Plazza increases rental income by almost a quarter
The annual financial statements for 2024 are dominated by newly added areas. However, the valuation result has also increased significantly.
The completion of the first stage of a project in Crissier near Lausanne was the main reason for a significant increase in real estate income at Plazza. This rose by an impressive CHF 23 1TP3 thousand to CHF 33.0 million in the 2024 financial year. Income from the portfolio rose by 4 %. Meanwhile, the vacancy rate also rose, from 2.7TP3T to 6.0%, which is attributable to commercial space in the first stage of Crissier that is still unlet. Without this space, the vacancy rate would have remained unchanged from the previous year, Plazza reported.
The operating result before depreciation, amortization and revaluation increased by 24% to CHF 26.2 million. Income from revaluation increased from CHF 1.0 million to CHF 35.8 million. 16.0 million of this is attributable to project progress (previous year: 8.7 million), plus a revaluation of the remaining portfolio of 2.5TP3T. Plazza cites increased earnings expectations as the main reason for the latter. The dividend is to be increased by CHF 1.0 to CHF 9.0.
Construction start for renovation project expected in 2025
The value of the real estate portfolio in fixed assets rose from CHF 1.0 billion to CHF 1.1 billion. In the current financial year, Plazza intends to initiate the refurbishment of its Zurich property "Im Tiergarten" in occupied condition (cost: approx. CHF 120 million). The first stage is scheduled to begin in the summer. In Crissier, the remaining second stage comprises a further 17,000 square meters of usable space for an investment volume of CHF 75 to 85 million. However, construction is not expected to begin "before 2028". Plazza is also pursuing another major project on the former industrial area north of Regensdorf railroad station (ZH). Construction is expected to begin in 2026. The investment volume is in the region of CHF 220 to 240 million.
Operating result to grow significantly
For 2025, Plazza is forecasting an operating result before depreciation, amortization and revaluation of around 10 to 15 % above the previous year. (aw)
