Warteck Invest records drop in profits in the first half of the year

Warteck Invest reports a half-year result of CHF 14.8 million for the first half of 2022 - ten percent below the previous year's figure of CHF 16.4 million. According to the real estate company, a lower valuation result is responsible for the decline. Excluding the revaluation, the half-year profit amounted to CHF 8.6 million, 2.5 percent below the previous year's result (CHF 8.8 million). The return on equity fell by one percentage point from 8.1 to 7.1 percent.

Target rents increased slightly compared to the prior-year period and reached CHF 18.6 million (PY: 18.4 million; +1.1%). The vacancy rate increased from 2.2 to 2.4 percent. Actual rental income came to 18.1 million (PY: 18.0 million).

Net rental income reached CHF 15.9 million, up three percent on the previous year (15.1 million). The gross yield of the portfolio decreased slightly to 4.4 percent in the reporting period (year 2021: 4.5%). The net return, however, increased slightly to 3.8 percent (2021: 3.7%) due to lower property expenses. The performance reached 4.4 percent (2021: 5.0%).
The market value of Warteck Invest's portfolio increased to CHF 891.1 million (end of 2021: 874.4 million; +1.9%) as a result of investments in both existing properties and renovation, new construction and development projects.

According to Warteck Invest, the construction of the new Syd residential and commercial building in Basel is progressing according to plan. Almost half of the apartments and part of the commercial space have already been let seven months ahead of schedule. And further projects are in the planning stage: According to the real estate company, it has a pipeline of increase, refurbishment and site development projects with a total volume of around CHF 270 million for the next five to seven years. (ah)