PSREF presents half-year figures
The Patrimonium Swiss Real Estate Fund (PSREF) is on track for the 2018/19 financial year. According to the fund, the rents received and expenditure on the buildings in the first half of the year are in line with the annual budget.
As at September 30, 2018, the PSREF portfolio consisted of 49 residential properties, seven mixed-use properties, four commercial properties and three new construction projects with a total value of CHF 804 million (30.09.2017: CHF 771 million). According to a statement from the fund, the net asset value increased from CHF 129.01 (after distribution) to CHF 130.51, whereby only the revaluation of a few buildings was taken into account. The revaluation of all properties took place at the end of the financial year on March 31, 2019.
The debt ratio as at September 30 was 17.88% (September 30, 2017: 28,32%) with an average interest rate of 1.52%. Rental income for the first six months amounted to 20.46 million, according to the information provided.
As at July 31, the PSREF purchased part of the Oassis new-build project in Crissier for 1.7 million (land and construction around 8.8 million). A new building in Renens has been part of the fund since November 2018.
With a new construction project in Montreux (VD), the Oassis project in Crissier and the development potential of the Spinnerei an der Lorze site in Baar (ZG), the fund has attractive growth potential, according to the fund management. Further expansion projects are currently underway for fund properties in the cantons of Vaud, Geneva and Fribourg: the expansion of a property in Meyrin (GE) was completed in September. A project in Lausanne (VD) started at the beginning of November, and building permits have been issued for the addition of one building each in Bulle (FR) and Geneva, the report continues. (ah)
