Decline in profits at BFW Liegenschaften

According to provisional figures, the operating result (EBIT) fell from 15.8 million in the previous year to 9.1 million, according to BFW Liegenschaften. The profit including revaluation income was 2.9 million - in the previous year, the real estate company had still recorded a profit of 13.4 million.

At 2.1 million, income from revaluation was significantly lower than in the previous year (7.5 million). Income from rentals fell from 7.8 to 7.1 million - mainly due to property sales in the second half of 2018 and first half of 2019, BFW Liegenschaften said. The sale of investment properties in Burgdorf and Weinfelden resulted in a one-off gain of 1.3 million (previous year: 2.0 million).

BFW Liegenschaften also announces that twelve properties, most of them smaller, are still to be sold. The funds thus released are to be invested in development projects: An area development with around 20 apartments is planned in a central location in Steckborn (Augustinergasse), a new construction project with four buildings and 86 apartments with a small commercial component is to be built in Löwenstrasse in Rorschach, and an existing property in Schaffhauserstrasse in Zurich is to be extended and further developed. (ah)