Swiss Prime Investment Foundation presents half-year results
Swiss Prime Investment Foundation reports an investment return of 1.64% and 3.28% on an annualized basis for the first half of 2019. This is on par with the previous year, the investment foundation said.
In the first six months of the current year, acquisitions amounting to around 533 million were made, Swiss Prime Investment Foundation (SPA) announced. The real estate portfolio was expanded by 24 properties to a total of 76 - including five development projects. The investment volume amounts to around 2.2 billion. According to SPA, the residential share amounts to around 50%.
Net rental income increased from 26.2 million in the first half of 2018 to 28.6 million. This compensated for the missing rent from the conversion of the "Leuenhof" in Zurich - around 3.9 million or around 13% of net rental income as of June 2019, it said. At "Leuenhof," 40% of the work has been completed, the SPA statement said. The lease for the new main tenant will start as planned in July 2020.
The vacancy rate decreased from 5.20% in the first quarter of 2019 to 5.09% as of June 30, 2019. Among other things, one reason for this was a lease of approximately 3,500 sqm in Zuchwil, SPA informs.
Net income for the first six months increased year-on-year from 15.8 million to 20.0 million. Total income for the first half of 2019 was 24.2 million. This is approximately 42% more than in the same period last year (17.0 million as of 06/30/18). (ah)
