Realstone RSF divests itself of properties
The Realstone RSF fund has sold two commercial properties in German-speaking Switzerland, generating a profit in the double-digit millions. The fund also sold two smaller residential properties.
The Realstone RSF fund has sold two commercial properties for a total value of CHF 56.84 million, generating a pre-tax profit of CHF 18.74 million. This is announced by Realstone SA.
Both properties are located in Zurich. The first property at Flüelastrasse 6-12 was sold for CHF 42.75 million, resulting in a capital gain of CHF 16.49 million before taxes, he said. The sale price for the second property at Albulastrasse 57 was CHF 14.09 million, according to Realstone, giving the fund a capital gain of CHF 2.25 million.
At the same time, the fund also sold two smaller residential properties - at Bahnhofstrasse 34 in Amriswil (TG) and at Badstrasse 8 in St. Gallen - with a total value of CHF 7 million.
The sale proceeds have been used to repay part of the mortgage debt and finance ongoing development projects, Realstone added. The capital gain will be partially distributed to investors.
The transactions took place in the last quarter of the financial year ending at the end of March 2023. During the same period, new properties were delivered to the fund at Neugasse 19-35 in Horgen (ZH), Route de Chippis 68-70 in Sion (VS) and Rue de la Paix 5 in Gland (VD), and an increase in Rue du Bugnon 6-8-10 in Lausanne (VD) was completed. He added that the rental income totaled CHF 5.25 million. This compensates for the sales and keeps the tenant level stable.
As a result of the transactions, the effective income from residential real estate amounts to 64.30% of the proceeds. By 2025, the value is expected to increase to 70%. For this purpose, the fund management is considering the sale of additional commercial properties. (ah)
