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The Client:
A Swiss pension fund possesses a large real estate portfolio. For historical reasons, it holds its real estate investments directly. The real estate is located in various Swiss Cantons.
The first step (the preparatory phase) was to measure the strategy and economic efficiency of direct investments against indirect investments. The pension fund was also shown what fiscal, legal and regulatory areas had to be taken into account when investing in an indirect real estate investment. We also worked out a fiscally beneficial, cost-efficient procedure to incorporate the direct investments into the indirect real estate investment.
We put together a checklist of the legal and regulatory issues for the pension fund, which detailed the key points of the contracts, reports and other documents necessary for the asset swap. The conclusions of the preparatory phase were set out in a report which the pension fund used as the basis for making its investment decision.
The second step (the transaction phase) was to offer our assistance with the legal and fiscal implications of the asset swap. A specific tax ruling was formulated and prepared to regulate the fiscal aspects. The legal aspects of implementing the asset swap included drawing up the necessary contract documents, contract negotiations and support with the legal aspects of signing and closing.
The third step (the follow-up phase) involved dealing with certain outstanding fiscal, legal and regulatory tasks (such as reviewing the transfer of ownership on the basis of the cadastral register and support with the disclosure obligations of the pension fund pursuant to the annual financial statements).
Are you selling or buying real estate or a real-estate portfolio or investing in a construction or real-estate company? As an investor, are you considering integrating a directly held real-estate portfolio into a real-estate investment vehicle?
