Axa Immovation fund on course for growth

Axa Immovation Residential has acquired four properties in the city of Geneva, Carouge and Wallisellen. The market value of the property portfolio increased by 25.8% to 522.2 million compared to the previous year. In total, the fund has 37 properties in its portfolio. Net income increased by 1.6 to 12.3 million. The investment return is rated at 4.5% and the distribution return at 2.7%. Total fund assets as of the end of September 2019 were 531.7 million.

Axa Immovation Commercial acquired two core properties in Basel and Lausanne, bringing the portfolio to 33 properties with a total market value of 632.5 million (previous year 597 million). Rental income increased by 0.3 million year-on-year to 29 million, and the occupancy rate was 95.3%. The investment yield is 4.6% and the distribution yield is 3.8%. Total fund assets amounted to 644.6 million as of the reporting date. (ah)