Swiss fund management company Patrimonium Asset Management AG is preparing the merger of two notable investment vehicles. Subject to approval by the Swiss Financial Market Supervisory Authority FINMA, the sub-fund Sustainable Real Estate Switzerland (SRES) is to be integrated into the listed Patrimonium Swiss Real Estate Fund (PSREF) in the course of 2027. This merger will create a broadly diversified property portfolio with investment assets of more than 1.8 billion Swiss francs. Via the existing acquisition and project pipeline, PSREF is intended to grow organically in the medium term to total assets of over 2 billion francs.
The planned transaction marks a key phase within the integration of Sustainable Real Estate AG into the Patrimonium Group. Patrimonium Holding AG had acquired all shares in the company and thus indirectly all entrepreneurial shares in Sustainable Real Estate Investments SICAV as of 1 July 2026. In the combination envisaged for summer 2027, PSREF will act as the acquiring fund, retaining in full its contractual structure, its valor and ISIN numbers, and its track record to date.
Structured milestones and FINMA review
The merger will be implemented in several regulatory steps. Subject to regulatory approval, Patrimonium Asset Management AG will assume direct fund management responsibility for the SICAV as of 1 January 2027. At the same time, the company's service providers will change: Wüest Partner AG will assume the valuation role, Banque Cantonale Vaudoise will in future act as depositary bank, and Deloitte AG as statutory auditor. Property valuations for SRES will therefore be carried out by Wüest Partner for the first time as of 31 March 2027, in line with PSREF.
In the first half of 2027, the SRES investment vehicle is scheduled to be converted into a contractual real estate fund. The basis required for this in the fund regulations was approved at the ordinary general meeting of the SICAV on 22 October 2026. In addition, the majority of the necessary tax rulings have already been obtained. At the general meeting, shareholders elected Christoph Syz, CEO of the Patrimonium Group, to the board of directors of the SICAV and approved an extraordinary shortening of the 2026/27 financial year to 31 March 2027. For the preceding 2025/26 financial year, a distribution of 2.81 francs per unit was approved and paid out at the end of October 2026. Both funds will still prepare separate annual financial statements as of the end of March 2027 and make separate distributions in June 2027.
Portfolio diversification and operational synergies
Christoph Syz stated that the planned merger created the basis for broader fund diversification and would benefit investors through economies of scale and broader growth options. Marco Scheurer, Managing Director of Sustainable Real Estate AG, emphasised that the merged fund would offer greater visibility and increased market liquidity, strengthening the appeal of investments in Swiss residential property.
- —Expansion of the geographical presence with a clear focus on German-speaking Switzerland
- —Optimisation of operational profitability and EBIT margin through economies of scale
- —Improvement of the sustainability positioning and the portfolio-specific CO2 reduction pathway
The final fund merger and all regulatory interim steps remain subject to approval by the Swiss Financial Market Supervisory Authority. In addition, the formal conversion of SRES requires renewed shareholder approval. Further publications with detailed information on implementation are scheduled in the course of 2027.
