Successful launch of ZIF Real Estate Direct Switzerland
Zurich Invest AG has successfully launched ZIF Real Estate Direct Switzerland. After allocation of the shares, the fund will receive funds amounting to approximately 400 million Swiss francs.
Results of the launch
The first tranche of the newly launched ZIF Real Estate Direct Switzerland fund was oversubscribed. 3.2 million shares have been allocated. Martin Gubler, CEO of Zurich Invest Ltd, is very satisfied with the successful launch: "Within a short space of time, we were able to build a solid diversified real estate portfolio with selected real estate gems for a broad investor base. We are delighted with the confidence placed in our new fund management company." The real estate fund plans to acquire attractive properties with a current market value of over one billion Swiss francs.
Second tranche planned for the second half of 2019
The capital increase with the second tranche of real estate is planned for the second half of 2019. Initial investors also have the option of investing in the growth of the attractive real estate portfolio. The second and third tranches are of equal value to the first and also include high-quality existing properties in prime locations. In order to make the fund accessible to other investors, the fund management company is planning a stock exchange listing on the Swiss Exchange. Zurich Invest Ltd is a fund management company approved by FINMA. The wholly owned subsidiary of the Zurich Group manages investments totalling around 35 billion Swiss francs.
Zurich Insurance Company Ltd and Zurich Life Insurance Company Ltd are responsible for dealing with the commercial and personal lines of the Zurich Insurance Group in Switzerland and the Principality of Liechtenstein. Zurich Switzerland is one of the largest insurers in Switzerland and appears on the market under the names Zurich and Zurich Life. Further information at www.zurich.ch.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 53,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.