Streetbox funds: decline in profits in the first half of the year
Procimmo's Streetbox Real Estate Fund closed the first half of the 2023/24 financial year with total income of CHF 2.73 million.
The Streetbox Real Estate Fund reported total income of CHF 2.73 million for the first half of the 2023/24 financial year, which ended on September 30, 2023, compared to CHF 3.22 million in the same period of the previous year. The operating profit margin (EBIT margin) increased from CHF 60.861 million to CHF 71.211 million in the same period.
The fund's total assets increased to CHF 226.95 million (previous year: CHF 220.52 million), with net assets reaching CHF 150.04 million after CHF 142.42 million in the previous year. The net asset value of the fund is CHF 349.29 per unit. On March 31, 2023, the value was still CHF 358.14.
Rental income from street boxes amounted to CHF 5.72 million. The rental loss rate almost doubled year-on-year from 8.13% to 16.29%. The increase is mainly due to rent losses for which provisions have already been made, explains Procimmo.
The vacancy rate also increased, standing at 10.29% at the end of the half-year (previous year: 7.98%). According to Procimmo, the increase is entirely attributable to the location at Route des Avouillons 17B, 17C, 17D in Gland (VD), which is currently in the marketing phase.
The return on investment over six months amounted to kEUR 1.851 (previous year: kEUR 2.311) and the return on equity (ROE) was kEUR 9.941 (previous year: kEUR 9.291). (ah)
