Swiss Prime Site

acquisition of the real estate division of Fundamenta Group - Seite 2

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.