Fondiaria: New SICAV plans initial launch
The new vehicle aims to raise around CHF 300 million. Tavis Capital is responsible for portfolio management.
A new real estate vehicle, Fondiaria SICAV, is being launched. According to the information provided, the focus is on residential properties in German-speaking Switzerland. An initial portfolio of 43 existing properties and three projects with a total value of over CHF 580 million has been secured, according to a press release.
According to Wüest Partner, a sub-portfolio in the canton of Zurich has a rental potential of 40%. Across the entire initial portfolio, the rent potential is around 27%. An initial yield of over 3.8% is indicated. The properties are located in the Canton of Zurich (50%), the Canton of Bern (23%) and Northwestern Switzerland (19%). Around 60% of the properties in the initial portfolio are new buildings or renovated properties that were built or renovated after the year 2000.
«The portfolio management of the SICAV will be handled by the newly established real estate team of Tavis Capital AG, consisting of eight experts in portfolio, asset and transaction management with many years of professional experience in the real estate sector,» it says. The initial portfolio was built up «from the team's network». «This successful off-market approach reflects the significantly higher acquisition yields compared to the peer group,» the fund management announces. An issue volume of around CHF 300 million is targeted for the initial launch. Investors are promised an increase in earnings and appreciation potential as well as a distribution of CHF 2.75 per SICAV share. This corresponds to a dividend yield of 2.70%.
The subscription period runs from February 23 to March 6. Bank J. Safra Sarasin has taken over the distribution of the fund units.
