Bonhôte-Immobilier presents annual report
Bonhôte-Immobilier, the real estate fund in western Switzerland, increased its net asset value to CHF 119.00 per unit during the 2018/19 financial year - an increase of CHF 1.05 compared to 2018.
The net operating result for the financial year is reported to be CHF 19.75 million. The dividend amounts to CHF 3.15 and is to be distributed on July 11, 2019. As in the previous year, investors can choose between a cash dividend and new fund units.
A share of Bonhôte-Immobilier last traded at around CHF 138.50 on the Swiss stock exchange; the premium to net asset value is thus 16.38%, which is below the average for listed real estate funds.
Bonhôte-Immobilier points out that the financial year ended with a significant increase in the tax burden: On the one hand, due to the lower capitalization rate used to determine the tax value of the properties in Geneva, and on the other hand, the final tax invoices from the cantons for the period from 2011 to 2014 were received late and at the same time turned out to be higher than taken into account in the tax provision.
The real estate fund is currently invested exclusively in western Switzerland: the focus is on the cantons of Vaud and Geneva, but the fund also holds properties in Neuchâtel, Fribourg, the Jura and Valais. Almost three quarters of the rental income comes from residential use.
According to Bonhôte-Immobilier, new regions are currently being examined with a view to attractive real estate investments. The focus is reportedly on the Seeland region as well as the cantons of Bern, Fribourg, Solothurn and Basel. However, the other cantons of western Switzerland are also to remain in view. (ah)
