PSREF with 4.2% investment return
Patrimonium Swiss Real Estate Fund PSREF increased both rental income and net asset value in the 2018/19 financial year.
In terms of rental income, PSREF reports an increase of 5.3% or CHF 2.1 million to 41.7 million. According to the fund, the reason for the increase is the rental of apartments in an increased property in Meyrin (GE), acquisitions in the cantons of Vaud and Geneva, and rent increases following renovations. The average rent increase potential of the residential properties is around CHF 56/sqm per year, it adds.
As of March 31, 2019, the Fund's portfolio consists of 50 residential properties, eight mixed-use properties, five commercial properties, and nd four new construction projects with a total value of 903 million (previous year 790 million). The leverage ratio is 23.6% (March 31, 2018: 27.6%) with an average interest rate of 1.25%.
In the past financial year, the fund acquired a residential property in Meyrin (GE) for CHF 8.1 million, a commercial property in Renens (VD) for CHF 27.7 million and a mixed-use property in Vevey (VD) for CHF 12.35 million. In addition, a further part of the new construction project Oassis in Crissier (Lausanne/VD) and the new construction project City-Gate in the center of Basel-Stadt were acquired.
The payout per unit is increased from CHF 3.50 to CHF 3.85, an increase of 10% (payout ratio 90.97%).
Furthermore, the fund announces a capital increase with a volume of 60 to 80 million for September. Details are to be announced shortly before the issue. (ah)
