Helvetica - Update on the IPO of the Helvetica Swiss Opportunity Fund and the merger with the Helvetica Swiss Commercial Fund
04/06/2024
Zurich, 4 June 2024 – The merger between the Helvetica Swiss Commercial Fund (HSC Fund) and the Helvetica Swiss Opportunity Fund (HSO Fund) will be finalised in 2025, subject to approval by FINMA.
In addition to the amendments to the fund contract of the HSO Fund and the HSC Fund, which will also be published on 4 June 2024, the fund management company Helvetica Property Investors will provide information on the individual steps with regard to the planned merger of the two real estate funds, subject to approval by FINMA:
1. Fund contract amendments regarding adjustment of the investment policy and harmonisation of the fund contracts were published.
2. Listing of the HSO Fund is planned for the fourth quarter of 2024.
3 Formal application for FINMA approval of the merger will be submitted in the fourth quarter of 2024.
4. Merger is planned for the first half of 2025.
The fund management company decided and announced in 2023 to merge the commercial real estate funds it manages. These are the listed HSC Fund for public investors and the HSO Fund for qualified investors. The ‘new’ HSC Fund brings several advantages for investors, such as a high-yield portfolio with increased diversification, a sustainable solid return, economies of scale and a stronger presence in the SXI Real Estate Funds Broad Index with better tradability of the shares. The merger is in the interests of investors in both real estate funds.
As a first step on the way to the merger, the investment policy of both real estate funds will be standardised with the published fund contract amendments of 4 June 2024. The HSO Fund will be expanded to include the option of investing a maximum of 30 per cent in residential properties. In addition, the exceptional provisions regarding investment policy and leverage will be removed. For the HSC Fund, the possibility of investing in specialised real estate will be explicitly listed. The amendments to the fund contract are subject to approval by FINMA.
In a further step, the investor groups of both real estate funds will be aligned. To this end, the HSO Fund will be opened up to public investors with an IPO. The units are expected to be listed on the SIX Swiss Exchange at the beginning of the fourth quarter of 2024.
Based on the same legal form, the same investment policy and the same group of investors, the fund management company will submit the formal application for approval of the merger between the HSC Fund and the HSO Fund to FINMA in the fourth quarter of 2024.
The merger is planned for the first half of 2025. The acquiring fund is the HSC Fund. The merger will be completed after payment of the redemptions made in both funds as at 31 December 2023 and based on the net asset values (and not market or stock exchange prices) of the two funds. The merger is subject to FINMA approval.
“We are convinced that the merger of the HSO Fund with the HSC Fund to form a real estate fund with a corresponding market breadth and stronger index presence is the right path for successful further development and will bring benefits and economies of scale for all stakeholders,” says Marc Giraudon, CEO of Helvetica.
The fund management company will provide regular updates on the next steps.
Media contacts
Urs Kunz
Chief Commercial Officer,
Member of the Executive Board
T +41 43 544 70 95
Patricia Neupert
Head Marketing & Communications
T +41 43 544 70 98