Espace increases dividend

Espace Real Estate reports a net profit of 22.8 million for 2021; the previous year's result of 22.0 million was affected by a special factor, the release of provisions for deferred taxes. Adjusted for the valuation result and the special factor in the previous year, the adjusted profit for the period increased by 14.6% to 18.8 million (16.4 million), the real estate company reports. Adjusted for the profit from the sale of properties, the purely operating profit for the period rose from

Net rental income increased from 28.8 million to 29.1 million, due in part to a further decline in vacancies at investment properties to 5.30% (previous year 5.62%), Espace said in the statement.

Income from revaluation reportedly amounted to 4.8 million (previous year: 1.3 million), and the market value of the real estate portfolio increased from 705.4 million to 738.1 million. 8.2 million of the increase in the value of the portfolio relates to existing properties including renovation projects, and 23.6 million stems from the new acquisition of a residential development in Zuchwil, writes Espace. A non-strategic commercial property in Biel was sold.

The Board of Directors proposes to the Annual General Meeting that the dividend be increased from CHF 5.25 per share to CHF 5.50. The dividend will be paid in cash.

Espace expects demand for residential and mixed-use properties in the Swiss Mittelland to remain intact in 2022. The real estate company is convinced that the region offers an attractive price-performance ratio and a central location. The strategy of continuously increasing the residential share and diversifying the portfolio with complementary uses has proven successful and will be continued. (ah)