PSREF: Positive business development in the first half of the year
The Patrimonium Swiss Real Estate Fund (PSREF) reported a net asset value of CHF 147.09 per unit for the first half of the 2021/22 financial year. This is an increase of more than CHF 7.
The real estate portfolio of the Patrimonium Swiss Real Estate Fund (PSREF) comprises 54 residential properties, nine mixed-use properties and five commercial properties. The total value as of September 30, 2021 is 1.107 billion, up from 1.059 billion at the end of March. The net asset value per unit increased from CHF 139.97 (after distribution) to CHF 147.09. The gearing ratio is 24.51% (31/03/2021: 23.36%) and the average interest rate is 0.93%.
In order to improve the quality standard of the properties and to increase the rental income as well as the value of the properties, the fund focuses on overall renovations, the development of construction projects, the extension of existing properties and improvement measures in the energy sector. A total of 97 million was invested; the expected rental income from these projects amounts to 5.3 million in the long term.
The development of the Spinnerei site in Baar (ZG), which the fund co-owns with the Patrimonium investment foundation, is progressing: the building permit is expected at the end of 2022. Plans call for 350 apartments, cafés, shops and restaurants. PSREF also plans to convert its commercial property at Chemin du Chêne 3-5 in Renens (VD) into a mixed-use property. On more than 35 % of the area, 53 lofts are to be created. The project is currently in the evaluation phase. (ah)
