Akara Diversity PK records profit increase
The Akara Diversity PK real estate fund reports total income of around CHF 67.05 million for the 2020 financial year, which is almost CHF 20 million more than in the previous year. In order to finance further growth, the fund is carrying out a capital increase.
As at the balance sheet date 31.12.2020, the Fund held 121 properties - 109 existing properties and twelve construction projects - with a market value of CHF 1.61 billion. Twenty-one investment properties with a market value of around CHF 248.50 million were purchased; there were no sales.
Rental income last year was CHF 48.76 million, compared with CHF 34.24 million in the previous year. The rent default rate is put at 6.33 percent. The average remaining term of the fixed-term rental contracts (WAULT) is 4.51 years. The negative impact of the Corona pandemic was minimal last year, he said. The delta of the actual net rent is -0.21 percent and -0.47 percent for commercial space.
Based on the market value, 61% of the portfolio is classified as residential, 13% as mixed-use and 26% as commercial as of the balance sheet date. The geographical focus is the Zurich region (45.3%). The vacancy rate as of the reporting date, adjusted for properties in initial letting or revitalisation, is stated at 3.25 percent.
According to Akara, the total fund assets (TF) amount to 1.64 billion, while the net fund assets (NAV) amount to 1.15 billion. The leverage ratio is 25.91 percent as of the balance sheet date.
The gross income amounts to 54.16 million and the net income to 38.07 million (previous year: 32.46 million). Due to revaluations and partial purchases below market value, an appreciation of 28.98 million or 2.68 percent remained after the formation of provisions for deferred taxes in the period under review.
Capital increase of 145 million
With a subscription period from 15 March to 30 April 2021 and payment on 25 June 2021, the fund is planning a further capital increase. The issue volume is expected to be around 145 million.
According to Akara Funds AG, a maximum of 128,394 new units in Akara Diversity PK are to be issued, with eight existing units entitling the holder to subscribe to one new unit at a net issue price of CHF 1,131 each. The issue will be carried out on a "best effort basis" as part of a subscription offer to investors in Switzerland who are admitted in accordance with the fund contract. The definitive number of new units to be issued is expected to be announced by 18 June at the latest, with payment scheduled for 25 June.
The fund intends to use the proceeds from the issue firstly to finance the upcoming construction projects and secondly to expand the fund portfolio with properties from the real estate pipeline. In addition, the investor base is to be broadened in order to increase the liquidity of the securities. (ah)
