The “Swiss Life REF (CH) European Properties” real estate fund is planning a capital increase of up to EUR 42.8 million with a subscription period from 8 September to 21 September 2022. The issue price has been set at EUR 110.00 per unit.

Existing and new investors1 can participate in the capital increase. The scheduled issue will take place on a best-effort basis. Fourteen (14) subscription rights entitle the holder to purchase one (1) new unit. The issue price is EUR 110.00. In total, a maximum of 388 888 new units will be issued. The actual number of units will be defined by the fund management company following the expiry of the subscription period. The subscription period is from 8 September to 21 September 2022 and payment under subscription will be made on 28 September 2022. 

The issue proceeds are to be used to continue the successful expansion of the European real estate
portfolio. The additional free liquidity enables the fund to take advantage of future investment opportunities. 

The real estate fund Swiss Life REF (CH) European Properties was launched on 30 November 2017. Its portfolio composition and performance have since developed well. The fund invests in office, retail and residential real estate that holds its value as well as mixed-use properties in European metropolitan regions. It focuses on central locations in large cities and on regional centres and their suburbs. 

At the end of June 2022, the well-diversified portfolio consisted of 19 properties in Germany, France,
Spain, Luxembourg, Belgium, the UK, Ireland, Finland and the Netherlands with a market value of EUR 710.5 million. In January 2022, the fund was able to sell an office building in Oxford (UK) at a very attractive price in a successfully run bidding process. The liquidity from the sale was reinvested again on 20 May 2022 in a highly promising office property in the most central location in Manchester (UK). The property was built in 1993, fully renovated in 2019 and awarded a Wiredscore Platinum rating and “EPC B” energy label. “BREEAM2 in use very good” certification is currently being applied for. The office property with a lettable space of 5451 square metres is spread over seven floors and let to eight tenants with good credit ratings and
an average remaining maturity of 6.6 years. The purchase price was around GBP 33 million (net). 

European real estate investment opportunities
Investments in European real estate have a low correlation to other asset classes. Swiss investors can use European real estate investments to significantly diversify their portfolios. Additional advantages include stable returns through rental income and potential inflation protection. 

Participation in GRESB sustainability benchmark
Since 2021, Swiss Life Asset Managers has participated in the GRESB3 sustainability benchmark analysis with Swiss Life REF (CH) European Properties. “Swiss Life REF (CH) European Properties” scored three stars in the GRESB Real Estate Assessment 2021 and received Green Star status. In the overall assessment, the fund scored a very good 72 points (out of 100).4


1 The group of investors (existing and new investors) is restricted to qualified investors as per the Swiss Federal Act on Collective Capital Investment Schemes.
2 The BREEAM (Building Research Establishment Environmental Assessment Method) assessment system is one of the most common and internationally recognised certification systems for sustainability in buildings.
3 GRESB (Global Real Estate Sustainability Benchmark) is the leading assessment system for measuring the sustainability performance of real estate companies and funds.
4 Swiss Life REF (CH) European Properties does not follow a dedicated sustainability strategy. More detailed information on the GRESB results is available in the Fund Library:

Fund information

Name Swiss Life REF (CH) European Properties
Securities no. | ISIN
Unit: 38 541 554 / CH038 541 554 9
Subscription right: 120 612 337 / CH120 612 337 9
Legal form of the real estate fund
Contractual investment fund under Swiss law of the type “real estate fund” for qualified investors.
Previous number of units
5 444 443
Newly issued units
Maximum 388 888 units
Issue volume
Maximum EUR 42.8 m
Subscription ratio 
Fourteen (14) subscription rights entitle the holder to purchase one (1) new unit
Issue price
EUR 110.00 per unit
Subscription period
8 September 2022 to 21 September 2022, 12:00 (CET)
Payment under subscription
28 September 2022
Subscription rights trading
Subscription rights can be bought; there is, however, no official subscription rights trading. Any purchases of subscription rights must be requested by 21 September 2022 (12.00 noon CET) by instruction to the custodian bank and will be settled with value date 28 September 2022.
Issuing commission
The issuing commission for the new units is 0.9% in favour of the fund management company, custodian bank and/or secondary distributor. 
Appropriation of issue proceeds
The issue proceeds will be used for the acquisition of new real estate assets throughout Europe (excl. Switzerland). 
Portfolio manager Swiss Life Asset Management Ltd. Zurich
Fund management company Swiss Life Asset Management Ltd. Zurich
Custodian bank
Credit Suisse (Switzerland) AG
Emissionsbank Credit Suisse AG