UBS fund Anfos with higher rental income
The UBS (CH) Property Fund - Swiss Residential "Anfos" increased rental income by CHF 1.8 million to CHF 65.2 million in the first half of 2022/23. The decline in the rental loss rate from 4.3% to 3.6% contributed to this.
According to the fund management, the lower rental loss rate, which is made up of vacancies and collection losses, is due to lettings and good absorption following refurbishments and project completions. By contrast, the premium fell by 26.1 percentage points to 20.5%, reflecting the lower demand for indirect real estate investments as a result of the interest rate turnaround. However, Anfos outperformed the benchmark of the SXI Real Estate Funds Total Return Index of 1.5% with a performance of 2.6%.
Anfos' net income remained unchanged year-on-year at CHF 34.4 million in the first half of the year. Net fund assets grew from around CHF 2.17 billion to CHF 2.26 billion.
"Interest rate risk limited"
As at March 31, the fund's debt financing ratio was 19.9% (previous year: 18.9%). The mortgage portfolio has an average remaining term of 4.7 years and an average interest rate of 0.9%. "This means that the interest rate risk on the debt financing side remains limited in the medium term," according to the half-year report.
In the first half of the year, the fund acquired the "Dreiklang" new-build project for retirement apartments in Lausen (BL). The project, with an investment volume of around CHF 44 million, comprises four detached buildings with a total of 34 senior apartments, 40 care rooms, operating and restaurant space and 60 parking spaces. The fund also acquired a property in Bonaduz (GR) with 51 apartments. The purchase for CHF 34 million was the fund's first in Graubünden. (aw)
