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Swiss Life REF (CH) Swiss Properties: Information about the planned capital increase

·7-min read

Swiss Life Asset Management AG / Key word(s): Capital Increase

27-Oct-2021 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Zurich, 27 October 2021
Ad hoc announcement pursuant to Art. 53 LR

Swiss Life REF (CH) Swiss Properties: Information about the planned capital increase

A CHF 300 million capital increase is planned for Swiss Life REF (CH) Swiss Properties in December 2021. The aim of the capital increase is to acquire a high-quality real estate portfolio worth around CHF 340 million.

The issue will take place on a commission ("best-effort") basis as part of a public subscription offer in Switzerland. Five (5) subscription rights entitle the holder to purchase one (1) new unit. Official trading in the subscription rights will take place from 29 November to 8 December 2021 at SIX Swiss Exchange Ltd. In total, a maximum of 2 700 000 new units will be issued. Any non-subscribed units will not be issued, thus reducing the amount of the issue.

The issue price, to be announced in the second half of November, will be based on the net asset value as at 30 September 2021 less the distribution for the 2020/21 financial year. It includes an amount for the purchase of current income and an issuing commission of 2%. The subscription period is planned for 29 November to 10 December 2021, with 16 December 2021 as the payment under subscription date.

The real estate fund Swiss Life REF (CH) Swiss Properties was launched on 2 November 2015 and listed on the SIX Swiss Exchange in June 2019. The earnings and value trend of the properties as well as the expansion of the portfolio have enabled the fund to develop successfully (annual performance since launch: 9.77%). Its investment focus is on residential real estate in Swiss cities and their surrounding areas. The fund also invests in commercial properties at central locations. The portfolio had 138 properties with a market value of around CHF 1 967 million as at the end of March 2021.

The acquisition of a high-quality new portfolio worth some CHF 340 million is being studied with a view to continuing the strategy of qualitative growth. The portfolio is currently owned by Swiss Life Ltd. Swiss Life Asset Management Ltd. has received the requisite authorisation from FINMA for the planned acquisition. Investors will benefit from the further increase in diversification achieved through expansion of the portfolio.

The new portfolio consists of 17 properties* that are both well located and of high quality. The properties concerned are residential ones in economically strong regions. About half the properties (measured by market value) are located in the cities of Zurich, Geneva and Lausanne or their immediately adjacent municipalities. The remaining properties are located in the suburbs of the major cities as well as in small and medium-sized towns.

Following the acquisition, the fund will have 155 properties with just under 4 000 apartments and generate around 70% of the fund income from rental apartments. Investors will thus continue to participate in the development of high-quality Swiss real estate investments in the future.

The Swiss Life REF (CH) Swiss Properties real estate fund has been participating in the annual GRESB (Global Real Estate Sustainability Benchmark) ratings since 2018. In 2021, the fund received a "Green Star" rating of three out of five possible stars - an acknowledgement of its good integration of ESG factors in its real estate investments.

Further information on the fund can be found at this link.
 

Fund information

Issue conditions

Name:

Swiss Life REF (CH) Swiss Properties

ISIN / security no. of fund:

CH0293784861 / 29378486

Income:

Distributed

Legal form:

Contractual real estate fund

Fund domicile:

Switzerland

Circle of investors:

Non-qualified and qualified investors

Type of issue:

The issue will take place on a commission ("best-effort") basis as part of a public subscription offer in Switzerland.

Issue volume:

Approx. CHF 300 million

Appropriation of issue proceeds:

Purchase of a real estate portfolio owned by Swiss Life Ltd.

Subscription period:

29 November 2021 to 10 December 2021, 12:00 (CET)

Subscription ratio/new units issued:

Five (5) subscription rights entitle investors to acquire one (1) new unit / maximum of 2 700 000 units

ISIN/security no. of subscription rights:

CH1143003460 / 114300346

Issuing commission:

The issuing commission for the new units is 2% for the fund management company, custodian bank and/or distributor.

Subscription rights trading:

29 November 2021 to 8 December 2021 at SIX Swiss Exchange Ltd.

Payment under subscription:

16 December 2021

Fund management and administrator:

Swiss Life Asset Management Ltd.

Fund management:

Swiss Life Asset Management Ltd.

Custodian bank:

UBS Switzerland AG, Zurich

Market maker:

Bank J. Safra Sarasin AG, Zurich


*Due to the legal situation of a property in terms of land register law, it is no longer part of the transaction; thus the number of properties in the new portfolio is reduced from 18 to 17 compared to our media release of 1 September 2021.


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 160 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. That's how we lay the groundwork for our clients to make solid, long-term plans - in self-determination and with financial confidence. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg and the UK.

As at 30 June 2021 assets under management for third-party clients amount to CHF 98.9 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 274.4 billion. Swiss Life Asset Managers is a leading real estate manager in Europe1. Of the assets totalling CHF 274.4 billion, CHF 81.8 billion is invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling CHF 28.8 billion in value. Total real estate under management and administration at the end of June 2021 thus came to CHF 110.6 billion.

Swiss Life Asset Managers employs more than 2400 people in Europe.

1 INREV Fund Manager Survey 2021 (AuM as of 31.12.2020)


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, simplified prospectus 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 units 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 name 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.


Additional features:


File: Media release (PDF)

End of ad hoc announcement

Language:

English

Company:

Swiss Life Asset Management AG

General-Guisan-Quai 40

8022 Zürich

Switzerland

Phone:

+41 43 284 41 89

E-mail:

sl-am-communication@swisslife.ch

Internet:

www.swisslife-am.com

ISIN:

CH0293784861

Listed:

SIX Swiss Exchange

EQS News ID:

1243272


 

End of Announcement

EQS Group News Service

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