Patrimonium Urban Opportunity has expanded its portfolio
Patrimonium Urban Opportunity AG has presented its first annual report as a listed company. Rental income increased by more than 25% to CHF 10.75 million; the vacancy rate fell to 6.11%.
With a revaluation gain of CHF 2.54 million, Patrimonium Urban Opportunity AG, Crisser, which is listed on the BX Swiss, is reporting net income of CHF 5.64 million for 2022. As a result of investments in the ongoing new construction and renovation projects at the properties in Bussigny, Mochettaz 7 and Rente 26, and in Geneva, Voie Creuse 16, and the revaluation gain, the market value of the portfolio properties rose from CHF 222.9 million to CHF 237.9 million; the net asset value amounted to CHF 2,874/share as at 31.12.2022 (+5.43%).
The new construction project at Mochettaz 7 in Bussigny, which began in the summer of 2022 and is largely being built in wood and therefore has a reduced carbon footprint, is expected to be completed in the summer of 2024, according to Patrimonium Asset Management AG, which has been commissioned with the asset management; the majority of the 3,200 sqm of rental space has already been let.
At the beginning of the year, the company acquired a further plot of land in Bussigny; according to the information provided, the plot has a total area of more than 25,000 square meters, with a buildable potential of more than 20,000 square meters. A purchase agreement for an industrial property in Reinach (BL) was signed at the end of 2022, The legal transfer of ownership will take place in the current year. As at December 31, 2022, Patrimonium Urban Opportunity AG's portfolio comprised nine properties, one plot of land and one construction project; all properties are located in the conurbations of Geneva, Lausanne and Zurich. "The dynamism of these target regions offers ideal conditions for the further long-term development of the portfolio," says Hanspeter Berchtold, Chief Investment Office Real Estate at Patrimonium Asset Management AG. (bw)
