Swiss Estates takes over three apartment buildings and reduces vacancy rate
Through the purchase of three apartment buildings in the canton of St. Gallen, Swiss Estates AG's property portfolio grew by CHF 17.8 million to approximately CHF 185.5 million.
The budgeted net rental income of the newly acquired superstructure is estimated at CHF 720,000. The acquisition took place on December 19 via a tax-neutral share deal, and a stock corporation was taken over. The newly built residential complex comprises 39 apartments and 61 underground parking spaces. According to a media release, it is located in a convenient location and is supplied with district heating and solar technology. As part of the transaction, new shares and participation certificates of the company were issued in the amount of almost CHF 3.4 million; furthermore, a convertible bond (long term) with a volume of almost CHF 2.4 million and a coupon of 2.25% was issued.
More rental income due to higher occupancy rate
Swiss Estates also reports that the occupancy rate of the overall portfolio has increased in the 2022 financial year. For example, the properties in Prilly (near Lausanne/VD) have been fully let in the current year, which also applies to the majority of the other properties, especially in Zurich. For this reason, a "massive increase" in realized rental income is expected for the current financial year compared with the previous year. (aw)
