Allreal: Significantly higher profit after revaluation
Profit remained stable in the 2024 financial year, including revaluation, it increased very significantly. According to Immobilien-AG, a change of appraiser resulted in some shifts in the valuations.
In the 2024 financial year, Allreal increased its profit from CHF 65.2 million to CHF 211.4 million. Revaluations of CHF 121.3 million contributed to this. The dividend remains unchanged at CHF 7.00.
Excluding the revaluation effect, profit increased slightly from CHF 122.0 million to CHF 122.7 million. This includes a slight increase in rental income, higher sales successes from development projects and one-off effects due to early surrender of space. For the current financial year, Allreal expects an operating result "roughly on a par with the previous year".
Real Estate division with slightly lower result
In the Real Estate segment, net income fell slightly from CHF 124.4 million to CHF 123.0 million due to a slight increase in financing costs. Rental income, on the other hand, increased from CHF 219.8 million to CHF 221.3 million. In addition to the link to inflation, the higher reference interest rate and the aforementioned one-off effects, this was also due to the completion of the property at Bellerivestrasse 36, which contributed fully to rental income again for the first time. Compared with the previous year, the vacancy rate fell slightly from 1.7 to 1.6%. In the current financial year, Allreal has extended important rental agreements with Generali on Soodmattenstrasse in Adliswil and Maagtechnic on Sonnentalstrasse in Dübendorf, among others. In Glattpark on Lindbergh-Allee and on Boulevard Lilienthal, the contracts with Mondelez and Hirslanden were renewed.
In the second half of the year, Allreal sold two commercial properties in Basel and a property in Petit-Lancy was notarized for sale at the beginning of 2025. "The transactions were carried out above balance sheet value", Allreal reports. The profit amounted to CHF 7.6 million.
Upgrades in the city of Zurich, downgrades in western Switzerland
The portfolio will be valued by Wüest Partner for the first time in the 2024 annual financial statements. As a result, there have been some shifts in the valuation of the investment properties, Allreal reports. Commercial properties in the city of Zurich and residential properties in the Zurich region in particular have been significantly revalued, while residential properties in western Switzerland and individual commercial properties in the Zurich region have been devalued. "The change of appraiser also improves the comparability of the portfolio value with relevant competitors", writes Allreal. The market value of the portfolio amounted to CHF 5.19 billion at the end of the year (end of 2023: CHF 5.08 billion).
Project division significantly increases success
In the Development & Realization segment, income from business activities rose from CHF 37.7 million to CHF 42.8 million. According to Allreal, this was due to increased sales of condominiums and higher own work capitalized. "This trend will continue in view of the current development pipeline," it says. The proportion of own projects has increased to one third. In western Switzerland, ongoing third-party projects were successfully completed and the strategic transformation to a pure developer was completed, according to the information provided. The segment's net profit improved significantly from CHF 0.7 million to CHF 3.0 million. (aw)
