Procimmo Real Estate SICAV lowers rent default rate
According to the fund management company, the pre-merger sub-funds of the Procimmo Real Estate SICAV had a "very solid financial year".
The two sub-funds of the Procimmo Real Estate SICAV, which are due to merge in the 4th quarter, have presented their figures for the 2022/23 financial year. According to the figures, the Swiss Commercial Fund subfund increased its net income from CHF 32.5 million to CHF 35 million. Rental income increased by 2.77% to CHF 66.6 million. Total income also increased compared to the previous year and amounted to CHF 67.9 million, while total expenses fell from CHF 33.9 million to CHF 32.9 million. The return on investment amounted to 3.61%. The total sub-fund assets increased to CHF 1.24 billion. The SICAV will propose a dividend of CHF 5.50 per share. The leverage ratio increases slightly to 27.22%, while the rental default rate has fallen from 13.99 to 13.10%.
The Swiss Commercial Fund II subfund closed a significantly shorter financial year. According to the information provided, rental income remained stable in the nine months compared to the same period in the previous year and amounted to CHF 29.1 billion. The rental loss rate fell sharply from 14.1 to 12.05%. The EBIT margin amounted to kEUR 68.841 (previous year: kEUR 68.881) and the return on investment calculated over nine months was kEUR 3.411 (previous year: kEUR 5.081). According to Procimmo, this business result allows the distribution of a tax-exempt dividend of CHF 4.22 per share. The return on equity amounted to 4.41% (previous year: 4.86%) and the debt ratio to 28.16% as at the reporting date. Total fund assets rose slightly from CHF 701.1 million to CHF 702.6 million.
Merged subfund becomes worth CHF 2 billion
Richard Dahdah, Fund Manager, says: "The very good results of the two sub-funds as at June 30, 2023 provide an insight into the quality of the future merged sub-fund, which will reach a volume of around CHF 2 billion and, thanks to its diversification and value creation potential, will become the leading collective investment scheme in the commercial and industrial sector in Switzerland." (aw)
