La Foncière increases fund assets
La Foncière real estate fund shows total assets of CHF 1.65 billion at the end of fiscal year 2021, which is 3.38% more than the previous year.
According to La Foncière, the net value of the fund was CHF 1.29 billion, an increase of 5.13% compared to the previous year. The market value of the real estate assets increased by 5.75% to 1.63 billion. The leverage ratio is 13.42% of the market value of all properties (previous year: 15.49%).
The vacancy rate in the portfolio is reported to be 0.57% (PY: 0.52%), and the rent default rate was 1.07% (PY: 2.41%). Rental discounts agreed in the context of the Covid pandemic accounted for 0.98% of the achievable rental income, according to the fund management. Rental income amounts to 83.98 million, which is 3.28% more than in the previous year.
The one-year performance was 19.44% and the return on equity (ROE) was 7.57% (previous year: 7.38%), La Foncière added. The return on invested capital (ROIC) is 5.90% (previous year: 5.47%), while the distribution yield is 1.41% (previous year: 1.63%). The fund operating expense ratio TER (REF GAV) is 0.71% as in the previous year.
The largest construction project currently underway is a development in the Petit-Saconnex district of Geneva, the fund added: Five buildings are being built here, housing 216 apartments and an aparthotel with 99 rooms. The investment value is around 130 million euros. (ah)
