Swiss Life Fund presents half-year report
The Swiss Life REF (CH) Swiss Properties real estate fund increased its net asset value and expanded its portfolio in the first half of the 2021/22 financial year.
Swiss Life REF (CH) Swiss Properties reported a net asset value of CHF 112.01 at the end of the half year, up 2.1% from CHF 109.71 a year earlier. Net income amounted to CHF 1.26 per unit, Swiss Life Asset Managers reports.
The fund, which invests in residential properties in Swiss cities and their agglomerations as well as in centrally located commercial properties, has recently increased its residential share: In December 2021, it acquired a residential portfolio from Swiss Life AG worth CHF 340 million. The transaction was financed with a capital increase of approximately CHF 300 million, a further CHF 40 million came from debt capital. As a result of the portfolio purchase, the proportion of residential use has increased to 70%, Swiss Life Asset Managers added. Currently, the fund holds 153 properties with a market value of CHF 2.35 billion. The rental default rate declined to 2.97% (March 2021: 3.56%).
As the fund management further informs, at the beginning of the fiscal year as of October 1, 2021, the commission for the management of the properties has been reduced by 0.2% to 3.8% of the actual rent.
As the fund is introducing a dedicated sustainability strategy, it will be called Swiss Life REF (CH) ESG Swiss Properties in the future. Subject to approval by the Financial Market Authority Finma, the amendments to the relevant fund documents will enter into force on June 1, 2022. (ah)
