Realstone RSF increases total assets and rental income
In the first half of its financial year, the fund generated higher income and reduced the rent default rate, but also recorded higher financing costs and lower valuation gains.
The Realstone RSF fund reports growth in total assets and income as well as a lower rental loss rate for the first half of 2023/24. Two acquisitions were made during this period: the property at Rotkornstrasse 9, 11a and 11b in Oberkulm (AG) was acquired for CHF 15.95 million at a gross yield of 4.47%. A second property at Hardackerstrasse 2 in Untersiggenthal (AG) was added for CHF 7.55 million with a gross yield of 4.01%. Both properties have a rental guarantee until December 31 and are almost fully let. Only five apartments of the 52 available are reportedly still being marketed. Also in June, the fund recorded the handover of 16 new apartments, which were created by adding two storeys to Avenue d'Echallens 100-102 in Lausanne. These apartments have all already found a tenant, which increased the tenant index for residential properties by CHF 238,920.
The fund's total assets amounted to CHF 2.5 billion as at September 30, which corresponds to growth of 3.25%. The market value of the properties rose by CHF 3.11% to around CHF 2.5 billion, which according to the information provided is also due to progress on current projects, among other things.
Overall success decreased
Compared to the same period of the previous year, the fund recorded growth in rental income of 4.1% to CHF 45.71 million. The rental loss rate fell fromTP3k 9.811 toTP3k 8.881 in the first half of the year. However, the increase in mortgage costs meant that total expenses rose by CHF 15.8% to CHF 30.1 million in the reporting period. The bottom line was an overall profit of around CHF 21.1 million (previous year: CHF 27.1 million). Unrealized capital gains amounted to CHF 2.4 million, compared to CHF 3.9 million in the same period of the previous year.
In the first half of the year, the fund sold two smaller properties that no longer fitted in with the strategy, namely Chemin des Glycines 12 in Chavannes-près-Renens (VD) and Rue Gilbert 7 in Meyrin (GE), for a total amount of CHF 16.70 million. (aw)
