Helvetia (CH) Swiss Property Fund with total income of 22.9 million
In the financial year 2021/22, Helvetia (CH) Swiss Property Fund generated total income of CHF 22.9 million on the basis of increased net income and valuation gains.
Net income in the financial year reached CHF 17.9 million, unrealized capital gains after liquidation taxes totaled CHF 4.9 million. The total income of CHF 22.9 million corresponds to an investment return of 4.11% (previous year: 5.5%).
The stable income and value development is also due to the high residential share of around 82% of the target rental income. Rental income amounted to CHF 27.4 million (2020/21: 22.2 million). The rent default rate within one year is 2.5% and thus at the level of the previous year (2020/21: 2.5%).
The fair value of the real estate portfolio, consisting of 39 properties and 1,575 apartments, increased by CHF 314.5 million year-on-year to CHF 862.8 million. In spring, a capital increase in the gross amount of CHF 210 million had taken place.
Performance negative, but above benchmark
Based on the over-the-counter price performance from October 1, 2021 to September 30, 2022, the fund showed a negative performance of -2.92%. However, Helvetia points out that relevant benchmark index SXI Real Estate Funds Broad TR brought in a negative performance of -16.08% in the same period due to economic uncertainty.
Next capital increase in sight
The fund management company intends to continue expanding the real estate portfolio in fiscal year 2023. To this end, it is planning a further capital increase at the end of March. The proceeds of the issue will again be used for the acquisition of a real estate portfolio with a high residential content from the Helvetia Versicherungen portfolio in the amount of around CHF 200 million. In all likelihood, this will be the penultimate capital increase until the listing of Helvetia (CH) Swiss Property Fund on the SIX Swiss Exchange. (aw)
