Procimmo funds: change of manager and higher dividend
The "Procimmo Swiss Commercial Fund" closed its financial year at the end of June 2017 with a realised profit of CHF 28.52 million. This corresponds to a profit of CHF 5.90 per unit.
The fund thus intends to distribute a dividend of CHF 5.30 per unit (excluding direct tax and withholding tax) this autumn. In the previous year, the dividend paid to investors in October 2016 amounted to CHF 5.20. According to Procimmo, the real estate fund realised an investment return of 7.11 percent in the past 2016/2017 financial year (2015/2016: 6.51%), while total income rose to 44.3 (39.7) million. As at 30 June 2017, the net asset value was CHF 134.85 (130.90) per unit. The Fund's rental income amounted to 52.6 (55.2) million. Expenses were approximately 31.05 (31.81) million and total income increased to 44.3 (39.7) million.
Total fund assets of over 900 million
The "Procimmo Swiss Commercial Fund" invests mainly in commercial properties, industrial buildings, commercial and administrative buildings. According to the company, the fund's strategy is to "invest outside of city centres in properties with high appreciation potential". As of June 30, 2017, the fund's equity stood at just over 651 million and its total assets at just under 905 million.
While the net fund assets climbed significantly year-on-year to now around 632 million, total assets decreased slightly to 910 million. Looking at the current projections for the next three years, Johny Rodrigues, fund manager of the "Procimmo Swiss Commercial Fund", explains that the aim is to guarantee a dividend payout of over CHF 5 per unit in the long term.
Alexandre Monney to take over fund management in future
Rodrigues will leave the company at the end of the year. His successor in the position of fund manager will be Alexandre Monney MRICS as of 1 December 2017. He most recently worked at UBS SA in Geneva as a Director for the "Real Estate Customized Mandates" department and has many years of experience in the real estate sector, particularly in asset management, transactions, real estate analysis, valuation and property management. Monney will work for the company in Le Mont-sur-Lausanne.
