Property fund raises 610 million francs
Swiss Life Asset Managers has completed a capital increase for its property fund. Swiss Life REF (CH) ESG Swiss Properties raised CHF 610 million in the process. This puts the fund among the five largest listed property funds in Switzerland.
Swiss Life Asset Managers has successfully completed a capital increase for its Swiss Life REF (CH) ESG Swiss Properties property fund. According to a statement from the asset manager of the Swiss Life Group, around CHF 610 million was raised in the largest capital increase of a listed Swiss real estate fund to date. This gives Swiss Life REF (CH) ESG Swiss Properties a market capitalisation of around CHF 2.5 billion and makes it one of the five largest listed real estate funds in Switzerland.
Swiss Life Asset Managers intends to use the new funds to purchase a property portfolio worth around CHF 700 million. Another portion of the funds will be invested in the renovation and densification of existing residential buildings. The company also plans to reduce its debt ratio to around 23 per cent.