Procimmo fund PSCF 2 yields 8.4%
The Procimmo Swiss Commercial Fund II (PSCF 2) achieved a return on investment of 8.41% in the first half of the year. In the first half of 2018, the figure was 5.22%.
According to Procimmo, the total income from PSCF 2 amounted to around CHF 14.3 million as at March 31, 2019. This is offset by expenses of around CHF 5.9 million. Net income therefore amounted to CHF 8.4 million; total income is estimated at CHF 11.9 million.
Rental income increased by a goodTP3 thousand toTP 11.1 million. The rent loss rate, which takes into account both loss of income and collection losses, is virtually unchanged at 20.50%.
According to the information provided, the net asset value (NAV) amounted to CHF 117.39 per unit as at March 31, compared to CHF 113.53 at the end of March 2018.)
Total fund assets amounted to 469.7 million and net fund assets to 313.4 million. The leverage ratio of PSCF 2 is 34.77% and the operating profit margin (EBIT) is 72.06%. As in the previous year, the TER REF (GAV) amounted to 0.96%.
PSCF 2 has 28 properties in its portfolio in the cantons of Aargau, Basel-Landschaft, Bern, Fribourg, Graubünden, Lucerne, Solothurn and Zurich. The fund intends to use the funds from the capital increase carried out in March to make further acquisitions in German-speaking Switzerland in the coming months.
Procimmo also announced that it plans to convert the fund into a public fund and list it on the SIX Swiss Exchange in the new 2019/2020 financial year at the earliest. (ah)
