SFPI: CEO change and half-year figures
Swiss Finance & Property Investment (SFPI) reports significant increases in income, EBIT margin and net profit (excluding revaluation effects) for the first half of 2018. At the same time, the company announced a change of CEO.
As SFPI announces, Thomas Prajer is leaving the company. Prajer has worked for Swiss Finance & Property since 2013, most recently as CEO of the real estate company SFPI and as overall head of direct real estate at Swiss Finance & Property Funds and for the Swiss Finance & Property Group. He is stepping down from all these functions, according to the company.
Adrian Schenker has been appointed as his successor as CEO. Schenker is co-founder of the Swiss Finance & Property Group and has many years of experience in real estate and finance, including as CRO.
Rental income increases by almost 22 percent
SFPI is very satisfied with the business figures for the first half of the year. During the period under review, rental income increased by 21.9 percent. The Ebit margin climbed from 70.7 to 74.5 percent compared to the same period last year. Net income excluding revaluation effects rose by CHF 1.1 million year-on-year to CHF 5.3 million. Including revaluation effects, net profit amounted to 7.5 million.
The value of the real estate portfolio increased by 39.8 million (+6.6%) to a total of 644.8 million as of June 30, 2018, due to two acquisitions in the Basel and Zurich regions as well as revaluation effects. The vacancy rate increased from 1.7 to 3.0 percent compared to the end of 2017.
Numerous projects in planning and construction
SFPI has a number of ongoing projects: The building application for the project at Elsässerstrasse 1+3 in Basel is to be prepared in the second half of the year. Also in the second half of the year, initial discussions are to be held with the local authorities on the future use of the almost fully leased rolling mill site in Münchenstein/Arlesheim. According to the company, building permission has been granted for the Neptunstrasse/Klosbachstrasse redevelopment project in Zurich, so the tendering process should be completed in the second half of the year.
The building application for the new construction project at Chrummacherstr. 2 in Geroldswil was submitted in June 2018. For the property at Badenerstr. 425-431 in Zurich, a feasibility study for a replacement building has been commissioned, the results of which are expected to be available in the second half of 2018. However, the building permit for the Am Bohl project in St. Gallen has not yet been issued, so the project has had to be postponed until spring 2019. In the case of the Residenza Parco d'Oro promotion project in Ascona, an apartment was reserved in the first half of 2018 and notarized in July 2018. (ah)
