Varia Europe Properties AG (“Varia Europe”) is a Swiss real estate investment company based in Zug, Switzerland. The underlying investments are managed by Stoneweg Group, a Geneva based company with a strong track record.
The combination of an experienced Swiss team and dedicated Stoneweg team members in Italy and Spain, as well as a broad network of highly qualified and skilled local partners, allows Varia Europe to take advantage of the evolution within the European real estate market.
Sourcing Opportunities
The Company is invited to participate in each project sourced and secured by Stoneweg in the local markets.
Within Spain this includes bridge financing backed by real estate assets, opportunistic project developments and residential developments.
For Italy this encompasses non-performing loans, residential developments, bridge loans backed by real estate assets and value-add income generating assets.
Asset Management
The underlying investments are managed by Stoneweg SA, a Geneva, Switzerland, based international real estate asset manager with over USD 2.8 billion of assets and projects under management (as of December 31, 2018). Stoneweg SA is active in Switzerland, the US, Spain and Italy with differentiated, country-specific strategies.
Stoneweg SA was formed by a group of Swiss senior real estate executives with a broad experience both in national and international real estate investments. Thanks to their diversified skills and professional backgrounds, they have deep insight both in the Swiss, US, Italian and Spanish markets.
Structure
Company investments are made through a dedicated Luxembourg entity called Varia Structured Opportunities SA (VSO), a securitization company with multiple compartments, with Varia Europe as the noteholder in the relevant compartment of VSO or through investments in notes issued by VSO RE.
Valuations of the underlying property are conducted on an annual basis at year end by an external valuer for development and income generating assets. For interim reporting, the portfolio is calculated on a net present value basis.
Currency
Varia Europe prepares its financial statements in EUR according to Swiss GAAP FER and its statutory financial statements in CHF according to the Swiss Code of Obligations (CO). However, all underlying investments are made in Euro (EUR), the operational currency of the company. To date, the Company decided not to hedge the currency risk.
Accounting
The Company reports both according to Swiss GAAP FER as well as according to the Swiss Code of Obligations (CO) for its statutory report and for the Swiss tax authorities.