Patrimonium Investment Foundation publishes its 2024 annual report
Real estate assets under management surpass CHF 1.4 billion. Both real estate investment groups recorded growth rates of around ten percent, against a backdrop of declining inflation, falling interest rates, and increasing housing shortages. The investment group “Sustainable Infrastructure,” launched in February 2024 as an evergreen structure, has already closed its first financial year on a positive note.
In the 2024 financial year, the Swiss Residential Properties Investment Group increased its assets under management by CHF 81.3 million to CHF 969.4 million (+9.2%). Three existing properties located in Lausanne (VD), Romanel-sur-Lausanne (VD), and Villeneuve (VD) were acquired for a total purchase price of approximately CHF 63 million. The new construction project in Lausanne-Malley, comprising a total of 76 apartments, was successfully completed. The next key milestone will be the final zoning approval for the Spinnereiareal development project in Baar.
As of December 31, 2024, the portfolio consisted of 66 existing properties, four full renovation projects, and one development plot. Residential properties accounted for 86% of the portfolio, 8% had commercial use, and 6% were of mixed-use. Regionally, 53% of the portfolio was invested in Western Switzerland and the Lake Geneva region, 35% in German- and Northwestern Switzerland, and 12% in Southern Switzerland.
The target rental income for the period amounted to CHF 37.1 million, representing a further increase compared to the previous year (+5%). The vacancy rate was again reduced to 3.8% (previous year: 4.3%), reflecting continued strong demand for housing in most properties.
The investment group ended the financial year with an investment return of +3.4%. Higher market and actual rents had a positive effect, while increased costs had a negative impact on valuations. Overall, the portfolio’s valuation rose by approximately one percent for the financial year. The leverage ratio stood at 13.7% at year-end, slightly lower than the previous year (14.8%).
The successfully executed capital increase in November 2024 ensures solid financing for future acquisitions as well as for ongoing and planned renovation and conversion projects.
The Swiss Healthcare Properties Investment Group increased its assets under management by CHF 43.3 million to CHF 471.4 million (+10%) in 2024. With the acquisition of a care facility in Saxon (VS), offering 72 rooms and 14 senior apartments, the portfolio was further diversified in terms of regions and operators, raising the total number of properties to 17.
The new construction project in Kriens (senior housing) is expected to become operational by mid-2025. The property is located in the new “Nidfeld” neighborhood, a mixed-use, intergenerational 2000-watt area built to Minergie-Eco standards, comprising 61 senior apartments, medical facilities, and communal areas. The new building in Bülach (healthcare facility) was successfully completed in autumn 2024. Due to the debt restructuring of Steiner AG and the occupancy rate during the reporting period, provisions were made for this property, and its valuation was adjusted downward by Wüest Partner AG.
As of December 31, 2024, the portfolio included 14 completed buildings, one ongoing new construction project, and two development plots. Based on target rental income, 76% of the properties were for medical use and 24% for non-medical use.
Target rental income for the period increased by 17.7% to CHF 18.3 million (2023: CHF 15.5 million). This significant increase is mainly due to the completion of the properties in Orbe (leased since September 2023) and Boudry (leased since January 2024), as well as the indexation of rents.
The investment group ended the 2024 financial year with an investment return of +1.85%. The market value of the portfolio segment slightly declined, mainly due to the adjustment of the discount rate for the Bülach healthcare facility.
The Sustainable Infrastructure (evergreen) Investment Group was successfully launched in February 2024. It enables Swiss pension funds to access long-term, sustainable infrastructure investments in an evergreen structure. The investment group targets sectors contributing to decarbonization. Through broad diversification and a conservative investment strategy, a low risk profile is maintained.
Since its launch in February, two investments were made during the 2024 financial year: a co-investment in a portfolio of rooftop solar systems, battery storage, and electric vehicle charging stations, and an interest in a sustainable global infrastructure fund. As of the end of December 2024, the investment group held four portfolio companies through these investments. All investments made have a core risk profile.
The investment group closes its first year with a slightly positive result, reporting a net TVPI of 1.02x (Net Total Value Paid-In). With positive performance and a robust investment pipeline, it is well positioned to grow steadily and create long-term value in the coming years.
A capital increase is planned for this investment group in June 2025.
May 2025 Swiss Healthcare Properties Investment Group Capital Increase Significantly Oversubscribed
The capital increase for the Swiss Healthcare Properties Investment Group (subscription period: 30.04.2025, target volume: CHF 50 million) attracted strong interest from both new and existing investors. It was significantly oversubscribed, with commitments totaling CHF 81 million.
An initial capital call of CHF 50 million will take place in May and will be used to further expand the portfolio through strategic acquisitions.
The healthcare real estate market offers an attractive long-term investment opportunity with high net cash flow returns, driven by demographic change and strong growth rates.