Realstone RSF yields 5.11 percent
Realstone RSF closed its first fiscal year after the merger of RSP and RDF with an investment return of 5.11% and a net income of CHF 44.11 million.
Realstone RSF, the real estate fund resulting from the merger of Realstone Swiss Property (RSP) and Realstone Development Fund (RDF), has successfully completed its financial year, according to the fund management company.
As of April 1, 2021, the 70 properties of the RSP fund and the 25 properties of the RDF fund were merged; the portfolio value of the combined Realstone RSF fund thus amounted to CHF 2.23 billion at the beginning of the reporting year. One year later, as of March 31, 2022, the value has increased by 6.72% to CHF 2.38 billion. On the balance sheet date, the portfolio comprised 96 properties. The increase in value is mainly due to investments in the real estate portfolio as well as revaluations of the properties, Realstone says.
Three properties in Meilen and in Sion were acquired for CHF 38.16 million. For CHF 28.38 million, the fund sold two commercial properties in Wallisellen (ZH) and in Baar (ZG) as well as two condominium units in Bellinzona.
At the end of the reporting year, the net assets of the RSF amount to CHF 1.7 billion, the net asset value (NAV) per unit is CHF 127.27 and the investment return was 5.11%.
The rental income of the combined fund at the end of the fiscal year was CHF 88.37 million, and the rent default rate was 10.65%. According to Realstone, a large part of this (6.88%) related to commercial properties from the Axess Real Estate portfolio that are being marketed or were sold in the reporting year.
Net income amounted to 44.11 million CHF, the result to 44.25 million CHF. With CHF 36.82 million in unrealized capital gains and losses from revaluations of properties (including liquidation taxes), the total result amounts to CHF 81.06 million. The fund management announces a dividend of CHF 3.50 per unit. (ah)
