Zuger Kantonalbank is acquiring Immofonds Asset Management
Zuger Kantonalbank is acquiring Immofonds Asset Management, which acts, among other things, as the fund management for IMMOFONDS. Zuger Kantonalbank wants to increase its share in the real estate sector. Earlier in the year, the bank had already increased its stake from 20% to 34.5% and now takes over the remaining 65.5%.
Immofonds Asset Management will continue to operate as an independent business unit of Zuger Kantonalbank. The current management will remain on board and all employees will continue to work. The company’s headquarters will also remain in Zurich. The closing, which is planned for mid-July 2022, has no effect on investors in IMMOFONDS and IMMOFONDS Suburban.
“I am looking forward to further cooperation with Zuger Kantonalbank. Together we can further expand our many years of experience in the Swiss real estate sector and offer investors attractive investment opportunities,” says Gabriela Theus, CEO of Immofonds Asset Management.
Immofonds Asset Management is licensed and regulated by FINMA as a fund management company. It has been investing in Swiss real estate assets since 1955. It has total assets under management of around CHF 2 bn with a development pipeline of a further CHF 700 mio. It manages two products, the listed IMMOFONDS and the IMMOFONDS suburban.
Walder Wyss has advised Zuger Kantonalbank. The team has been led by Alex Nikitine (partner, corporate/m&a) and Carmen Spichiger (associate, corporate/m&a) and further included Alexander Eichhorn (managing associate, banking, finance & insurance).
