Swiss property company Jelmoli said on Wednesday it will implement its strategic plan aimed at creating the second-largest public real estate company in Switzerland by the end of March. The new company will have a property market value of approximately CHF 3.2 bn and a book equity value of CHF 1.6 bn . It will also be the only major property firm in Switzerland that derives the majority of its rental income from retail clients.
Swiss property company Jelmoli said on Wednesday it will implement its strategic plan aimed at creating the second-largest public real estate company in Switzerland by the end of March. The new company will have a property market value of approximately CHF 3.2 bn and a book equity value of CHF 1.6 bn . It will also be the only major property firm in Switzerland that derives the majority of its rental income from retail clients.
Jelmoli's shareholders backed the board's proposal to split the company into two focused listed entities, one for investment and one for real estate, at an extraordinary general meeting on 23 January. The company also aims to be included in the SIX Swiss Exchange real estate segment. If the request for admission to the real estate segment of the SIX Swiss Exchange is approved, Jelmoli registered shares will be included from 30 March 2009.
Implementation of the plan will include the distribution of shares in Athris Holding to existing Jelmoli shareholders, a 1:5 share split, the conversion of Jelmoli bearer shares into registered shares and a share buy-back programme of Athris stock. Jelmoli will also launch a capital increase for the benefit of its current majority shareholder Pelham Investments.
