UBS Anfos fund with above-average performance
The fund, which now has a volume of CHF 3.3 billion, did not make any purchases or sales in 2023/24. Nevertheless, rental income increased noticeably due to reference adjustments and completions.
The UBS "Anfos" fund increased its rental income by CHF 6.9 million to CHF 137.9 million in the 2023/2024 financial year, which corresponds to an increase of 5.3%. According to UBS, rent increases as part of two reference interest rate steps and the completion of new construction projects in Kloten (ZH) and Rothrist (AG) contributed to this. The rent default rate fell by 0.1 percentage points compared to the previous year and stood at 3.3% as at the reporting date (September 30, 2024). Around a third of total vacancies are attributable to renovation or new construction projects. However, the share of buildings under construction in the overall portfolio fell from 2.7% to 0.5% over the course of the year due to the two completions mentioned above. As the two new buildings are purely residential properties, the proportion of residential buildings rose by 2.9 percentage points to 79.3%. The value of the property portfolio increased by around CHF 121 million to CHF 3.3 billion.
Net income remained almost unchanged at CHF 63.7 million (previous year: CHF 63.5 million), while total income increased massively by CHF 54.2 million to CHF 121.6 million. Unrealized capital gains of CHF 72.8 million (previous year: CHF 18.7 million) made a significant contribution to this.
According to the annual report, the investment return of 5.7% was boosted not only by the income-related increase in the value of existing properties but also by capital gains on new construction projects. With a performance of 20.3%, the fund significantly outperformed the benchmark SXI Real Estate Funds TR (15.3%). (aw)
