Baloise real estate fund can not escape the market trend
The Baloise Swiss Property Fund shows a negative performance for the financial year 2021/22. However, target rental income increased significantly thanks to acquisitions.
Baloise Asset Management is satisfied with the performance of the Baloise Swiss Property Fund (BSPF). The fund has also successfully completed its fourth financial year despite a difficult economic environment, the asset manager says.
The net asset value per unit reached CHF 109.27 per unit, slightly above the previous year's figure. The distribution remains unchanged at CHF 3.00. The BSPF was not able to escape the corrections on the financial markets - triggered by the war in Ukraine and the interest rate increases. It shows a performance (incl. distribution) of -12.8% in fiscal year 2021/22.
Target rental income (before deducting rent losses) increased by 30.2% compared to the same period last year, mainly acquisitions: The fund acquired a total of 20 properties during the year, including three healthcare properties in January 2022. Excluding these transactions, target rental income on the portfolio increased by 0.6%, Baloise Asset Management said. The rent default rate decreased from 5.5% to 4.1%. Due to a lower fund operating expense ratio, the EBIT margin increased to 66.6% from 62.7% in the previous year. (ah)
