This move follows a further wave of redemption requests at the end of the financial year on 30 June 2026. The fund management had already postponed redemptions due to weak liquidity in European property transaction markets. Sales are only possible on a selective basis and usually at significant price discounts.
The listed Swiss property fund invested in residential, logistics, office and retail properties across Europe. According to the most recently published fund data, the portfolio comprised 14 properties with a market value of 268 million euros as at 30 June 2025. The leverage ratio stood at 29.9 per cent.
Repayments will be staggered
The liquidation is intended to settle investors’ outstanding claims on a priority basis. Priority is given to the 6.2 million units redeemed as at 30 June 2024. Only then will the approximately 178,000 units with notice of redemption as at 30 June 2025 be considered. A third group comprises the notices of redemption received as at 30 June 2026, as well as the remaining investors in the fund.
For the third category, the contractual notice period of twelve months had not yet expired by the end of June 2026. Payouts are therefore only scheduled once the claims of the first two groups have been fully settled. For affected investors, this means the capital outflow is being further prolonged.
Weak exit market becomes a problem
As early as June 2025, the fund management had deferred the repayment of units terminated as at 30 June 2024, amounting to 56.9 million Swiss francs. At that time, this represented 27.8 per cent of all outstanding units. The reasoning was the same as it is today. Due to low demand, European properties could only be sold at significant discounts.
For the property market, this case is particularly relevant as a warning sign for open-ended funds with illiquid overseas portfolios. When redemptions increase and transactions stall, even broadly diversified portfolios come under selling pressure. With its delisting on Friday, 23 October 2026, the fund will now also be removed from the SIX.
