Pure Funds: PSO expands with property in Lausanne
A centrally located property with apartments, office space and restaurants was contributed to the fund as part of a contribution in kind.
The Pure Swiss Opportunity REF (PSO) real estate fund acquired a centrally located property in Lausanne on October 15. The transaction, which took the form of a contribution in kind, increases the portfolio by CHF 49.3 million to around CHF 254 million.
The residential and commercial property is located directly on «Place de Chauderon» in the center of Lausanne's «Maupas-Valency» district. According to the information provided, the property has been extensively renovated in recent years. The 45 apartments have between 1.5 and 6.5 rooms. The property also includes eleven office and retail spaces, a restaurant and 17 parking spaces. According to Pure, the target rental income amounts to CHF 1.6 million, two thirds of which is attributable to residential use.
Pure Funds also reports that the purchase price of the property was paid in fund units at around 80%. «As a result, the group of investors has been expanded to include a long-term investor who is very confident in the fund and has committed to holding the units for the long term,» writes the fund management company. (aw)
