erres: Fund raises 400 million for acquisitions and projects
With the fully subscribed capital increase, the "Edmond de Rothschild Real Estate SICAV - Swiss" is buying a portfolio for CHF 290 million, among other things.
The capital increase of Edmond de Rothschild Real Estate SICAV - Swiss (Erres-SW) took place from July 21 to 31. According to the information provided, all 3.2 million shares were subscribed, giving the fund a cash inflow of CHF 398.7 million. The fund intends to use the fresh capital to finance the purchase of a portfolio for CHF 290.0 million and the acquisition of ten forward purchases that have already been signed. These are three properties in Geneva and two each in Lausanne and Peseux, as well as further properties in Vernier, Thônex and Bernex. The funds will also flow into three new projects in Lausanne, Geneva and Thônex worth CHF 28.0 million and four renovation and densification projects in Geneva for a total of CHF 30.0 million. Finally, the debt ratio is also to be reduced. (aw)
