The Patrimonium Swiss Real Estate Fund remained on a firm track, posting solid results in the first half of the 2019/20 financial year.
At 30 September 2019, the Patrimonium Swiss Real Estate Fund’s portfolio consisted of 51 residential properties, eight mixed properties, five commercial properties and four new construction projects, for a total value of CHF 935 million (CHF 903 million at 31 March 2019). The net asset value increased from CHF 131.19 (after the dividend payment) to CHF 133.68 per share. The financing ratio dropped from 23.59% at 31 March 2019 to 19.77% at 30 September after funds from the capital increase in September were used to repay a CHF 68 million mortgage loan. The average interest rate on loans was 1.46%. Rental income for the period came in at CHF 22.47 million.
On 1 September 2019, the Fund purchased a residential property with 12 apartments at Place du Vallon 10 in Lausanne for CHF 5 million. With a construction project in Montreux, the “Oassis” project in Crissier, “City-Gate” in Basel, and the development potential of the “Spinnerei an der Lorze” area in Baar, the Fund has attractive growth prospects. These construction projects are scheduled for completion between Q2 and Q4 2020.
The Fund is also pressing ahead with its rooftop extension projects in the cantons of Vaud, Geneva and Fribourg. The Fund has received planning permission to add floors to the buildings at Rue Virginio-Malnati 65–67 and Prulay 43 in Meyrin, Geneva Canton. Work to add floors to the building at Rue Hugo-de-Senger 7, Geneva, is proceeding as planned and will be completed in March 2020. Similar work on the property at Chemin du Couchant 25 in Lausanne was completed at the end of October.
The Patrimonium Swiss Real Estate Fund invests in residential and mixed properties in the Lake Geneva region and in the Fribourg, Bern, Basel and Zug areas, focusing on the moderate-to-low-rent market segment. The Fund offers private and institutional investors a diversified real estate portfolio with attractive growth potential.