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Swiss Life REF (CH) Swiss Properties: Capital increase and purchase of a high-quality property portfolio planned

09.11.2018

The fund management company plans a capital increase with a volume of around CHF 380 million for the Swiss Life REF (CH) Swiss Properties real estate fund.

The issue will take place on commission (“best-effort basis”) as part of a subscription offer in Switzerland. Three (3) subscription rights entitle investors to acquire two (2) new units. The issue price is based on the net asset value as at 30 September 2018 less the distribution for the 2017/18 financial year. It includes the purchase of current income and an issuing commission of 2%. Any non-subscribed units will not be issued, which may reduce the amount of the issue. In total, a maximum of 3 600 000 new units will be issued. The subscription period is planned for 21 November to 3 December 2018. Payment will take place as at 10 December 2018.

Purchase of a high-quality property portfolio
The new capital will finance the acquisition of a portfolio with 38 properties and a volume of around CHF 500 million. The new portfolio is currently owned by Swiss Life Ltd. It has a focus on high-quality residential properties with excellent locations in economically strong regions.

Following the acquisition of the portfolio, the fund will have a total of 86 properties with more than 1 800 apartments. As a result, investors will benefit from broader diversification in terms of properties and tenants.

About the fund
Swiss Life REF (CH) Swiss Properties, which was launched in 2015, has seen good income and growth. The selective expansion of the portfolio with a clear focus on quality has paid off. Thanks to its focus on high-quality properties and active lettings management the vacancy rate has – contrary to the market trend – been reduced since launch. The fund focuses on residential properties in Swiss cities and surrounding areas as well as commercial properties in central locations. The investment objectives of the fund are long-term preservation of value and the distribution of stable income. The fund targets qualified investors and is traded off-exchange. A listing on the SIX Swiss Exchange is planned before the end of 2019.

Information about the capital increase

Name

Swiss Life REF (CH) Swiss Properties

ISIN | Swiss security number

CH0293784861 | 29378486

Legal form of the real estate fund

Contractual investment fund governed by Swiss law of the “real estate fund” type for qualified investors

Previous number of units

5 400 000

Subscription ratio | Newly issued units

Three (3) subscription rights entitle investors to acquire two (2) new units | Maximum of 3 600 000 units

Issue volume

Around CHF 380 million

Subscription period

Wednesday, 21 November 2018 to Monday, 3 December 2018

Payment under subscription

Monday, 10 December 2018

Issuing commission

The issuing commission for the new units is 2.0% in favour of the fund management

Nature of issue

The issue will take place on a best-effort basis

Appropriation of issue

proceeds

The issue proceeds will be used to acquire a real estate portfolio worth around CHF 500 million

Listing

The fund is to be listed on the SIX Swiss Exchange, most likely by the end of 2019

Portfolio manager

Swiss Life Asset Management Ltd, Zurich

Fund management company

Swiss Life Asset Management Ltd, Zurich

Custodian bank

UBS Switzerland AG, Zurich

Disclaimer:
The real estate fund outlined is exclusively for qualified investors located in Switzerland. Comprehensive information on the real estate fund mentioned can be taken from the relevant financial report as well as from the documents forming the legal basis for any investment. They 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, P.O. Box 2831, 8022 Zurich, or at www.swissfunddata.ch and at www.swisslife-am.com. The payment office is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich. The place of jurisdiction is at the fund management company's registered office.
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