Procimmo: Residental Lemanic sold for CHF 33.7 million
According to the fund management, four sales will help to reduce the debt ratio, reduce the proportion of commercial properties and refocus the portfolio on French-speaking Switzerland.
Procimmo has sold four buildings for a total of CHF 33.7 million for the Procimmo Residential Lemanic Fund (PRLF). "With these sales, Procimmo has achieved the targets it had set itself for 2023 with regard to the portfolio rotation of the fund", writes the fund management company. The sales were made at or above the DCF price, with low net yields. The buildings in Biberist and Murten had "significant vacancies" and were heavily commercial in nature. According to the information provided, the buildings in Geneva and Rolle required high investments that were not very profitable from Procimmo's point of view.
"These sales will enable the fund to reduce the proportion of commercially oriented buildings, refocus the portfolio on western Switzerland and avoid future unprofitable investments." The proceeds will be used to reduce the debt ratio. Sales opportunities "in line with reinvestment needs" are to be evaluated again for 2024.
The fund reported total fund assets ofCHF 546.2 million at the half-year mark. (aw)
