Patrimonium Swiss Real Estate Fund: Half-year results 22/23. Even in a difficult economic environment, the PATRIMONIUM SWISS REAL ESTATE FUND (PSREF) was able to continue its good performance and ensure its attractiveness thanks to investments in new properties and in construction and conversion projects. The net asset value per unit increased from CHF 146.76 (after distribution) to CHF 148.44, with a gearing ratio of 20.69% (after the capital increase of July 2022; 31.03.2022: 24.51%) and an average interest rate of 1.20%.
As at 30 September 2022, the real estate portfolio consisted of 54 residential properties, 9 mixed-use properties and 5 commercial properties with a total value of CHF 1,138 million (31.03.2022: CHF 1,133 million).
In order to improve the quality standard of the properties and to continue to increase the rental income and the value of the properties, the Fund is continuing its strategy of investing in total renovations, the development of construction projects, the increase of existing properties, as well as energy improvement measures. The interior and exterior renovations of 2 properties in Grand-Lancy and Efringerstrasse in Basel-Stadt were successfully completed.
The development of the site in Baar/ZG, which the Fund co-owns with the Patrimonium Investment Foundation, is progressing. A referendum on the site development will take place in June 2023. In the event of a positive outcome, the building permit will be granted quickly. The conversion project for the commercial property at Chemin du Chêne 3-5 in Renens/VD will be approved in December 2022. The commercial property is to be converted into a mixed-use property. 51 lofts are to be built on more than 35% of the area. The investment volume amounts to CHF 49 million.
On 7 October 2022, PSREF acquired co-ownership of a commercial property in Kloten/ZH together with Patrimonium Anlagestiftung. The 51% stake held by PSREF, worth CHF 22 million, generates annual rental income of CHF 1.3 million. Thanks to a neighbourhood plan, there is the possibility of demolishing the current industrial halls within a time horizon of five years and replacing them with residential properties.
The semi-annual report and further information on the fund are available under www.patrimonium.ch/swissrealestatefund (documents section).