Swisscanto funds: Higher net income
The two Swisscanto real estate funds Responsible IFCA and Responsible Swiss Commercial increased their net income in the first half of 2021 and reduced their rent default rates.
As Swisscanto announces, the Swisscanto (CH) Real Estate Fund Responsible IFCA increased its net income in the first half of 2021 compared with the same period of the previous year from CHF 18.6 million to CHF 19.5 million. Reasons for the growth were, on the one hand, a further reduction in the rent default rate from 3.7% in 2020 to now 3.4%. On the other hand, the fund realised additional income from renovation projects and from the acquisition of a property in St. Gallen.
The Swisscanto (CH) Real Estate Fund Responsible IFCA invests primarily in residential properties throughout Switzerland; the portfolio is primarily composed of properties in the medium rental price segment.
The Swisscanto (CH) Real Estate Fund Responsible Swiss Commercial also posted a solid half-year result: The fund's net income rose from CHF 8.2 million in the same period of the previous year to CHF 9.5 million. The portfolio value has developed positively since the beginning of the year with a net appreciation of 0.7%, according to Swisscanto.
The increase in net income is attributable to the qualitatively grown portfolio, and various progress has also been made at property level. The rent default rate in the fund's existing portfolio fell from 9.26% in the 2020 financial year to 7.97% in the first half of 2021, Swisscanto adds.
The Swisscanto (CH) Real Estate Fund Responsible Swiss Commercial invests in commercial and mixed-use properties. The fund is positioned in the Core/Coreplus segment. (ah)
