Ad-hoc announcement pursuant to Art. 53 Listing Rules (LR)
Patrimonium Swiss Real Estate Fund publishes its 2025/26 annual report and provides details on its CHF 81 million capital increase
SIX: PSREF
CH0034995214
Baar, June 8, 2026: In an international environment marked by persistent uncertainties, Swiss real estate continues to confirm its status as a leading defensive investment. The listed real estate fund Patrimonium Swiss Real Estate Fund (SIX: PSREF) closed its 2025/26 financial year with an excellent financial performance. In a favorable environment, rental income increased significantly during the financial period under review. The main drivers of this growth were the reduction in vacancy rates, the increase in rents within the existing portfolio thanks to indexation and reletting, as well as the acquisitions carried out during the financial year. This momentum, combined with stable operating expenses and a reduction in mortgage costs, resulted in a strong increase in net profit, up 17% compared to the 2024/25 financial year, as well as an increase in the operating dividend.
During the 2025/26 financial year, the fund’s collected income rose by 3.5% vs. 2024/25 to reach CHF 56.1 million. This increase is mainly attributable to three factors: the net effect of acquisitions and disposals during the period, the positive impact of indexation and reletting on rents, as well as the decrease in vacancy rate following the completion of the “Creative Factory” project.
As of March 31, 2026, the market value of the portfolio amounted to CHF 1,351 million (+6.2% vs. 2024/25). This increase reflects both the organic growth of the portfolio, the decrease in discount rates, value-enhancing investments, as well as the net effect of acquisitions and disposals carried out during the financial year. Net asset value (NAV) increased from CHF 153.20 as of March 31, 2025, to CHF 156.55 as of March 31, 2026, representing a 2.2% increase compared to the previous financial year.
The completion on September 30, 2025, of the redevelopment project “Creative Factory / Chêne 5” in Renens (VD), comprising 51 residential units, office space, and a vocational training school, has already contributed to reducing the vacancy rate during the past financial year. Its positive effects are expected to continue during the next financial year, supporting the growth of the fund’s rental income.
From an ESG perspective, the fund continues its decarbonization policy with CO₂ emissions of 15.43 kg CO₂/m² for 2025, thereby approaching its 2030 climate target of 15 kg CO₂/m². This reduction is mainly achieved through the replacement of fossil fuel heating systems with connections to district heating networks.
The capital increase carried out in July 2025 for an amount of CHF 104 million enabled the financing of several acquisitions, the completion of the “Creative Factory” redevelopment works, and the partial repayment of debt. As a result, the leverage ratio decreased from 26.44% as of March 31, 2025, to 22.28% as of March 31, 2026. In a favorable interest rate environment, the weighted average cost of debt was also reduced from 1.34% to 1.16% for the 2025/26 financial year, alongside an extension of duration.
Dividend
The operating dividend increased from CHF 3.66 to CHF 3.75 per unit, representing a 2.5% increase compared to the previous financial year. For this distribution, it will be sourced exclusively from the fund’s operating income. The dividend payment of CHF 3.75 per unit will take place on July 13, 2026. The ex-date is set for June 16, 2026.
Short- and medium-term outlook
The fund’s strategy is based on three main pillars: accelerating external growth through targeted acquisitions, continuing the policy of reducing vacancy rates, and optimizing the financing structure. The implementation of this strategy is already underway, with CHF 24 million in acquisitions completed after March 31, 2026.
Details of the capital increase
A capital increase of CHF 81 million is planned for July 13, 2026. The subscription period runs from June 22 to July 3, 2026, at 12:00 CET. The funds raised will be used to finance real estate acquisitions as well as the future development of the portfolio, in particular through value-enhancement and development projects. The issuance will be carried out in Switzerland as part of a public subscription offering, on a “best effort” basis.
Presentation of the 2025–26 annual results and of the capital increase
Register here for one of the events.
Registration is required. For any questions, please email media@patrimonium.ch or call +41 58 787 00 00.
Contacts
Christoph Syz
CEO
Managing Director Real Estate
058 787 00 00
investor@patrimonium.ch
Ingrid Rutschmann
Manager
Investor Relations
058 787 00 47
investor@patrimonium.ch
François Hutter
Head of Marketing
Media Relations
T : 058 787 00 08
E : media@patrimonium.ch
Patrimonium Swiss Real Estate Fund
Patrimonium Swiss Real Estate Fund (“PSREF”) is a contractual real estate fund under Swiss law in accordance with the Federal Act on Collective Investment Schemes of 23 June 2006. The fund has been authorized by the Swiss Financial Market Supervisory Authority FINMA. The fund management company is Patrimonium Asset Management Ltd., Baar; The custodian bank and paying agency is Banque Cantonale Vaudoise, Lausanne. The prospectus with integrated fund contract, the key information document, and the latest annual and semi-annual reports can be obtained free of charge and upon request from the fund management company (www.patrimonium.ch) and from the distributors.
Patrimonium Asset Management Ltd.
Patrimonium Asset Management AG (“Patrimonium”) is a fund management company authorised by the Swiss Financial Market Supervisory Authority (FINMA), specialised in private markets. Patrimonium offers investment opportunities in real estate, private credit, private equity and infrastructure to qualified and professional investors. Patrimonium manages CHF 5 bn in assets (12.2025) with 70 professionals with offices in Lausanne, Zurich and Zug. www.patrimonium.ch.