Ad-hoc announcement pursuant to Art. 53 Listing Rules (LR)
Crissier/VD, 25.11.2025: The listed real estate fund Patrimonium Swiss Real Estate Fund (SIX: PSREF) closed the first half of the 2025/26 financial year with a significant improvement in its financial results compared to the same period last year. Benefiting from favorable market conditions for acquisitions and sustained rental demand, revenues increased by 3.2% (vs. September 30, 2024). This growth, combined with cost and expense control, led to a 14.8% increase in net half-year results (vs. September 30, 2024) to CHF 11.95 million, pointing to a positive annual closing in March 2026.
Revenues amounted to CHF 27.63 million (+3.2% vs. September 30, 2024 at CHF 26.76 million). This increase is attributable to:
Operating expenses for properties increased slightly from 21% to 23% of revenues received, mainly due to the acquisition of new buildings and maintenance work.
The CHF 104 million capital increase carried out in July 2025 enabled the financing of acquisitions worth CHF 41 million, the continuation of development projects, and the partial repayment of debt.
As of September 30, 2025, the market value of the portfolio stood at CHF 1.327 million (+4.3% vs. March 31, 2025). As properties are not revalued at the end of the half-year, this increase is mainly due to acquisitions (CHF 41 million) and value-added investments (CHF 13.7 million).
The partial repayment of short-term debt reduced the debt ratio (borrowed capital/market value) from 26.44% (March 31, 2025) to 23.25% (September 30, 2025). The unaudited net asset value (NAV) per share thus stands at CHF 151.52 (March 31, 2025: CHF 149.50 after distribution of a dividend of CHF 3.70).
Development and conversion projects: progress in line with schedule
The conversion project for the “Creative Factory” building, located at Chemin du Chêne 3–5 in Renens (VD), was delivered on schedule. At the end of September 2025, the first residential tenants moved into the newly created loft apartments. To date, 65% of the space has already been leased, amid sustained demand.
Following the official adoption of the neighborhood plan for the former spinning mill in Baar/ZG in spring 2025, the building permit application for the creation of 34 new rooftop apartments, a first step of this development, will be submitted by the end of the year.
Contact
Christophe Morize
Managing Director
Tel +41 58 787 00 88
investor@patrimonium.ch
Agnes Haulbert
Senior Director, Fund Manager
Tel +41 58 787 00 20
agnes.haulbert@patrimonium.ch
François Hutter
Head of Marketing / Media Relations
T 41 58 787 00 08
media@patrimonium.ch
Patrimonium Swiss Real Estate Fund
Patrimonium Swiss Real Estate Fund (SIX: 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 Ltd. (“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 assets of CHF 5 bn (30.06.2025) with 70 professionals out of Lausanne, Zurich and Zug. More information: www.patrimonium.ch.