Investis divests two residential portfolios
Investis is selling a total of ten properties in western Switzerland for CHF 319 million. The sales are related to the ongoing portfolio optimization, the company says.
According to the company, the two portfolios that Investis is now selling are seven residential properties in the canton of Geneva and three residential properties in the canton of Vaud. The purchase price amounts to CHF 319 million, and the target rental income of the properties is currently CHF 8.7 million. As there are several buyers and there are also legal pre-emption rights, the completion of the sales will take place in several stages, Investis writes in an ad hoc release.
The transaction would significantly reduce financial liabilities and thus lower the LTV. As of the end of 2021, the real estate group had liabilities of CHF649 million and LTV was 37%. The pre-tax gain on the sales is expected to amount to CHF57 million, according to Investis, and thus have a corresponding positive impact on the 2022 annual result.
However, Investis does not want to say goodbye to the Lake Geneva region with the sales: "The proceeds from the current sale create further flexibility to take advantage of opportunities in the market," says CEO Stéphane Bonvin. "The attractiveness of the residential real estate market in the Lake Geneva region is undiminished and remains our investment focus." (ah)
