Plazza increases profit thanks to revaluations
Due to high revaluation gains, the Plazza real estate company posted a jump in profits in fiscal 2021.
Plazza is satisfied with its performance in the 2021 financial year: Rental income had increased to CHF 26.1 million (previous year 24.6 million) and, taking into account the Acquisition of the Im Tiergarten property in Zurich, Switzerland. as of the beginning of February 2021 within expectations, the real estate company informs. The vacancy rate of the portfolio properties increased from 3.7% to 4.4 %, which is mainly due to vacant commercial space.
According to the figures, operating profit before depreciation, amortization and revaluation improved slightly to 20.6 million (previous year 20.0 million). Thanks to revaluation income of 72.8 million (previous year 61.8 million), the real estate company's profit rose from 63.3 million to 71.9 million. Profit before revaluation increased from 17.0 million to 18.1 million. In the year under review, Plazza AG invested 81.7 million (previous year 10.6 million), mainly in the acquisition of Im Tiergarten and the development property in Crissier, where construction of the first stage began at the end of 2021. The value of the real estate portfolio held as non-current assets increased from
No vacant apartments as of the reporting date
With a share of target net rental income of 76%, residential properties account for the majority of the portfolio. As a central pillar of earnings, residential makes a significant contribution to Plazza's stability, according to the real estate company. Demand for well-positioned residential properties remained high in 2021, and no apartment was vacant as of the reporting date, it said. Plazza focuses in particular on residential properties in the mid-price segment in central locations.
According to the real estate company, there has been no decline in demand for commercial properties as a result of the Covid 19 pandemic. As a rule, vacant space can be re-let within a reasonable period of time. While the vacancy rate in the commercial property in Crissier has temporarily increased, the two commercial buildings in Zurich's Giesshübel district, near the Sihlcity shopping center, were fully let at the end of the year under review.
Plazza further announces that the dividend is to increase to CHF 7.00 per class A registered share (previously CHF 6.00) and CHF 1.40 per class B registered share (previously CHF 1.20). (ah)
