The “Swiss Life REF (LUX) Commercial Properties Switzerland, FCP-SIF” real estate fund is planning a capital increase with a subscription period from 1 to 15 June 2018. In all, a maximum of 72 857 new units are being issued, corresponding to some CHF 85 million in issue proceeds.
Existing and new investors can participate in the capital increase1. The issue will take place on a best-effort basis. The actual number of newly issued units is defined by the fund management following the expiry of the subscription period. The maximum of newly issued units is restricted to 72 857 with an issue volume of some CHF 85 million.
Swiss Life REF (LUX) Commercial Properties Switzerland, FCP-SIF was launched on 1 November 2012. Fund performance in past years has been strong, due to the excellent quality of the properties and locations. In addition to several extensive renewals, the focus has mainly been on the consistent improvement of the occupancy rate (occupancy rate as at 31 March 2018: 96.2%). The property portfolio had 32 buildings with a market value of around CHF 900 million as of 31 March 2018.
The most recent acquisition with a view to an ongoing capital increase was the high-quality commercial property at Rue Adrien-Pichard 2/4 in Lausanne. Furthermore, as part of the “Manegg West” project, an office building has been acquired in Zurich and let long term upon completion, which already yields ongoing revenues. The project boasts modern units and optimal transport connections. Investors benefit from broader diversification by continually expanding the portfolio.
1 Qualified investors as per the Swiss Federal Law on Collective Investment Schemes and any investor with domicile (i) within the EU or EEA who is considered a suitable investor as defined in Article 2 of the law of 2007, as well as a professional investor, or (ii) outside the EU or EEA who is considered a suitable investor as defined in Article 2, are to be classified as professional and institutional investors under the law of 2007 and in accordance with MiFID II directive 2014/65/EU (“MiFID II”) Annex 2.
Details of capital increase
Name |
Swiss Life REF (LUX) Commercial Properties Switzerland, FCP-SIF |
ISIN | Security number |
LU0820924123 | 19328638 |
Legal form |
FCP – SIF (Specialised Investment Fund) |
Previous number of units |
617 143 |
Amount of issue |
Maximum 72 857 units |
Issue volume |
In the region of CHF 85 million |
Subscription period |
Friday, 1 June 2018 until Friday, 15 June 2018 at 4 p.m. |
Allocation of fund units |
The key date for the allocation of units and simultaneous dispatch of the notice to pay is Wednesday, 11 July 2018 |
Strike price |
Valuation date NAV 30 June 2018; plus the issuing commission (1.0%) and investment fee (1.5%) |
Subscription fee |
The issuing commission for the new units is 1.0% in favour of the fund management. An investment fee of 1.5% is charged in favour of the fund assets. |
Payment under subscription |
Tuesday, 31 July 2018. Payment: with value date 25 July 2018 at the latest. |
Distribution entitlement |
The new units are eligible for distribution for the fund's full business year (1 October 2017 to 30 September 2018). |
Nature of issue |
The issue will take place on a best-effort basis. |
Appropriation of issue proceeds |
The issue proceeds are used to finance other investments within the scope of the investment policy and to repay the debt capital. |
| The real estate fund described is offered exclusively to qualified investors as per the Federal Law on Collective Investment Schemes. Comprehensive information on the fund in question is available in the relevant financial report and the documents that form the legal basis for any investment, and which are available free of charge in electronic or printed format from the fund management company or its representative in Switzerland, Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich. The payment office is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich. The place of jurisdiction for all units distributed in Switzerland is the registered domicile of the representative. |
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