Procimmo funds hold their own in the Corona crisis
According to Procimmo, the real estate funds Procimmo Swiss Commercial Fund 56 and Polymen Fonds Immobilier have come through the first half of 2020 well.
Procimmo Swiss Commercial Fund 56's investment return, calculated over twelve months, increased from 7.06% to 8.31%, according to Procimmo. Return on equity (ROE) increased from 6.03% to 7.54%.
The net asset value amounts to CHF 116.00/unit as of June 30, 2020 (previous year: CHF 112.20). Total income increased from 10.36 to 12.83 million, while total expenses increased from 3.73 to 4.87 million. Realized income increased to 7.96 million (PY: 6.63 million).
The fund's rental income increased from 9.11 million to 12.10 million. The rent default rate also increased to 14.65% as of June 30, 2020 from 13.96% in the prior year. As of June 30, 2020, net fund assets were 275.6 million and total fund assets were 478.1 million.
Polymen with 4.10% investment return
As of June 30, 2020, Polymen Fonds Immobilier achieved an investment return of 4.10% calculated over twelve months, compared to 4.79% in the previous year. The net asset value (NAV) was CHF 130.65/unit (previous year: CHF 128.65). Total income increased from 10.90 to 11.25 million, total expenses decreased from 7.40 to 7.28 million. Realized income increased from 3.48 to 3.97 million.
The Fund's rental income increased slightly from 10.64 million to 10.67 million, while the rent default rate reached 5.52% (PY: 3.59%). As of June 30, 2020, net fund assets were 341 million and total fund assets were 475.9 million.
As of July 1, Polymen has leased an area of almost 900 sqm in the building Rue St. Martin 9-11 in Lausanne. According to Procimmo, negotiations with the tenant were concluded at the beginning of the summer despite the Corona pandemic. The property will be used exclusively for commercial purposes. With the signing of the contract, the vacancy rate of the building has been further reduced and the annual rental income will increase.
