Procimmo fund Immo56 yields 4.51 percent

According to the fund management, the net asset value of Immo56 rose to CHF 141.40 per unit as at the reporting date compared to CHF 138.40 as at September 30, 2016. Total income amounted to around CHF 9 million, while total expenses amounted to CHF 4.8 million. The fund management company puts total income in the first half of the year at around CHF 10.7 million. Rental income amounted to 8.8 million. Almost 70 percent of rental income came from residential properties, with the remainder coming mainly from commercial properties.

The EBIT margin was around 67% compared to 64% in the same period of the previous year. The leverage ratio rose from 32.8% to 36.2% compared to the same period of the previous year. The TER ref (GAV) fell from 0.97% to 0.89%. As at September 30, 2017, net fund assets amounted to 250.5 million and total fund assets to 403.6 million.

In the first half of the financial year, Immo56 acquired a plot of land with a legally valid building permit in Chavannes-de-Bogis (VD) near Geneva and two new buildings by means of a SWAP transaction (integration of new properties in exchange for fund units). According to the company, the building renovations in Laufen and Meyrin have been completed and almost all of the apartments have already been let. The construction of four properties in Granges-près-Marnand is progressing according to plan and the first apartments should be let from April 2018.

The fund management company is optimistic about the second half of the financial year. The capital increase, which was announced in July, is to be carried out at the beginning of 2018. The proceeds will be used to finance existing construction projects and to reduce the debt ratio to below 33.33%. The plan is also to sell one or more properties by March 31, 2018.