PSCF with investment return of 6.17 percent
The Procimmo Swiss Commercial Fund (PSCF) realized a total return of around CHF 18 million in the first half of the year. The return on investment of the real estate fund is 6.17 percent.
According to the fund management company, the PSCF's rental income amounted to CHF 26.3 million as at December 31, 2017. The rent default rate fell from 13.23% to 12.97%.
Income amounted to 26.62 million compared to 26.15 million as at 31.12.2016. Total expenses amounted to 14.73 million (15.75 million as at 31.12.2016). Net profit therefore amounted to 11.89 million.
The estimated market value of all properties is 888.16 million, which corresponds to an increase of 4.40% over the last twelve months. Taking into account the changes in the valuation of the real estate portfolio, total income amounted to CHF 18.19 million - a decrease compared to the half-year result as at December 31, 2016, when an extraordinary capital gain was recorded in connection with the sale of the property in Eysins. The net asset value rose from CHF 130.65 (31.12.2016) to CHF 133.30 per unit in the reporting period.
Equity amounted to 643.79 million as at December 31, 2017, compared to 630.96 million as at December 31, 2016. Total assets rose from 882.38 million to 907.40 million in the same period. The TER REF (GAV) increased slightly from 0.90% to 0.93%.
