The offering comprises a maximum of 170,658 new shares at an issue price of 1,189 Swiss francs. Existing investors are entitled to subscribe on a 13-to-1 basis. The subscription period runs from November 11 to December 1, 2026, and payment is scheduled for December 11, 2026.
For the fund, this is not merely a balance sheet maneuver. According to the published key figures, the capital is primarily earmarked for acquisitions that have already been secured, as well as for ongoing development projects. This is intended to continue the portfolio expansion that, according to the fund’s own statement, it has already driven forward in the first half of 2026 through acquisitions and progress in the development pipeline.
600 Million in the Pipeline
The project pipeline totals approximately 600 million Swiss francs through 2031. Upon completion of the planned projects, the residential share is expected to rise from 50 percent as of mid-2026 to 56 percent. At the same time, the fund management expects more than 900 additional residential units in the portfolio and an annual target rent of approximately 25 million Swiss francs upon completion.
This is significant for the real estate industry because the capital raising is not aimed at distant options, but rather at concrete acquisitions of existing properties and developments within an already large investment vehicle. As of June 30, 2026, the portfolio comprised 150 properties with a market value of 3.32 billion Swiss francs. Ten properties were under development or under construction.
Growth with a Streamlined Balance Sheet
The fund had already completed its 17th capital increase of 215 million Swiss francs—which was oversubscribed—in the first half of 2026. At the same time, the debt-to-equity ratio fell to 20.73 percent, while average financing costs stood at 1.11 percent. The new offering is thus part of a strategy designed to simultaneously ensure growth, residential expansion, and balance sheet stability.
New investors can only participate if subscription rights remain unused. Unsold shares will not be issued. This suggests that the fund management intends to closely align the expansion with the actual needs of the secured pipeline.
