Espace Real Estate: "Very pleasing" first half year
Espace Real Estate is satisfied with the performance in the first half of 2021. Adjusted for special and revaluation effects, profit for the period increased by almost 8%.
At 10.9 million, the profit for the period was lower than in the same period of the previous year, according to Espace Real Estate. However, excluding the special effect of the reversal of tax provisions in the previous year and the valuation result, the adjusted profit for the period of 8.3 million (previous year: 7.7 million) exceeded the previous year's figure by 7.9%.
The vacancy rate of investment properties decreased by 0.90 percentage points to 4.72% (previous year: 5.62%). Income from revaluation amounted to 3.1 million, compared with 1.0 million in the previous year, Espace added. The market value of the real estate portfolio rose to 710.9 million in the first half of the year (previous year: 705.4 million). In terms of market value, the geographical focus of the portfolio is the area between the cities of Berne, Biel, Solothurn and Olten.
As Espace Real Estate further announced when publishing its half-year results, the completion of a new acquisition with 93 apartments in Zuchwil is imminent. The bid has been accepted and the transfer of ownership is expected to take place in the next six months. The property will generate around CHF 1.0 million in additional annual rental income. (ah)
