Swisscanto Responsible Swiss Commercial increases overall success
The Swisscanto (CH) Real Estate Fund Responsible Swiss Commercial achieved a solid result in the 2020 financial year, which was difficult due to the pandemic, according to the fund management company. The overall performance increased slightly.
Taking into account the purchase in the current income in the capital increase of September 2020, the fund increased the total income compared to the previous year from CHF 16.8 million to CHF 17.7 million, Swisscanto reports. The overall success consisted of net income of 19.2 million (previous year: 18.5 million) and unrealized capital gains of -1.5 million (previous year: -1.7 million). The distribution for the 2020 financial year is expected to be CHF 4.10 after CHF 3.70 in the previous year (distribution ratio 101.1%).
As of the end of 2020, the portfolio of the Swisscanto (CH) Real Estate Fund Responsible Swiss Commercial, which focuses on commercial and mixed-use properties, comprised 24 properties (previous year: 23) with a market value of 614.9 million (previous year: 601.7 million). In December, the fund acquired two commercial properties in the tax-attractive municipalities of Lachen (SZ) and Root (LU).
The vacancy rate as of the reporting date reportedly decreased from 5.12% as of the end of 2019 to 4.32% as of the end of 2020. Meanwhile, the fund's rent default rate increased from 7.2% to 9.3% over the same period. Much of the increase was due to the first Corona lockdown from March to May 2020, the fund said. Overall, the revenue shortfall due to rent abatements would be about 0.6 million, or 2.1% of the fund's annual rental income. Excluding the pandemic-related one-time effects, the rent shortfall in fiscal 2020 would be 7.8%, according to the data. (ah)
