Patrimonium Swiss Real Estate Fund (SIX: PSREF), a real estate fund listed on the SIX Swiss Exchange, continues to grow in the first half of the 2024/25 financial year, with a significant increase in rental income and a good performance.
The Patrimonium Swiss Real Estate Fund (SIX: PSREF) continued to grow during the 2024/25 half-year from 31.03.24 to 30.09.2024. Rental income rose by more than 4% compared with the same period last year. Net asset value (NAV) per unit rose from CHF 145.47 on 31 March 2024 (after distribution of CHF 3.70) to CHF 147.29 on 30 September 2024 (+1.25%).
Against a backdrop of strong demand for residential real estate, rental income rose from CHF 25,660,205 to CHF 26,763,822 in the first six months of the 2024/2025 financial year, an increase of 4.3% vs the same period 2023/24. This increase is attributable to the acquisition of new properties (+2.51%), the reduction in the vacancy rate (+1.24%), rent indexation and new lettings (+1.79%). The result was achieved despite some losses due to doubtful debtors (-1.24%).
During the period, the fund acquired two residential properties in the canton of Vaud comprising 50 flats for CHF 19.5 million. These properties will generate additional annual rental income of CHF 906,252 (+1.75% approx.) for the fund. Two small residential properties in the cantons of Vaud and Fribourg will be sold on 1st of January 2025 for around CHF 9 million with a substantial capital gain.
The Renens construction project is progressing according to plan, with delivery scheduled for summer 2025, while marketing should begin in early 2025. Leases for some of the commercial space are currently being signed.
The new legally binding neighbourhood plan for the former spinning mill site in Baar, offering 72,000 m2 of rental space, is expected in spring 2025. The aim is to obtain a building permit in the course of 2026, so that the first phase of construction can begin. The project, in which the fund has a 67% stake, involves the creation of approximately 370 apartments and 40,000 m2 of commercial space, with an investment volume of CHF 250 million.
The structural shortage of housing and rising property values mean that we can expect to see further growth in results over the next six months.