PSCF 1 increases earnings and success
Procimmo Swiss Commercial Fund 1 (PSCF 1) increased its income from CHF 16.98 million to CHF 21.23 million in the first half of the year.
Income increased slightly from CHF 26.95 million to CHF 27.73 million. This was offset by expenses of 15.12 million (previous year: 15.02 million).
Total rental income of PSCF 1 increased by 2.2% year-on-year to 27.22 million as of December 31, 2019. Meanwhile, the investment return over twelve months decreased significantly from 6.10% to 5.18%. The net asset value is CHF 137.05 per unit, compared to CHF 135.70 in the previous year.
The rent default rate increased from 12.03% to 15.28% in the first half of the year. According to the fund management, this was due to tenants moving out prematurely.
Fund capital as of December 31, 2019 reached 735.19 million compared to 655.27 million as of December 31, 2018. Total assets of PSCF 1 reached 994.18 million (previous year: 946.35 million). TER REF (GAV) decreased from 0.96% to 0.94%. (ah)
