Zurich, 11 June 2024
Ad hoc announcement pursuant to Art. 53 LR
Swiss Life REF (CH) ESG Swiss Properties: details of the purchase portfolio in connection with the approaching capital increase
Swiss Life REF (CH) ESG Swiss Properties is acquiring a residential property portfolio from Swiss Life AG at a market value of around CHF 700 million. FINMA has approved the transfer of the portfolio.
The portfolio comprises 47 properties distributed throughout Switzerland. Significant market values are to be found in the municipalities of Zurich, Pfäffikon (SZ), Schaffhausen, Liestal, Allschwil (BL), Fribourg, Montreux and Lausanne. Following the acquisition, the combined value share of the consolidated portfolio in the market regions of Northwestern Switzerland, Eastern Switzerland and Central Switzerland will be about 5% higher, while the share of the Zurich market region will be correspondingly lower.
The gross initial yield of the acquired portfolio is around 4.6% (compared to around 3.9% for the existing portfolio). The growth of the portfolio will reduce the fund’s management fee from 0.54% of GAV to 0.51% p.a. The combination of increased profitability and improved cost-effectiveness will have a positive impact on the net income of Swiss Life REF (CH) ESG Swiss Properties.
Please refer to the latest client presentation on the website for more information on the purchase portfolio, including a full list of properties.
Fund information
| Name: |
Swiss Life REF (CH) ESG Swiss Properties |
| ISIN / security no. of fund: |
CH0293784861 / 29378486 |
| Income: |
Distributing |
| Legal form: |
Contractual real estate fund |
| Fund domicile: |
Switzerland |
| Circle of investors: |
Non-qualified and qualified investors |
| Fund management and administrator: |
Swiss Life Asset Management Ltd |
| Portfolio management: |
Swiss Life Asset Management Ltd |
| Custodian bank: |
UBS Switzerland AG, Zurich |
| Market maker: |
Bank J. Safra Sarasin AG, Zurich |
The issue at a glance
| Issue volume: |
Approx. CHF 610 million |
| Subscription period: |
From 2 July to 12 July 2024, 12:00 p.m. (CET) |
| Issue price per unit: |
Announcement expected on 19 June 2024 |
| Issuing commision: |
1.5% (of which 0.5% will be allocated as incidental costs to the benefit of the fund). |
| Subscription ratio: |
Three (3) subscription rights entitle the holder to one (1) new unit. |
| Subscription rights trading: |
From 2 July to 10 July 2024 on SIX Swiss Exchange. |
| Payment under subscription: |
17 July 2024 |
| Circle of investors: |
The circle of investors is not restricted |
| ISIN / Security no. subscription rights: |
Share certificate: CH0293784861 / 29378486
Subscription right: CH1355290185 / 135529018 |
| Type of issue: |
The issue will take place on a commission (“best-effort”) basis as part of a public subscription offer in Switzerland. |
| Use: |
The issue proceeds will be used to acquire a real estate portfolio worth around CHF 700 million from Swiss Life Ltd and for the renovation and expansion of existing residential buildings. |
Information
Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch
Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch
www.swisslife-am.com
Swiss Life Asset Managers
Swiss Life Asset Managers has more than 165 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg, the UK, Italy and the Nordic countries.
As at 31 December 2023 assets under management for third-party clients amount to CHF 111.8 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 255.7 billion. Swiss Life Asset Managers is a leading real estate manager in Europe1. Of the assets totalling CHF 255.7 billion, CHF 85.4 billion is invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling CHF 21.2 billion in value. Total real estate assets under management and administration at the end of December 2023 thus came to CHF 106.7 billion.
Swiss Life Asset Managers employs more than 2200 people in Europe.
Self-determined Life
Swiss Life enables people to lead a self-determined life and look to the future with confidence. Swiss Life Asset Managers pursues the same goal: We think long-term and act responsibly. We use our knowledge and experience to develop future-oriented investment solutions. This is how we support our customers in achieving their long-term investment objectives, which in turn also take account of their client’s needs so they can plan their financial future in a self-determined manner.
1 INREV Fund Manager Survey 2023 (AuM as of 31.12.2022)
Disclaimer
This announcement has been produced with the greatest possible care and to the best of our knowledge and belief. However, we do not accept any liability for losses resulting from the use of this information. This publication is not intended as a solicitation or recommendation to buy or sell investment instruments, but only serves to provide information. Prior to subscribing or acquiring fund units on the stock exchange, investors should obtain and carefully read the detailed information on the fund contained in the regulatory documentation (prospectus with integrated fund contract, PRIIPs KID and the latest annual and semi-annual reports) that serve as the sole legal basis for the purchase of fund units. These may be ordered free of charge in electronic or printed form from the fund management company, Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich.
Past performance is no indication of current or future performance The performance data do not include commissions and costs incurred when issuing and redeeming fund units. Both Swiss Life Ltd and the other members of the Swiss Life Group are entitled to positions in this fund and to purchase and/or sell them. Swiss Life Asset Managers’ funds may not be offered for sale or sold in the US or on behalf of US citizens or US persons residing in the US. “Swiss Life Asset Managers” is the brand for the asset management activities of the Swiss Life Group. More information is available at www.swisslife-am.com. Source: Swiss Life Asset Managers (unless stated otherwise). All rights reserved. Contact: info@swisslife-am.com.
