Patrimonium: PSREF fund increases NAV
The Patrimonium Swiss Real Estate Fund (PSREF) continued to perform positively in the 2015/16 financial year. The net asset value NAV per unit increased, after distribution, from CHF 117.90 to CHF 122.37, corresponding to an investment return of 6.34 percent.
Rental income at PSREF increased by 6.8 percent to CHF 34.8 million. The two new buildings in Basel-Stadt (Erlenmatt) and Echandens in the canton of Vaud contributed 2 million to rental income. The target rental income of the two properties amounts to 4 million. According to Wüest & Partner, the average rent increase potential for residential use is around CHF 37 per square meter per year.
The distribution of CHF 3.00 per share was brought forward due to the capital increase of CHF 64.2 million carried out at the end of the financial year and was made during the year as of March 3, 2016. This was a pure income distribution, the company says.
In the past financial year, PSREF acquired the commercial property "Spinnerei an der Lorze" in Baar (ZG) together with Patrimonium Anlagestiftung Anlagegruppe Wohnimmobilien Schweiz. The fund holds 67 percent of this property. Both buildings are currently used as office, commercial and retail space and currently have a target rental income of 5.6 million.
With a new construction project in Montreux, floor increases of properties in the cantons of Geneva and Vaud as well as the development potential of the newly acquired site "Spinnerei an der Lorze" in Baar, the fund "has an attractive growth potential", the statement continues.
PSREF invests in residential and mixed-use properties, with a focus on residential properties in the lower and medium rental price segments, predominantly in the Lake Geneva region and on the Fribourg, Berne, Basel and Zug axis. As of the end of the financial year (March 31, 2016), the PSREF portfolio consisted of 50 residential properties, seven mixed-use properties and five commercial properties with a total value of 709 (previous year: 617) million.(mr)
