Streetbox: Fund significantly reduces rent default rate
The fund managed by Procimmo has marketed vacant commercial boxes, particularly at the Gland site, thereby reducing the rent loss rate by over 50%.
The Streetbox Real Estate Fund closed the first half of the year with an increase in rental income of 6.35% to CHF 6.1 million. The rental loss rate fell significantly by 55.9% to 7.2%. According to the fund management, 4.5% of this is attributable to vacancies. The lower vacancy rate is mainly due to the marketing of the vacant boxes at the Gland 2 site (VD). The fund's expenses remained stable at CHF 3.2 million.
The net result of the fund managed by Procimmo rose from CHF 2.5m to CHF 3.1m and the NAV increased from CHF 349.3 to CHF 353.5. The total value of the properties in the portfolio rose by CHF 1.42 million, which helped to reduce the leverage ratio from 29.8 to 29.2%. The return on investment also improved, rising from 1.85 to 2.70%. Total income benefited from the improved valuation result (around CHF 0.5 million, compared to CHF 0.1 million in the previous year) and rose from CHF 2.7 million to around CHF 4 million. (aw)
