Swisscanto REF Responsible with performance of 3.0 percent in H1
Swisscanto reports a performance for its "Real Estate Responsible IFCA" fund that is well above the market average. However, total income fell from CHF 22 million to CHF 19 million.
According to preliminary figures, the Swisscanto (CH) Real Estate Fund Responsible IFCA achieved a positive performance of 3.0% in the first half of 2023, while the overall market posted a negative return of -0.4% according to the SWIIT index for real estate funds. The rent default rate fell from 2.18% at the end of 2022 to 2.07%. "This partially compensated for the increase in refinancing costs," writes the fund management company.
Net income fell from CHF 20.7 million to CHF 19.6 million compared to the same period last year, while total income fell from CHF 22.1 million to CHF 19.4 million. The rise in the reference interest rate will have a positive impact on the fund's earning power from the second half of the year, Swisscanto announced. The focus for the remainder of the year will be primarily on exploiting the potential in its own portfolio, both through development projects and by optimizing the letting situation. (aw)
