Fundamenta Real Estate with net profit at record level

Fundamenta Real Estate AG increased its net rental income in the 2020 financial year by 13.4 percent to CHF 33.47 million (previous year: CHF 29.51 million). According to the real estate company, the acquisitions of two portfolio properties in Niederweningen (ZH) and Zurich, the completion of three development projects in Basel, Zurich and Schlieren and the completion of a further portfolio development in Basel contributed to this. All projects completed in the financial year were fully let on completion; the vacancy rate was reduced to 3.5 percent (3.7%).

The net profit reported is CHF 26.7 million, a record figure according to the company with an increase of 18.6 percent compared to the previous year. The slightly lower revaluation effect was more than compensated for by a better operating result and the proceeds from the sale of three investment properties. Fundamenta reported a net operating profit (excluding revaluation effect) of CHF 19.10 million (+33.3%).

Real estate portfolio on the billion euro threshold

The value of the real estate portfolio increased to CHF 991.94 million (previous year: CHF 908.91 million). According to the information provided, the increase resulted from the acquisition of another development project in St. Gallen, the completion and transfer of three new construction projects (Basel, Zurich and Schlieren), the completion of a repositioning in Basel, the acquisition of two portfolio properties, the construction or project progress of ongoing development projects (new construction and portfolio) and the revaluation of the portfolio as of the balance sheet date. The sale of three portfolio properties in Thun, Goldau and Lenzburg at the end of December 2020 resulted in a gain on sale (before taxes) of approximately CHF 3.85 million.

As of the balance sheet date, the company reported a net asset value before deferred taxes of CHF 17.11 per share (previous year: CHF 16.30) and a NAV after deferred taxes of CHF 15.86 (previous year: CHF 15.29). In view of the pleasing annual result and based on the positive assessment of the further development, it is planned to increase the dividend by 10.0 percent to CHF 0.55 per registered share, the company announces. (bw)