Procimmo 1 significantly increases rental income
In the first half of the 2015/2016 reporting period, Procimmo 1 Swiss Commercial Fund was able to achieve a net profit of almost 16.5 million Swiss francs. Rental income rose markedly by almost 2.7 million to a new figure of over 27.7 million.
"The fund is now accelerating the rotation phase with more sales and acquisitions by the end of this fiscal year." Johny Rodrigues, Asset Manager Procimmo 1
The investment return of the real estate fund was 5.41 percent and the net asset value (NAV) was 125.60 francs per unit. Total income amounted to 31.45 million at the end of December 2015, compared to 25.55 million at the end of 2014, due to the added value of building roofs as a result of the installation of solar panels. At the same time, total expenses decreased slightly to around 15 million. The rent default rate increased from 15.42 to 15.50 percent.
Procimmo 1's equity amounted to 606 million and non-current assets to 888 million in the reporting period. Both figures were thus higher than in the previous year. The TER REF (GAV) was again reduced to 0.99 percent (2014: 1.09 %). The fund still aims to achieve a TER of 0.9 percent in the medium term, says Johny Rodrigues, asset manager of the Procimmo 1 fund, adding, "The fund is now accelerating the rotation phase with further sales and acquisitions by the end of this fiscal year." A long-term dividend of more than five francs per unit remains "the priority target of this fund," he says. Procimmo 1 says it invests "mainly in industrial and commercial properties with high appreciation potential outside cities in western Switzerland." (mr)
