Immofonds with "solid half-year result
The real estate fund has achieved a solid result in the first half of 2019/2020, according to the fund management. Net income increased by 3.6% to CHF 22.3 million.
Immofonds said that as of December 31, 2019, rental income increased by 3.9% to CHF 38.0 million compared to the same period last year. The increase was mainly due to the newly acquired properties in the past twelve months, the real estate fund says. The rent default rate decreased from 4.6% to 3.9%.
Net income was reportedly 22.3 million, up 3.6% year-on-year. Total income, taking into account capital gains, amounted to 23.6 million.
The fund generated proceeds of just under 4.0 million from the sale of seven condominium apartments. A total gain of 0.7 million was realized, of which 0.6 million will be recognized in income in fiscal year 2019/2020.
The Immofonds invested 3.4 million in ongoing refurbishments in the first half of the year. Among other things, the repositioning of Zum Pfauen in Zurich was completed. As of the end of the year, 60% of the office space had been leased, the statement said.
17.8 million was invested in the purchase of one residential property each in Lausanne and Fribourg with a total of 44 apartments. At the end of 2019, the fund held 128 properties with 3,739 apartments.
In October 2019, the real estate fund distributed CHF 13.50 per unit, which corresponded to a distribution yield of 2.9% at the price as of June 30, 2019. The stock market price increased from CHF 464.50 to CHF 503.00 during the reporting period, resulting in a performance of 11.3%. (ah)
