Patrimonium Urban Opportunity makes leap in profits in the second quarter of 2023
The net profit of the listed real estate fund more than doubled. Rental income also increased significantly.
The Patrimonium Urban Opportunity real estate fund reports a net profit of CHF 3.9 million for the second quarter of 2023. This is an increase of more than 100% compared to the same period last year, according to Patrimonium. The net asset value (NAV) per share increased by CHF 7.2% to CHF 2.97 in the same period. Compared to the end of 2022, net operating income (NOI) rose by CHF 14.5% to CHF 4.16 million, while rental income also increased by CHF 14.5% to CHF 5.95 million. The fund also reported a revaluation gain of over CHF 3 million, which was partly due to the acquisition of a property in Reinach (Kägenstrasse 12/14), according to Patrimonium.
In the first half of the current year, the fund invested a total of CHF 15.3 million, including in the property in Reinach, but also in the ongoing projects in La Voie-Creuse (Geneva) and Chemin de Mochettaz 7 (Bussigny).
"Although we are operating in a challenging environment, we remain optimistic about our development," explains Hanspeter Berchtold, CIO Real Estate at Patrimonium Asset Management AG. With "carefully planned investments and a stable cash flow", the company is "well positioned" for the future. (ah)
