Investis significantly increases profit
The company is benefiting from the sale of the service division and a more favorable valuation result, but is also able to grow operationally.
At Investis, rental income in the "Properties" like-for-like segment rose by 1.8% in the first half of the year, while residential properties increased by 2.0%. The increase was mainly due to rent increases for existing tenancies, but also to tenant changes, according to the report. The vacancy rate increased only marginally from 0.9 to 1.0%. Meanwhile, target rental income rose by CHF 7% to CHF 62.0 million thanks to acquisitions and EBITDA before revaluations increased from CHF 16.5 million to CHF 17.9 million. The discount rate relevant for the valuation increased slightly on average from 2.79 to 2.99% and the portfolio was revalued by CHF 4.5 million. A devaluation of CHF 48.8 million was reported in the same period of the previous year. Including valuation, the segment improved EBIT to CHF 22.4 million (H1 2023: CHF -32.2 million).
Sales in the Real Estate Services segment sold amounted to CHF 90 million with an EBIT margin of 9.8% as at the sale date of June 24. The sale resulted in a profit of CHF 122.2 million. This led to Group EBIT of CHF 150.9 million (previous year: CHF -25.9 million).
After the reporting date, Investis acquired four properties and signed a purchase agreement for a further property. The total purchase price for these properties amounts to CHF 159 million. The target rental income increased by CHF 10.8 million as a result
"Future growth will accelerate"
"We are very pleased with our strong performance in the first half of 2024," says CEO Stéphane Bonvin. "Some outstanding properties" have been acquired in the Properties segment. "Today we are laying a solid foundation for future growth and profitability, supported by an excellent balance sheet with low debt. This will further accelerate our future growth." (aw)
