Ad-hoc announcement pursuant to Art. 53 Listing Rules (LR)
Baar, June 10, 2025 – The listed real estate fund Patrimonium Swiss Real Estate Fund (SIX: PSREF) concluded its financial year 2024/25 with a successful financial performance. Favorable economic conditions for investment, strong demand for residential space, and active management led to increased rental income, which—combined with effective cost control—resulted in a significant rise in net profit (+13.9% vs. 2023/24) and the operating dividend.
The fund’s annual rental income rose by 4.5% to CHF 54.17 million in FY 2024/25. This increase resulted from: new property acquisitions during the year (2.7%), rent increases due to indexation and re-lettings (1.0%), and reduced vacancy rate (0.8%).
As of March 31, 2025, the market value of the portfolio stood at CHF 1,272 million (+5.2% vs. 2023/24). The value increase compared to the previous year is attributable to organic growth (2.8%), lower discount rate (1.5%), and external growth (1.0%).
The Net Asset Value (NAV) per unit before dividend rose from CHF 149.17 to CHF 153.20, resulting in a return on investment of 5.32%, significantly higher than in 2023/24 (1.25%).
The acquisitions made during the year are expected to generate additional annual income of CHF 0.9 million. Progress on the “Creative Factory” redevelopment project in Renens is on schedule, enabling building handover in September 2025, which will lead to a substantial increase in rental income (additional annual target rent: CHF 3.2 million).
Due to acquisitions and construction activities, the debt ratio increased to 26.44% as of March 31, 2025. At the same time, the weighted average cost of debt was reduced from 1.92% to 1.34% (March 31, 2024 vs. March 31, 2025) with longer loan maturities.
Dividend
The operating dividend increased significantly from CHF 3.22 to CHF 3.66 per unit, enabling a total dividend distribution of CHF 3.70.
Dividend payment date: June 18, 2025 (Ex-date: June 16, 2025)
Short- and Medium-Term Outlook
The fund’s growth strategy focuses on: accelerating external growth (acquisitions), further reducing vacancy rates, improving the EBIT margin, and optimizing financing costs and maturities.
Since the balance sheet date of March 31, 2025, the fund has already completed acquisitions totaling CHF 41 million, increasing the debt ratio to 28.66%.
Details on the Capital Increase
A capital increase of approximately CHF 100 million is planned for July 11, 2025, with the subscription period running from June 23 to July 4, 2025.
The proceeds will be used for property acquisitions, portfolio expansion through redevelopment and development projects, and reduction of the debt ratio.
The offering will be conducted publicly in Switzerland on a “best effort” basis.
Capital Increase Details
Presentation of Annual Financial Statements 2024/25 and Capital Increase
Friday, June 13, 2025 (via videoconference)
Registration is required to access the videoconferences.
If you have any questions, please email media@patrimonium.ch or call +41 58 787 00 00.