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14.03.2024 07:01:29 - dpa-AFX: EQS-Adhoc: Swiss Prime Site: acquisition of the real estate division of Fundamenta Group (english)
Swiss Prime Site: acquisition of the real estate division of Fundamenta
Group
Swiss Prime Site AG / Key word(s): Mergers & Acquisitions/Real Estate
Swiss Prime Site: acquisition of the real estate division of Fundamenta
Group
14-March-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad Hoc announcement pursuant to article 53 LR
PRESS RELEASE
Zug, 14. March 2024
* The transaction will be financed in cash (75%) and shares (25%)
Swiss Prime Site signed an agreement to acquire Fundamenta Group (Schweiz)
AG and Fundamenta Group Deutschland AG (together «Fundamenta»). It has
thereby significantly expanded its rapidly growing asset management
division.
Fundamenta: a specialist real estate asset manager with a focus on
residential
Fundamenta, founded in 2006 and based in Zug and Munich, is a leading
independent asset manager with real estate assets under management of CHF
4.2 billion across various investment vehicles (listed real estate company,
investment foundation, promotion vehicle, fund, SICAV and direct mandates).
Fundamenta has around 2 000 investors and serves institutional clients (e.g.
pension funds, banks and insurance companies) as well as high net worth
private clients and family offices. CHF 3.3 billion is invested in Swiss
real estate, with a residential proportion of 75% - 100%, depending on the
vehicle. One of Fundamenta Group Switzerland's main strengths lies in
attractive «club deals», i.e. promotional collaborations with co-investors
for residential developments. A further CHF 0.9 billion in AuM comprises
core residential property in Germany, which is managed through an
established organisational structure in Munich. Fundamenta generated income
of more than CHF 24 million in 2023. The approximately 60 employees who work
in Zug and Munich have many years of experience and expertise in the
different markets and are all being retained by Swiss Prime Site.
René Zahnd, CEO of Swiss Prime Site, said: «Fundamenta is a perfect fit for
us. With this move, we are continuing to pursue our focused real estate
strategy and substantially strengthening the asset management arm of Swiss
Prime Site Solutions. We are thereby growing and expanding our investor base
and broadening our product range, especially in the residential segment.
Furthermore, we will now be able to offer our Swiss clients direct access to
the German real estate market, which we believe will present an attractive
option alongside Swiss investments in future. Throughout the whole process,
our team and I also felt we were a really good fit culturally. On that note,
I would like to extend a warm welcome to all our new clients and employees.»
David Garcia, founder and director of Fundamenta Group, added: «Having
founded and then successfully built the company over the past 18 years, our
family is now very proud to be handing over our real estate division to
Swiss Prime Site. Ensuring long-term continuity for investors, employees and
partners was a key concern for us during the process. But with Swiss Prime
Site, this is now guaranteed.»
Swiss Prime Site is acquiring Fundamenta (Schweiz) AG and Fundamenta
Deutschland AG from the existing shareholders, who comprise the Garcia and
Marxer families, the Luzerner Kantonalbank and the management. The
acquisition is being financed with shares from the authorised capital of
Swiss Prime Site (25%) and cash from available liquidity (75%), with the aim
of maintaining the loan-to-value ratio of the property portfolio (LTV) below
40%. The parties have agreed to not disclose the transaction price. The
transaction is expected to be completed in the second quarter of 2024; no
further approvals are necessary. Swiss Prime Site will acquire all naming
rights for Fundamenta.
The asset manager Belvédère Asset Management, which was founded in 2001 and
has around CHF 3 billion in assets under management, will remain in the
ownership of the existing shareholders together with the associated brand
and will continue to operate unchanged. Swiss Prime Site Solutions will be
retained for real estate investment mandates in the future.
Broader product range and further economies of scale for Swiss Prime Site
Solutions
Following the acquisition, Swiss Prime Site Solutions' managed property
portfolio will be worth CHF 13 billion, making SPSS Switzerland's largest
independent real estate asset manager by a distance. Furthermore, Swiss
Prime Site Solutions will now be able to offer its clients direct access to
the German real estate market. Pro forma, the joint portfolio is divided
into residential properties at a proportion of 63% and diversified
commercial properties at 37%. It generated total fee-related earnings of CHF
73 million in 2023. The new investment vehicles and complementary investment
products will create considerable added value for clients. Use of the Swiss
Prime Site platform, through which properties with a total value of almost
CHF 26 billion are now managed, will lead to organisational and
sales-related economies of scale.
Following successful integration and the associated realisation of the
expected revenue and cost synergies, Swiss Prime Site expects the
acquisition to increase consolidated FFO I per share by around 20 cents,
with a portion of this already occurring in 2024.
If you have any questions, please contact:
Investor Relations, Florian Hauber
Tel. +41 58 317 17 64, florian.hauber@sps.swiss
Media Relations, Patrick Djizmedjian
Tel. +41 58 317 17 42, patrick.djizmedjian@sps.swiss
Fundamenta contact
Founder and director of Fundamenta Group Holding AG, David Garcia
Tel. +41 44 444 22 22, david.garcia@fundamentagroup.com
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End of Inside Information
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End of Announcement EQS News Service
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1858361 14-March-2024 CET/CEST
Group
Swiss Prime Site AG / Key word(s): Mergers & Acquisitions/Real Estate
Swiss Prime Site: acquisition of the real estate division of Fundamenta
Group
14-March-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad Hoc announcement pursuant to article 53 LR
PRESS RELEASE
Zug, 14. March 2024
* Acquisition of the real estate asset management companies of Fundamenta
with assets under management (AuM) of CHF 4.2 billion
* Fundamenta to be integrated into the Asset Management division Swiss
Prime Site Solutions («SPSS»)
* Creating Switzerland's largest independent real estate asset manager by
a distance, with total AuM of CHF 13 billion
* Fundamenta will bring a considerable investor base of 2 000
institutional and private real estate investors
* SPSS's existing product portfolio will be expanded with the listed
vehicle Fundamenta Real Estate AG, as well as a Luxembourg SICAV fund
and further investment products
* The transaction will be financed in cash (75%) and shares (25%)
Swiss Prime Site signed an agreement to acquire Fundamenta Group (Schweiz)
AG and Fundamenta Group Deutschland AG (together «Fundamenta»). It has
thereby significantly expanded its rapidly growing asset management
division.
Fundamenta: a specialist real estate asset manager with a focus on
residential
Fundamenta, founded in 2006 and based in Zug and Munich, is a leading
independent asset manager with real estate assets under management of CHF
4.2 billion across various investment vehicles (listed real estate company,
investment foundation, promotion vehicle, fund, SICAV and direct mandates).
Fundamenta has around 2 000 investors and serves institutional clients (e.g.
pension funds, banks and insurance companies) as well as high net worth
private clients and family offices. CHF 3.3 billion is invested in Swiss
real estate, with a residential proportion of 75% - 100%, depending on the
vehicle. One of Fundamenta Group Switzerland's main strengths lies in
attractive «club deals», i.e. promotional collaborations with co-investors
for residential developments. A further CHF 0.9 billion in AuM comprises
core residential property in Germany, which is managed through an
established organisational structure in Munich. Fundamenta generated income
of more than CHF 24 million in 2023. The approximately 60 employees who work
in Zug and Munich have many years of experience and expertise in the
different markets and are all being retained by Swiss Prime Site.
René Zahnd, CEO of Swiss Prime Site, said: «Fundamenta is a perfect fit for
us. With this move, we are continuing to pursue our focused real estate
strategy and substantially strengthening the asset management arm of Swiss
Prime Site Solutions. We are thereby growing and expanding our investor base
and broadening our product range, especially in the residential segment.
Furthermore, we will now be able to offer our Swiss clients direct access to
the German real estate market, which we believe will present an attractive
option alongside Swiss investments in future. Throughout the whole process,
our team and I also felt we were a really good fit culturally. On that note,
I would like to extend a warm welcome to all our new clients and employees.»
David Garcia, founder and director of Fundamenta Group, added: «Having
founded and then successfully built the company over the past 18 years, our
family is now very proud to be handing over our real estate division to
Swiss Prime Site. Ensuring long-term continuity for investors, employees and
partners was a key concern for us during the process. But with Swiss Prime
Site, this is now guaranteed.»
Swiss Prime Site is acquiring Fundamenta (Schweiz) AG and Fundamenta
Deutschland AG from the existing shareholders, who comprise the Garcia and
Marxer families, the Luzerner Kantonalbank and the management. The
acquisition is being financed with shares from the authorised capital of
Swiss Prime Site (25%) and cash from available liquidity (75%), with the aim
of maintaining the loan-to-value ratio of the property portfolio (LTV) below
40%. The parties have agreed to not disclose the transaction price. The
transaction is expected to be completed in the second quarter of 2024; no
further approvals are necessary. Swiss Prime Site will acquire all naming
rights for Fundamenta.
The asset manager Belvédère Asset Management, which was founded in 2001 and
has around CHF 3 billion in assets under management, will remain in the
ownership of the existing shareholders together with the associated brand
and will continue to operate unchanged. Swiss Prime Site Solutions will be
retained for real estate investment mandates in the future.
Broader product range and further economies of scale for Swiss Prime Site
Solutions
Following the acquisition, Swiss Prime Site Solutions' managed property
portfolio will be worth CHF 13 billion, making SPSS Switzerland's largest
independent real estate asset manager by a distance. Furthermore, Swiss
Prime Site Solutions will now be able to offer its clients direct access to
the German real estate market. Pro forma, the joint portfolio is divided
into residential properties at a proportion of 63% and diversified
commercial properties at 37%. It generated total fee-related earnings of CHF
73 million in 2023. The new investment vehicles and complementary investment
products will create considerable added value for clients. Use of the Swiss
Prime Site platform, through which properties with a total value of almost
CHF 26 billion are now managed, will lead to organisational and
sales-related economies of scale.
Following successful integration and the associated realisation of the
expected revenue and cost synergies, Swiss Prime Site expects the
acquisition to increase consolidated FFO I per share by around 20 cents,
with a portion of this already occurring in 2024.
If you have any questions, please contact:
Investor Relations, Florian Hauber
Tel. +41 58 317 17 64, florian.hauber@sps.swiss
Media Relations, Patrick Djizmedjian
Tel. +41 58 317 17 42, patrick.djizmedjian@sps.swiss
Fundamenta contact
Founder and director of Fundamenta Group Holding AG, David Garcia
Tel. +41 44 444 22 22, david.garcia@fundamentagroup.com
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End of Inside Information
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Language: English
Company: Swiss Prime Site AG
Alpenstrasse 15
6300 Zug
Switzerland
Phone: +41 (0)58 317 17 17
E-mail: mladen.tomic@sps.swiss
Internet: www.sps.swiss
ISIN: CH0008038389
Listed: SIX Swiss Exchange
EQS News ID: 1858361
End of Announcement EQS News Service
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1858361 14-March-2024 CET/CEST
