PSREF increases rental income in the first half of 2023/24
The Patrimonium Swiss Real Estate Fund recorded rental income of CHF 25.66 million, while at the same time property expenses fell.
The listed real estate fund Patrimonium Swiss Real Estate Fund (PSREF) recorded a significant increase in rental income in the first half of the 2023/24 financial year (01.04 to 30.09.2023): It climbed from CHF 23.80 million to CHF 25.66 million, an increase of almost 8%. According to the fund, expenditure on property maintenance and repairs fell, while general building costs remained stable. A residential building in Crissier was sold with a pre-tax capital gain of over CHF 3.7 million.
PSREF reported a net profit of CHF 9.58 million for the reporting period, compared with CHF 9.14 million in the prior-year period. The net asset value per unit rose from CHF 147.33 to CHF 149.04.
The fund assumes that the increase in rental income will continue due to a lower vacancy rate and the indexation of rents. There is also potential for a rent increase of over CHF 3 million through the re-letting of the vacant space at the Chemin du Chêne 3-5 property in Renens (VD) due to construction work. The second development project, the Spinnerei an der Lorze in Baar, was approved by the people of Baar on 26 November and can now be realized. (ah)
