Global law firm Baker & McKenzie has advised Varia US Properties AG, a Swiss based real estate company, on the listing of its shares on SIX Swiss Exchange following its initial public offering. Varia hopes to raise CHF 124.7 million in gross proceeds from the offering, priced at CHF 35 per share. The proceeds will be used to buy new properties and to fund additional real estate acquisitions. The shares were listed on 8 December 2016.
Varia US Properties AG is a Swiss based real estate company exclusively investing in U.S. multifamily housing, with a main focus on secondary and tertiary markets. Established in 2015, the Company acquires, holds and transitions properties in the boundaries of metropolitan regions of the U.S. in order to secure rental income and value growth. The portfolio value of Varia amounts to USD 301 million, invested in 39 properties in 14 states in the U.S. with approximately 5,000 units as of 30 June 2016.
A cross-border Baker & McKenzie team advised Varia on this deal from the Firm's Zurich, Chicago and New York Offices. The core team included Matthias Courvoisier (Partner / Capital Markets), Alexander Wyss (Partner / Real Estate), Anette Waygood-Weiner (Senior Associate / Capital Markets), Yves Mauchle (Associate / Capital Markets) and Martina Kessler (Associate / Capital Markets)
Announcing the IPO listing, Patrick Richard, executive member of the Board of Directors of Varia US Properties AG said, “We are delighted with the successful placement of our shares and the strong investor interest in our Company. Swiss and international institutional as well as domestic private investors are convinced by our robust and unique business model benefiting from the main trends in the U.S. residential property market. We welcome our new shareholders and look forward to building on the broader shareholder base for the further successful development of our portfolio, realizing our promising acquisition pipeline.”
Matthias Courvoisier, co-chair of Baker & McKenzie's Capital Markets Practice Group in Zurich said, "It has been an honor to work on such a significant listing with the Varia team, which provides an excellent opportunity for the real estate company to further expand its share of the US market."