Fundamenta achieves record profit

Fundamenta Real Estate AG announced in the presentation of its annual report that net actual rental income increased by 11.2% to 37.2 million in fiscal year 2021 (previous year: 33.5 million). The company said the acquisitions of four portfolio properties in Zurich, Basel, Dietikon (ZH) and Richterswil (ZH), the completion of two development projects in Zofingen (AG) and St. Gallen, and the completion of two portfolio developments in Zurich and one in Bern contributed to this. The vacancy rate was 2.5% (previous year: 3.5%).

Net profit reportedly increased byTP2T8.41, fromTP26.7 million to a high ofTP28.9 million, more than offsetting the previous year's gain from the sale of three investment properties through an "excellent operating result" and a higher revaluation effect, Fundamenta said. Return on equity (ROE) came in at 6.5% (previous year: 7.1%). Operating net profit (excluding revaluation and sales) climbed 14.7% to 17.7 million (previous year 15.4 million).

Real estate portfolio cracks the billion mark

The real estate portfolio reached a balance sheet value of 1.09 billion in fiscal 2021 (previous year: 991.9 million). The increase resulted primarily from the completion and transfer of new construction projects, the completion of repositioning in Bern and Zurich, and the acquisition of four portfolio properties, Fundamenta said. In addition, the revaluation of the entire portfolio contributed 15.3 million to the portfolio growth (previous year: 11.2 million), it said.

In the current year, the portfolio is expected to grow further, both through development projects and acquisitions. In January 2022, Fundamenta acquired a residential property in Adliswil (ZH) with 20 residential units, and at the end of February the Board of Directors also approved the acquisition of a real estate portfolio with three properties. The transaction is to be notarized in the near future. (ah)