Immofonds: Increased focus on residential properties
Immofonds continued its strategic focus on residential properties in the 2015/2016 financial year. Following the sale of a major commercial property in Männedorf, purely commercial properties accounted for only two percent of assets at the end of June 2016.
The share of residential properties in the real estate fund's portfolio rose to 91.4 percent of assets in the year under review. In addition, 5.2 percent were mixed-use buildings. Two properties in Mühlethurnen and Rorschach were sold.
As the residential buildings in Adlikon and Muri (AG) were completed and transferred to the portfolio, the number of apartments increased by 34 to 3,552, spread over 122 properties in 58 locations in Switzerland. Immofonds says it intends to use the funds freed up by the sales for the realization of new and replacement buildings.
Projects are currently underway for new replacement buildings in Zurich, Chur and Cham. On a newly acquired plot of land in Aarburg, the fund will realize two apartment buildings with a total of 95 apartments. In total, Immofonds invested CHF 27.5 million in new buildings in the financial year.
Rental income increased slightly by 0.4 percent to CHF 68.6 million. The market value of the properties declined by 0.4 percent to CHF 1.33 billion, which the fund said was due to the sale of the three properties. (ah)
