Züblin back in the black
Züblin Immobilien Holding achieved a profit of over CHF 6 million in the past financial year. In the previous year, the company still reported a loss of almost 30 million.
In the 2018/19 financial year, Züblin Immobilien Holding posted a profit of CHF 6.2 million - after a loss of 29.9 million in the previous year. Net operating income remained stable at 7.4 million, the company says. CHF 1.00 per registered share is to be distributed from capital reserves.
According to the real estate company, changes in the market value of investment properties were again positive at 0.6 million, but were 0.9 million below the previous year's increase. As a result, earnings before interest and taxes (EBIT) fell by 0.8 million year-on-year to 3.6 million.
The market value of the five Swiss investment properties is put at 200.9 million. The vacancy rate - despite high vacancy in Bern - is around 10% for the overall portfolio and the remaining lease term (WALT) is around four years, Züblin added. In Bern's Arco West property, which is currently being repositioned, a lease for around 800 sqm was signed in the second half of 2018/19, it said. The lease will start in the first quarter of the new 2019/20 financial year, bringing the vacancy rate down to around 9%, according to the company.
In April, Züblin made its first purchase following the completion of the restructuring: The holding company acquired a co-ownership share in an office and retail property in Zurich-Oerlikon. And further acquisitions are planned for the current fiscal year, the company said.
Iosif Bakaleynik announces retirement
Züblin further announces that Chairman of the Board of Directors Dr. Iosif Bakaleynik intends to step down and will not stand for re-election at the upcoming Annual General Meeting on June 18, 2019. Dr. Wolfgang Zürcher is to be proposed for election as the new Chairman.
Bakaleynik also announced his resignation as CEO. However, he will retain his position until a successor takes office, he said. The successor should be in place by the end of September 2019 at the latest, Züblin said. While Bakaleynik was in office, the real estate holding company underwent extensive restructuring and recapitalization via a capital increase. The French investment properties were sold at the end of 2015 and the German real estate portfolio in 2017. In the 2016/17 financial year, Züblin returned to profit for the first time since 2012. In 2017/18, however, a loss was incurred again due to one-off effects. (ah)
