Procimmo 2 increases profit by more than half
Procimmo Swiss Commercial Fund II closed the first half of the financial year with a significant increase in total income. It increased by 51% to CHF 12.9 million.
Income totaling CHF 17.9 million was offset by expenses of CHF 8 million, resulting in net income of CHF 9.8 million. The total income of Procimmo Swiss Commercial Fund II increased significantly from 8.6 million to 12.9 million - a plus of 51%. Rental income climbed by 18% to 16.2 million (previous year: 13.7 million).
The net asset value of Procimmo 2 was CHF 120.46 per unit as of March 31, 2021 (previous year: CHF 117.42). Total fund assets increased from 538.8 million to 594.8 million, while net fund assets reached 439.2 million, compared to 366.9 million in the previous year.
The return on investment increased from 4.76% to 7.35% during the reporting period, and the return on equity (ROE) increased from 4.16% to 6.46%. The fund leverage ratio decreased from 31.62% to 24.19%, and the operating profit margin (EBIT) was 67.99% (PY: 73.52%). The rent default rate decreased from 14.75% to 13.02%. The TER REF (GAV) came to 0.96% (previous year: 0.87%).
Procimmo 2 intends to stabilize itself with the additional financial resources from the capital increase in March, among other things by reducing the debt financing ratio. In the coming months, however, the fund also intends to press ahead with existing construction projects in German-speaking Switzerland and facilitate additional real estate acquisitions, according to the annual report. (ah)
