La Foncière increases rental income
The real estate fund has presented half-year figures with stable net income and intends to raise fresh capital of CHF 100 million in June.
At the end of the first half of its financial year, the La Foncière real estate fund reported the market value of its real estate portfolio at CHF 1.96 billion. This is CHF 6.87 % more than in the first half of the previous year, as shown in the unaudited half-year report as at March 31. There were no purchases or sales during the period. The vacancy rate is reported at an extremely low 0.61 %. Rental income increased by % 3.57 to CHF 44.4 million in a twelve-month comparison. The increase comes from the rental of the buildings at 89 rue de la Servette abc and the Côté Parc development in Geneva. The majority of rental income comes from residential and mixed-use buildings in the major urban centers of French-speaking Switzerland.
Overall success significantly higher
The market price of La Foncière fund units rose by % 6.06 compared to the first half of the previous financial year. The fund's net income remained constant at around CHF 16.7 million, while total income increased considerably to CHF 47.6 million due to a high unrealized gain of CHF 30.9 million (previous year: CHF -5.5 million). In the same period of the previous year, total income amounted to CHF 11.2 million.
Next capital increase in June
Meanwhile, the fund is planning further growth: a capital increase, which will run from June 3 to 12, is expected to raise around CHF 100 million. The funds are earmarked for new real estate acquisitions, current and planned construction and development projects as well as energy-efficient renovations and for an "appropriate debt financing ratio". (aw)
