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Truststone: strong growth, capital increase in October

30.08.21

Report on the first 11 months of activity and upcoming capital increase: since its launch on October 7, 2020, Truststone real estate SICAV has made significant progress. Thanks to new acquisitions combined with a proactive management of its assets, Truststone real estate SICAV has increased the market value of its portfolio by almost CHF 15 million (> 20% growth) and its annual rental income by more than CHF 800’000.- (> 35% growth compared to the current annual income).

New acquisitions

While initially holding 5 properties with a total of 11 buildings, Truststone real estate SICAV has already successfully completed 2 real estate transactions.

The first acquisition, completed in April 2021, consists of 2 buildings (one residential and one commercial) located in Muttenz (BL) with an estimated value of CHF 11.48m and an annual rental income of CHF 645’000.-. The peculiarity of this property lies in the development potential of its plots into a residential zone. The latter are part of a neighborhood plan supported by the municipality for the realization of a project estimated at CHF 86m by 2026. 

The second transaction, carried out in May 2021, is a term purchase (in October 2021) of a mixed-use building located in «La Conversion» with an estimated value of CHF 3m and a rental value of CHF 136’000.-. This acquisition enables the development potential of the area to be enhanced together with the neighboring plots. Currently, this development area is undergoing a feasibility study. 

Three other properties: 2 residential and 1 commercial, located in French-speaking Switzerland (Vaud and Fribourg) are in the process of being secured for purchase in Q4 of 2021. These 3 transactions represent a potential investment of roughly another additional CHF 18m.

Evolution of the initial portfolio

Significant work has been done on the commercial building in Etoy and has resulted in the signing of 2 new commercial leases with quality tenants for more than 2,750 m2 of floor area, with terms of 20 and 25 years respectively, enabling the tenants to amortize their substantial interior fittings (> CHF 2.2 million). In addition, the opening of a restaurant on site, planned for the beginning of 2022, should improve the attractiveness of the site and thus enable the last vacant surfaces to be let. 

Thanks to the rotation of tenants in all the residential buildings, 6 apartments have been completely renovated at a cost of approximately CHF 360k and have allowed an increase in rental income of more than CHF 23k which represents an increase of +39% compared to the initial rental income of these renovated apartments, which were initially at a very low level. 

The residential buildings in «Pully» have also been undergoing a feasibility study to carry out an elevation to create 6 attic apartments and improve their energy balance. The access road to the buildings, initially narrow, will also be enlarged and 15 new parking spaces will be built. The project will file for a building permit in the last quarter of 2021. 

Next capital increase 

In order to continue its growth, Truststone real estate SICAV has planned a capital increase of CHF 25m for the month of October 2021, with a subscription period from 4 to 18 October 2021. This capital will be used to acquire new properties, to finance the elevation of the buildings in Pully and to renovate and improve the existing real estate portfolio when needed, as well as when new opportunities arise.

An interim closing will be carried out on 30 June 2021 (instead of a half-yearly closing on 30 September 2021 due to the capital increase in October) and the first provisional and unaudited net asset value (NAV) will be published at the beginning of September. The first official and audited report will be published at the end of July 2022. 

Information and documentation on the upcoming capital increase can be obtained from our Investor Relations Team via e-mail investor@patrimonium.ch or by phone (Christophe Morize and Benoit Dreyer: +41 58 787 00 00).

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