SF Retail Properties Fund invests in its own portfolio
The rental income of the SF Retail Properties Fund was virtually unchanged in the first half of the year. The overall result remained positive despite devaluations.
The SF Retail Properties Fund recorded rental income of CHF 21.6 million in the first half of 2023 (previous year: CHF 21.7 million). The lower income from the sale of ten properties in February 2022 has already been compensated for, in particular by indexation adjustments, according to the statement. Net income fell from CHF 14.4 million to CHF 13.4 million. Due to the "ongoing consolidation of market prices", no transactions were carried out in the first half of 2023, according to the fund management company. Instead, the focus was on investments in the portfolio - a total of CHF 9.9 million was invested in 13 locations.
The fund's real estate portfolio had a market value of CHF 880.1 million as at June 30, divided into 84 properties. The gross yield of the portfolio was 5.51% as at June 30. The vacancy rate has fallen by 0.63 percentage points to 5.32% since the beginning of the year. Total income fell from around CHF 11 million to CHF 2.48 million (previous year: CHF 17.19 million) as a result of unrealized capital losses.
One of the largest construction projects is the conversion of the "Clarahuus" in Basel. The tenant is converting the existing office space on the 3rd and 4th floors into modern business apartments during a construction phase lasting a total of twelve months (IB reported). In a second phase, the shopping arcade will be completely redesigned and renovated. The necessary planning application has been submitted and construction is expected to start in 2024. (aw)
