Intershop increases profit and fills two positions after

Intershop Holding AG increased its rental income by 7.7% to CHF 40.6 million in the first half of the year despite the sale of two rented properties. According to the company, this was due to successful lettings and rent increases due to index adjustments. The value of the real estate portfolio, comprising 27 investment properties and 18 development and promotional properties, fell by CHF 2.5% to CHF 1.34 billion. Investments amounted to CHF 41.9 million and an appreciation of CHF 14.9 million also had a positive effect, which almost compensated for the sales, according to the company. The vacancy rate for investment properties fell by 2.1% to 7.9% and that for development properties by 1.9% to 18.3% in the first half of the year.

Profit contribution of 20.2 million from sales

The sale of the 60 condominiums on Römerstrasse in Baden, which will be completed in 2023, and smaller portfolio adjustments resulted in a profit contribution of CHF 20.2 million. Net profit rose from CHF 36.4 million to CHF 52.8 million. Intershop reports a return on equity of 12.2%. "Excluding changes in market value, Intershop Holding AG expects good annual results, which should make it possible to maintain the attractive dividend policy," it says.

Mireille Lehmann and Yannick Hartmann follow Christian Baldinger and Adreas Wirz

Intershop is also announcing changes to its management team. Mireille Lehmann will succeed Christian Baldinger as Head of Construction and Development and member of the Management Board by April 1 at the latest. Yannick Hartmann will succeed Andreas Wirz as Head of Real Estate by June 1 at the latest and will also become a member of the Executive Board. As Intershop explains, this position combines responsibility for asset management, property management and facility management. Portfolio management will be the responsibility of the Executive Board. Intershop announced the departure of Baldinger and Wirz in May (IB reported). CFO Thomas Kaul had also announced his resignation.

The two new managing directors have been working for Intershop for several years. Lehmann holds a master's degree in architecture from ETH Zurich and completed the Master of Advanced Studies (MAS) in Real Estate at the Center for Urban & Real Estate Management (Curem) at the University of Zurich. She has been managing development, repositioning and refurbishment projects for Intershop since 2016. Hartmann completed a commercial apprenticeship, holds a bachelor's degree in business law and completed the Master of Advanced Studies (MAS) ZFH in Corporate Finance & Corporate Banking at the Zurich University of Applied Sciences. Since 2015, he has been involved in repositioning, acquisition and divestment transactions in the area of portfolio management. (aw)