Realstone: Industrial Fund increases rental income through acquisitions
The EBIT margin improved in 2024, but overall profit fell slightly due to lower revaluations.
The Realstone Industrial Fund increased its total assets by CHF 24.2 % to CHF 83.40 million in the 2024 financial year. This increase is mainly due to the acquisition of the property at Hauptstrasse 173 in Arisdorf for CHF 14.00 million at a gross yield of CHF 6.16%. The market values of the other properties increased by an average of just under 1%. According to the annual report, this increase is due to the reduction in the vacancy rate at the Bussigny site from CHF 9.151tn to CHF 5.741tn on the one hand and the installation of a photovoltaic system on the roof of the property at Route de la Jonnaire 5 in Rennaz (VD) on the other. The fund's debt ratio rose from 31.2 to 43.5%.
Rental loss rate reduced
The fund's rental income increased by 29.7% to CHF 3.5 million, which the fund management attributes to the integration of the December 2023 acquisitions in Rennaz and Aigle (VD) as well as in Arisdorf. The rental loss rate fell from 10.0 to 7.3% in 2024, which increased rental income by 2.80%.
As total expenses rose less sharply than rental income, the fund's EBIT margin climbed from 79.0 to 82.9%. One of the reasons for this was the elimination of special property tax items, while administrative expenses rose by 10.5%.
Net income remained constant at CHF 1.99 billion, while total income fell slightly from CHF 2.6 billion to CHF 2.2 billion. This was due in particular to a slightly lower revaluation - by CHF 0.2 million - than in the previous year (CHF 0.6 million).
Sale-and-leaseback under review
According to its own information, the fund management company is currently examining acquisition opportunities worth over CHF 100 million. A capital increase is being examined. Sale and leaseback transactions make up a significant proportion of the pipeline. At the same time, the management of the existing portfolio will continue. For example, the demolition and new construction of a hall at the Bussigny site is planned to increase the density of the site. (aw)
