Latest news from Residentia

Residentia once again rewarded by the market

The capital increase of Residentia – the real estate fund of Italian-speaking Switzerland – was successfully completed on Monday 9 October; 399,461 new shares were issued, worth some 47 million Swiss francs, bringing the fund’s net assets up to more than 185 million francs. The partners of the initiative – the management body of FidFund Management SA and the developers BancaStato and Studio Fiduciario Pagani SA – are delighted by the success of this transaction that confirms investors’ esteem for the guiding principles of Residentia’s management over the past 8 years.
Once again, this latest capital increase by Residentia –the real estate fund for Italian-speaking Switzerland – has sparked a flurry of interest and activity in the financial market. With requests from both investors already involved with the fund as well as from new players, almost all rights issued have been subscribed. The figure obtained will now enable developers to further strengthen Residentia’s development, formalising the purchase of new properties that have already been secured and concluding further negotiations that are already at an advanced stage. Once the planned projects have been completed, the fund’s real estate in Ticino will amount to over 230 million francs.
Amidst a very competitive market, the success of the capital increase reaffirms Residentia’s strength and allows us to look to the future with fresh impetus. The nearly 47 million francs collected in this new phase of development will enable us to complete ongoing projects and seek new investment opportunities, while respecting the stringent criteria that have underpinned Residentia’s activities since its very inception.
Residentia’s developers and the fund team would like to thank all investors and partners who have helped make it possible to write another important chapter in the history of the first and only real estate fund dedicated to Italian-speaking Switzerland. For further information, as well as details on each new property, please refer to the website www.ResidenTIa.ch, which is constantly updated as new acquisitions develop.

Purchase in Quartino

The Residentia Team is pleased to announce the complete acquisition of the Luserte Shopping Mall in Quartino.

The purchase of the remaining 212/1000 for CHF 3.665 million means that Residentia now owns the entire complex, thus optimising the management thereof and reducing its administrative costs.

The newly-acquired part includes the ground-floor areas facing the street that are the most coveted from a commercial perspective. The remaining thousandths will guarantee the Fund an additional potential income of CHF 220,000 per annum, plus the development potential of more than 2500 m2, resulting from the complete ownership of the cadastral maps, which would allow an additional two storeys to be built.

Purchase in Mendrisio

The Residentia Team is pleased to announce the purchase of a major mixed residential complex in Mendrisio.

The properties, two beautifully finished buildings internally connected by a car park for more than 90 cars, are strategically located in the centre of Mendrisio opposite the station. This area is set to see significant development in the next few years through the establishment of the faculty of architecture at SUPSI. The complex, which consists of 4 commercial, 9 residential and 8 office units, will generate an initial annual gross profit margin of almost 5%. The special feature of the property, in addition to the excellent location and the outstanding current profitability, is the availability for development of an additional building of over 1200 m2, the pre-approved building permit for which has just been renewed.

The Residentia Team is preparing for the immediate launch of the process for the construction of the third building in order to realise the property’s revenue potential by the end of 2018.

Sale property in Paradiso

The Residentia team is pleased to announce the exercising of the right of purchase for the property located on Via Carona 6 in Lugano. The exercising of this right finalises the sale of Villa Zappia, a transaction that was initiated in January 2015 and extended to the present date pending the approval for a building project for a new mixed-use residential building to be built by the new owners.

The transaction concludes with the payment of the remaining CHF 2,365,000, which, added to the same amount already paid as forfeit money, brings the selling price to a total of CHF 4,730,000.00, as agreed. This price is also in line with the book value of the property.

This sale fits perfectly within our repositioning strategy for high-return predominantly residential buildings, which also offer significant economies of scale during the management phase due to their size.

Sale property in Lamone

Residentia is proud to announce the conclusion of the sale of all the individual apartments in the building located in Via Carsiné in Lamone.

The project to dispose of the property, which was initiated at the beginning of January 2016 in the interest of financial optimisation and implemented via the sale of 12 apartments and 15 parking spaces, concluded as we expected, fully respecting the schedules and the budget forecast during the analysis phase. This data further demonstrates the in-depth knowledge possessed by our team of the local market and its current trends.

The transaction, which envisaged modernisation work aimed at the sale of the individual properties and carried out within the budget of CHF 400,000.00, generated a total gross profit of CHF 1.066 million – inclusive also of brokerage costs. This profit enabled the Residentia Fund to achieve more than 30% profitability on the inventory value of the property listed at CHF 3.5 million.

Residentia is always ready to grasp the opportunities offered by the market, during both the purchase and the selling phases, in the sole interest of its investors at all time.

Capital Increase

FidFund Management SA, with registered office in Nyon, as manager of the Residentia Fund, along with the fund promoters Banca dello Stato del Cantone Ticino and Studio Fiduciario Pagani SA, are pleased to announce that the capital increase that occurred on 14 June 2016 was as successful as had been hoped: 200,105 new units were paid up, amounting to approximately 22 million Swiss francs, thereby increasing net assets to more than 133 million Swiss francs.
There was a huge demand from both existing and new investors, which we were unfortunately unable to fully satisfy.
The proceeds of  this capital increase will enable us to further consolidate the fund’s development, to carry out planned projects and to increase the real estate assets of the fund invested in Ticino to approximately 163 million Swiss francs.
This success means that we can look to the future with added momentum, with a view to completing current projects and seeking new investment opportunities that always comply with our strict standards. The Residentia team would like to thank all the investors and partners that have contributed to this further development in the first and only fund dedicated the Italian part of Switzerland.

 

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UBS Fund Management (Switzerland) AG
Aeschenplatz 6
CH-4052 Basel

Pagani Real Estate SA
Corso Pestalozzi 3
CH-6901 Lugano

UBS Switzerland AG
Bahnhofstrasse 45
CH-8001 Zürich