Realstone RSF increases total assets in the first half of 2023
Income from the real estate fund also increased. However, as expenses increased, the overall result is below the previous year's figure.
The Realstone RSF fund is satisfied with its results for the first half of 2023 and believes it is on track with its refocus on residential real estate. The real estate fund's total assets rose by 3.25% to CHF 2.53 billion and rental income increased by 4.10% to CHF 45.71 million. The rental loss rate fell from 9.81% on March 31 to 8.88% on September 30.
At the beginning of June 2023, Realstone RSF added two new properties to its portfolio: The property at Rotkornstrasse 9, 11a and 11b in Oberkulm (AG) was acquired for CHF 15.95 million with a gross yield of 4.47%, according to the fund. A second property at Hardackerstrasse 2 in Untersiggenthal (AG) was purchased for CHF 7.55 million with a gross yield of 4.01%. Both properties have a rental guarantee until the end of 2023 and all but five residential units (out of a total of 52) are let. An extension was completed on a property in Lausanne, creating 16 new apartments. Due in part to the acquisitions, the market value of the fund properties rose by CHF 3.11% to CHF 2.47 million in the first six months (previous year: CHF 2.40 million).
Expenses rise faster than income
Income rose by 3.12% compared to the previous year to CHF 48.73 million, the fund reports. However, expenses rose more sharply in the same period, climbing by 15.77% to CHF 30.09 million (previous year: CHF 25.99 million). Realstone attributes this in particular to the increase in mortgage costs due to the rise in key interest rates. The bottom line for the reporting period was a total profit of CHF 21.08 million, compared with CHF 27.1 million in the first half of the previous year.
Realstone has announced its intention to further increase the proportion of residential income in the fund by selling commercially used properties. Completion of the residential projects in Horgen (ZH) and Winterthur (ZH) is planned for the coming year. The fund has also sold two smaller properties in Chavannesprès-Renens (VD) and Meyrin (GE) for a total of CHF 16.7 million. The transfers will take place in the second half of the financial year in order to collect rental income for as long as possible, Realstone explains. (ah)
