Procimmo 2 with almost 6% return on equity
Procimmo Swiss Commercial Fund II (Procimmo 2) reported a return on equity of 5.92% for the 2018/19 financial year. In the previous year, it was still 6.54%.
Procimmo reports that as of September 30, 2019, the fund has generated an investment return of 6.15% (previous year 6.76%) and a distribution return of 3.94% (previous year 3.98%). A tax-exempt dividend of CHF 5.20 per unit is to be distributed.
Rental income reportedly increased by almost a quarter from CHF 19 million to CHF 23.8 million. The rent default rate fell from 21.4% to 17.7%. Net asset value was CHF119.89 at the balance sheet date, up from CHF118.20 a year earlier. The Ebit margin increased slightly from 70.8% to 71.8%. Total income for the financial year increased from 16.4 million in the previous year to 18.5 million. TER REF (GAV) decreased from 0.88% to 0.85%.
According to Procimmo, net fund assets increased from 258.2 million to 320 million in the past fiscal year, while total fund assets rose from 371.4 million to 470.3 million. The fund currently holds 30 properties in its portfolio. For further growth, Procimmo intends to invest in commercial properties outside city centers, but in economically active regions, the company says.
A capital increase for Procimmo 2 is to be carried out in the new 2019/2020 financial year. According to the fund management company, it is also planned to list the fund on the SIX Swiss Exchange. (ah)
