Intershop property attracts interested parties
If the sale goes through, this will generate an after-tax profit of more than CHF 200 million for the real estate company.
Intershop has received an offer from a "renowned, solvent interested party" to acquire a real estate property, the real estate company writes in an ad hoc release. The purchase offer is subject to several conditions and a contract will be concluded in the second half of 2023 at the earliest. In the event of a sale, Intershop would report an after-tax gain of more than CHF 200 million, the company discloses. Intershop did not disclose which object from the portfolio was involved.
As shown in the recently presented annual report for the year 2022, Intershop's portfolio comprised 49 properties including development and promotion properties as of the balance sheet date. The value was CHF 1.4 billion and the revaluation resulted in a devaluation of CHF 1.6 million. In the previous year, there was still a revaluation of CHF 32.3 million.
In 2022, a high profit from the sale of the AuPark accrued to
Rental income increased slightly by 1.3% to CHF 76.1 million, and the vacancy rate in the overall portfolio (development and investment properties) was 0.5 percentage points higher than in the previous year at 13.3%. The annual financial statements are characterized by the sale of the "AuPark" in Au-Wädenswil, which successfully completed the project development for repositioning the former industrial site that was started more than ten years ago. The pre-tax profit of this transaction amounts to CHF 125 million.
Intershop recorded a gain of CHF 133.2 million on the sale of real estate, of which the majority (125 million) was attributable to the Sale of the AuPark development project in Au-Wädenswil to Swiss Life not applicable.
Net profit slightly above previous year
The bottom line is a net profit of CHF 145.5 million, slightly above the previous year's result of CHF 144.2 million. The return on equity decreased from 20.1% to 17.8%. In view of the good figures, the Board of Directors proposes to the Annual General Meeting to distribute a one-time special dividend in the same amount in addition to the ordinary dividend of CHF 25 per share.
For the current year, Intershop expects an increase in rental income in the low single-digit percentage range and a decline in vacancy rates for both investment properties and the overall portfolio, provided there is no sharp economic downturn. The company is sticking to its target of generating a return on equity of at least 8% on a multi-year average. (ah)
