ZIF Immobilien Direkt with lower vacancy rate
The fund is able to grow operationally in the 2023/24 financial year and also benefits from revaluations. The fact that the fund portfolio is increasing in value is due not least to the development projects, above all the "Grosswiesenstrasse" development in Zurich.
The "ZIF Real Estate Direct Switzerland" portfolio increased rental income by CHF 3 % to CHF 52.8 million in the 2023/2024 financial year. The vacancy rate fell from around 3 to 2.2 % as at June 30, 2024. Expenses also increased, from CHF 25.1 million to CHF 27.4 million, primarily due to higher financing costs (CHF 5.6 million after CHF 2.9 million). Net fund income of CHF 25.6 million was therefore slightly below the previous year's figure (CHF 26.2 million) and corresponded to realized income due to the lack of sales gains or losses. The valuation result, which was positive this time at CHF 2.7 million, made a very big difference compared to the previous year, whereas in the previous year it had eaten up almost all of the realized income at CHF -25.2 million. In a year-on-year comparison, the bottom line increased from around CHF 1 million to CHF 28.3 million.
Building permit for largest fund property
As in previous years, the distribution amounts to CHF 2.75 per unit, meaning that the distribution yield based on the market price is CHF 2.37 %. The market value of all properties as at June 30, 2024 was CHF 1.4 billion, up CHF 1.99 % on the previous year. Development properties played a key role in this, above all the "Glatt-/Grosswiesenstrasse" project. The legally valid building permit for this was received in January 2024. With a value of CHF 81.7 million, it is the largest single property in the fund. The purchase price agreed at the time of the forward deal was around CHF 51 million, and the building lease entails an earn-out obligation to the developer. A project involving Pool Architekten and the total contractor HRS Real Estate emerged from a competition for the optimal development of the utilization reserves. With a total investment of around CHF 100 million, a new replacement building is to be realized in which the current living space can be more than doubled through redensification. The number of apartments will increase from 152 today to 255. Construction is scheduled to start in fall 2024.
No purchases or sales were made in the 2023/2024 financial year. Two small properties in French-speaking Switzerland ("Avenue des Oiseaux 2, 4" in Lausanne and "Chemin des Murs Blancs 29, 31" in La Tour-de-Peilz) were sold after the balance sheet date. (aw)
