Good Buildings: Fund closes 2024 with performance of 24%
The fund acquired two new construction projects last year and increased its net income.
The Good Buildings fund managed by Berninvest increased its total fund assets by CHF 52.4 million to CHF 411.2 million in the 2024 financial year. The return on investment amounted to 6.67 %, the net return on completed buildings was 3.56 % and the vacancy rate was 5.17 % according to the fund management. The performance of the units amounted to 23.58 %.
The existing portfolio was revalued by CHF 9.88 million, whereby the average weighted capitalization rate was increased slightly from 3.08 to 3.10 %.
Three acquisitions
In mid-November, the fund acquired the "Prairie 2" stage in the Ancienne Papeterie quarter in Marly (FR), which has planning permission. The site is located around 3 km northwest of the city center of Fribourg on the former industrial site of the Ciba-Geigy company. By the end of 2025, 96 apartments and five commercial spaces should be ready for occupation. The site is part of the Marly Innovation Center (MIC), one of the largest technology campuses in Switzerland. Also in November, the fund concluded the purchase agreement for the Space project in Sisseln (AG). A five-storey building is being built on the site for DSM Nutritional Products AG, which has signed a 30-year triple-net lease. Finally, the fund also acquired an existing building, the apartment building at Hauptstrasse 13 in Holziken (AG). It comprises eleven apartments. There were no sales.
The income statement for the financial year showed an overall profit of CHF 17.6 million. The significant improvement compared to the previous year (CHF 9.3 million) is mainly due to unrealized capital gains of just under CHF 8 million. Net income rose from CHF 8.2 million to CHF 9.6 million, while total income increased from CHF 15.5 million to CHF 18.7 million. (aw)
