AXA Immovation Commercial
Issue of new fund units

Subscription period: 4 - 15 December 2017 (12.00 noon)
Payment under subscription: 21 December 2017

A maximum of 60,909 new fund units totalling approximately CHF 65 million are to be issued while safeguarding the preferential subscription rights of previous investors. The issue will be performed on a best effort basis, meaning that units will not be issued unless subscribed. The issue prospectus dated 30 November 2017 forms the basis for the subscription of new fund units.

The real estate fund AXA Immovation Commercial was launched in 2008 and allows qualified, tax-exempt investors1) in Switzerland access to a diversified, Swiss commercial real estate portfolio, which seeks to achieve stable and continuous performance and distribution of income. Investments are focused on cities and their agglomerations with good public transport links in strong economic regions. Most investments are made in office properties, retail spaces as well as commercial and mixed-use properties with solid, long-term rental income.

Investment argument

  • No taxes on capital or profits are levied at fund level.
  • Investments are made based on net asset value (NAV).
  • No price fluctuations caused by supply and demand.
  • The fund is a broadly diversified alternative for direct investments.
  • The fund is managed by experienced property experts at AXA Investment Managers Schweiz AG, Real Assets.
  • Future holdings may be taken by providing contributions in kind.


General economic developments, trends in interest rates and other market-related and statutory factors affect property values and hence the value of fund units.

On 10 March 2017, the Bundesrat re-opened the consultation process regarding the revision of the “Lex Koller” Act. The bill sets out proposals such as making commercial premises again subject to authorisation requirements as well as legislative changes, which would have effects on certain real estate funds of fund management companies which belong to a foreign group – such as AXA Investment Managers Schweiz AG. AXA Immovation Commercial is also affected by the controversial revision proposals. It is uncertain whether the Lex Koller Act will ultimately be amended and which amendments will eventually come into force. Fund managers and the industry association SFAMA are fighting the tightening of the Act and the discrimination against the AXA Group.

1 The group of investors is restricted to registered, tax-exempt pension funds with professional treasury departments (including investment foundations), to tax-exempt third-pillar banking foundations and tax-exempt social insurance and compensation funds (particularly unemployment, health, pension, disability and surviving dependent insurance funds, with the exception of licensed insurance companies) in Switzerland.