Geneva: Solvalor 61 grows through contribution in kind of residential building
A Geneva residential property with twelve units is now part of the real estate fund managed by Realstone.
The Solvalor 61 fund has acquired the residential property Rue de la Baillive 3 in Geneva. The transaction took the form of a contribution in kind and is the first of its kind for the fund. The property was added to the portfolio on July 11 at a value of CHF 8 million. It comprises twelve apartments - "in very good condition" according to fund manager Realstone SA - with a total rental area of 680 square meters and 30 square meters of commercial space. The property is reportedly let at 100% and has a stable rental yield. The acquisition was made at a gross yield of 3.43% with an estimated rental reserve of 26%.
In the Solvalor 61 portfolio, Geneva accounts for almost 30% of the market value.
The fund management company intends to examine further transactions based on the contribution in kind model. (aw)
