Espace Real Estate increases half-year profit
Espace Real Estate Holding increased its profit by 8.5% to CHF 11.8 million in the first half of the year. Excluding revaluation and sales, there was an increase of 6.1% to CHF 8.8 million.
The Solothurn-based company's rental income rose slightly from CHF 14.4 million to CHF 14.9 million. The vacancy rate of investment properties decreased by almost 60 basis points to 4.72%. Income from revaluation remained almost unchanged at CHF 3.0 million (3.1 million). The market value of the portfolio, including investments made, increased from CHF 738.1 million to CHF 751.1 million. Industrial land in Oensingen (SO) was sold.
Espace provides the following updates on their projects:
- The renovation work on the Meisenweg property in Derendingen (SO), with a total of 57 apartments, will be largely completed by the end of September. The first two stages with 48 apartments were let in the first half of 2022 and had a positive impact on rental income.
- In the commercial sector, space was re-let in particular in the properties at Dammstrasse 14, Grenchen (SO) and Solothurnstrasse 1, Biel.
- In the first half of the year, construction work began on the total renovation of the Amselweg/Lerchenweg property in Zuchwil (SO) with 73 apartments.
- In Biel, the building application for the third and final stage of the Visavie development with a total of 76 apartments and a first floor use for housing for the elderly was submitted.
- And in Grenchen, the preliminary project for the Hasenmatte development with 32 apartments was completed.
It is conceivable, he said, that construction work will begin at a later date because of rising construction costs.
For 2022, Espace expects a higher operating profit for the year than in the previous year. (aw)
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