Polymen Fonds Immobilier yields 4.23%
According to the fund management company Procimmo, Polymen Fonds Immobilier achieved an investment return of 4.33% and a return on equity ("ROE") of 4.23% in fiscal year 2019.
Total income at the end of the financial year amounted to CHF 22.15 million, while total expenses were CHF 14.11 million, Procimmo reported. Net income is thus about 8.04 million, an increase of 4.4% compared to the previous year. Rental income decreases from 21.90 to 21.61 million.
The net asset value as of December 31, 2019 is CHF 131.90 per unit (previous year: CHF 129.55); the dividend amounts to CHF 3.15 per unit and is to be distributed on April 30, 2020. The distribution yield is 2.10% compared to 2.29% in the previous year.
Polymen Fonds Immobilier's leverage ratio is reported to be 25.89% (prev. yr.: 25.30%), and operating profit margin (EBIT) comes in at 62.64% (prev. yr.: 61.97%). The rent default rate increased from 3.74% to 4.11%. The TER REF (GAV) decreases from 0.97% to 0.90%. Total fund assets are 479 million as of December 31, 2019, and net fund assets are 344.3 million.
"Moderate impact" of Covid-19
Procimmo has conducted stress tests for the real estate funds it manages to assess the impact of the Covid 19 pandemic. As far as Polymen Fonds Immobilier is concerned, the fund management assumes a moderate impact. The dividend for fiscal 2020 is not expected to be significantly affected, it said.
The fund's properties are mainly located in the cities of Geneva and Lausanne, where rents are low to moderate, which protects the fund from the current crisis. Residential income and parking lots made up two-thirds of the portfolio, in addition to 20% commercial spaces not at risk, such as grocery stores or spaces used by the health sector, state and municipalities, insurance companies or consulates. The risk of loss for commercial rents could range from 1.8% to 2.5% of revenues in 2020, and for residential rents from 1.3% to 1.9%, according to the stress test.
Procimmo further announces that Alexandre Monney will succeed Alexia Gillard as Fund Manager of the Polymen Fund as of May 1, 2020. Gillard will leave Procimmo at the end of April 2020 to pursue a new challenge. Monney is also fund manager of the Procimmo 1 fund. (ah)
