ACRON HELVETIA I IMMOBILIEN AKTIENGESELLSCHAFT ACRON Begins Marketing AIFMD-Compliant Specialized Investment Fund for Swiss Commercial Real Estate in Germany
Zurich, Switzerland; October 30, 2014 - Commercial real estate in Switzerland is one of the core competencies of the ACRON Group. The real estate company will now market its specialized investment fund for Swiss commercial real estate in Germany as well. Transmission of the marketing application to Germany's Federal Financial Supervisory Authority (BaFin) in October 2014 marked the start of marketing to professional and semi-professional investors. The specialized investment fund for Swiss commercial real estate was previously on sale in Luxembourg and Switzerland (to qualified investors according to the Federal Act on Collective Investment Schemes only).
The new ACRON specialized investment fund for Swiss commercial real estate will hold office, retail, hotel, and logistics properties in various locations in Switzerland. Mid-sized properties ranging in value from CHF 10 to 60 million per property will allow for active portfolio management and transactions during the life of the fund. The planned investment volume amounts to CHF 650 million, an annual distribution yield of 5.0% is forecast.
The first fund property was purchased in December 2013. Rossfeld shopping center in Sierre, Canton Valais, has a net leasable area of 5,200 square meters (approx. 55,972 sq. ft.). The newly built retail complex opened its doors in 2014. The anchor tenant is Coop, which signed a 15-year lease with two five-year extension options. For the first half of 2014, a distribution totaling an annual 5.2% was paid on the net asset value of the fund as per December 31, 2013, for the first time.
Switzerland is delivering solid economic growth. Investments in construction are still very robust. Nonetheless, current vacancy rates for office space of 1.5% in Berne, 2.7% in Zurich and 3.3% in Geneva still fall well below European averages of 6.0% in London, 10.4% in Brussels, and 12.0% in Frankfurt (as of H1 2014).
In accordance with the requirements of the European Alternative Investment Fund Managers Directive (AIFMD), BIL Manage Invest S.A., a subsidiary of Banque Internationale à Luxembourg, will handle portfolio and risk management for the new ACRON specialized investment fund for Swiss commercial real estate. BIL Manage Invest S.A. is authorized as a manager of alternative investment funds by CSSF, Luxembourg's financial services regulator, and is subject to its oversight.
According to Kai Bender, CEO of ACRON AG, "The Swiss real estate market has become more transparent in recent years. At the same time, confidence in Switzerland as an investment target remains unshaken. We are positive that Swiss commercial real estate is one of the world's best investments." ACRON has acquired 14 commercial properties in Switzerland since 2000, including office, hotel, logistics, and retail properties, with a transaction volume of CHF 668 million.
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