Intershop expects sales gains in H2
For the year as a whole, the company is announcing profits from property sales of up to CHF 20 million and, as part of the half-year figures, is also announcing a switch to a different appraiser.
Thanks to index adjustments and vacancy reduction, Intershop increased its real estate income by CHF 0.9 % to CHF 40.9 million in the first half of the year. This more than compensated for the loss of CHF 0.8 million due to sales. The value of the real estate portfolio amounted to CHF 1.44 billion at the end of the first half of the year. The revaluation of the portfolio resulted in an increase in value of 1.6 % or CHF 22.4 million.
Vacancy rate slightly lower
The vacancy rate for the yield-producing portfolio was reduced by 0.5 percentage points to 6.9 %. By contrast, the vacancy rate for development properties rose by 10.2 percentage points to 28.6 %. This was due to the completion of the "Métiers Vernier" project and the acquisition of the vacant property at Brown Boveri Platz 3 in Baden. On a comparable basis, the increase amounted to 0.5 percentage points.
Several special effects cancel each other out in net profit
Changes in tax provisions and the reversal of a tax item resulted in total tax income of CHF 2.2 million, while tax expenses of CHF 10.9 million were reported in the previous year. At CHF 52.7 million, net profit nevertheless remained at a similar level to the previous year (CHF 52.8 million), as the latter was also characterized by high sales gains and lower appreciation.
The aforementioned acquisition in Baden has an annual target rent of CHF 1.2 million. Concepts for re-letting are in progress. The implementation of structural measures is planned by summer 2025. According to Intershop, the first letting success has already been achieved for the interim letting.
Several project advances
Intershop can also report progress in construction and development projects: The basic extension of the "Métiers Vernier" commercial building was completed in the first quarter, it says. The second renovation phase of the "Bloom" in Lausanne began in April and should be completed by fall 2025. According to Intershop, test planning for the "Mediacampus" in Zurich will take place by the end of the year to evaluate the potential for densification. A draft special use plan has been submitted for the Oststrasse development property in St. Gallen.
Sales planned in H2
Intershop expects a slightly positive development in both rental income and vacancies on a like-for-like basis by the end of the financial year. Gains on sales of between CHF 10 million and CHF 20 million are expected from the property sales already completed in the second half of the year and those still planned.
On the acquisition side, the purchase of an office and commercial building in Baar was notarized after the balance sheet date on 1 August. In addition, the purchase of a "development property in a residential zone near the airport is being negotiated exclusively", according to the statement.
CBRE may value from 2025
Intershop also announces that it has decided to change its real estate appraiser. From 2025, CBRE Zürich AG will be entrusted with the valuation of the properties. The previous mandate holder had valued the portfolio since 2011. This is likely to have been KPMG. (aw)
