Akara Diversity PK profitable with 6%
The Akara Diversity PK real estate fund reports an investment return of around 6% for the completed 2018 financial year. The subscription period for a new capital increase will start shortly.
Akara Funds intends to carry out a capital increase of up to CHF 170 million for the Akara Diversity PK with a subscription period from April 29 to June 7, 2019. A maximum of 157,080 new shares are to be issued. The aim of the issue is to increase the liquidity of the securities and to expand the investor base as well as to reduce the debt financing ratio and to finance upcoming lighthouse projects, the fund company says. The newly inflowing equity capital is expected to be fully invested at the time of the payment, which is scheduled for June 28 of this year, the statement continues.
According to Akara Funds, there are currently 628,320 shares in circulation, divided among a total of 73 investors. The three largest investors hold about 44%, the five largest investors about 55% and the ten largest investors about 72%.
Total fund assets at the end of the past fiscal year amounted to 764.81 million, which is 134% more than in 2017. The market value of land is estimated at 750.99 million and net fund assets at 679.80 million. Revaluations and partial purchases below market value had resulted in an appreciation of 5.42 million or 0.85%.
Income increased significantly compared with the previous year: it grew byTP2T 1,361 to 40.31 million. A large part of this was accounted for by rental income of 22.75 million. Reduced by the expense, the result is a net income of 33.10 million, Akara Funds said.
According to the fund company, the investment return in the past fiscal year was 6.01%, up from 6.05% in the previous year. The distribution yield is put at 4.04%, which is 0.02% points more than in 2017.
In fiscal year 2018, 29 properties were notarized, of which 27 were transferred to the ownership of Akara Diversity PK. As of year-end, the fund thus held 61 notarized properties and 58 respectively, with approximately 840 apartments and 120,600 sqm of commercial space. Including events after the balance sheet date, Akara Diversity PK currently comprises 68 deeded properties with a post-completion value of over 1.2 billion. Approximately 590 new apartments and over 26,000 sqm of additional commercial space are expected to be built by 2023. (ah)
