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14.03.2024 07:01:44 - Swiss Prime Site: acquisition of the real estate division of Fundamenta Group
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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
Alpenstrasse 15
6300 Zug
Switzerland
End of Announcement EQS News Service
===
1858361 14-March-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1858361&application_name=news
END) Dow Jones Newswires
March 14, 2024 02:01 ET (06:01 GMT)
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 End of Inside Information 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
===
1858361 14-March-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1858361&application_name=news
END) Dow Jones Newswires
March 14, 2024 02:01 ET (06:01 GMT)
