Procimmo Swiss Commercial II: Good annual result
Procimmo Swiss Commercial II achieved an investment return of 8.2 percent in the past financial year (as of September 30, 2016). Total fund assets increased significantly to CHF 255.3 million.
The real estate fund Procimmo Swiss Commercial II had a successful business year: As of September 30, 2016, the investment return (over 12 months) was 8.2 percent, the distribution return was 4.03 percent and the distribution ratio was 94.01 percent. The total performance of the fund during the reporting period from Oct. 1, 2015 to Sept. 30, 2016 was 16.13 percent.
The net asset value (NAV) amounted to CHF 113.52 as of September 30, 2016, around eight percent more than in the previous year (CHF 104.92). The operating profit margin (EBIT margin) amounted to 74.47 percent, and the total profit for the financial year was around CHF 11.9 million.
Rental income amounted to CHF 12.79 million. The rent default rate increased slightly year-on-year from 9.7 to 10.81 percent. According to Procimmo, the main reasons for this increase are higher vacancy rates and rent discounts granted to secure long-term leases, as well as purchased properties with vacancies.
The TER REF (GAV) fell to 1.10 percent (previous year: 1.17%).
Fund assets increase significantly
The net fund assets of Procimmo Swiss Commercial II amounted to CHF 186 million as of September 30, 2016, compared to CHF 76.4 million in the previous year. Total fund assets increased from 108.1 million in 2015 to now 255.3 million.
The capital increase in June and July 2016 raised around CHF 61 million, which - according to Procimmo - was "seamlessly" invested in further properties.
As of September 30, 2016, Procimmo Swiss Commercial Fund II had eighteen properties, mainly located in German-speaking Switzerland. The focus is on commercial and industrial properties in easily accessible locations close to highways and in economically active areas.
