PATRIMONIUM SWISS REAL ESTATE FUND (PSREF) developed positively in the first half of the fiscal year 2021/22.
As of 30 September 2021, the real estate portfolio consisted of 54 residential properties, 9 mixed-use properties and 5 commercial properties with a total value of CHF 1,107 million (31 March 2021: CHF 1,059 million). The net asset value per unit increased from CHF 139.97 (after distribution) to CHF 147.09, with a gearing ratio of 24.51% (31.03.2021: 23.36%) and an average interest rate of 0.93%.
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 continues its strategy of investing in total renovations, the development of construction projects, the increase of existing properties, as well as energy improvements. The interior and exterior renovations of 2 properties in Grand-Lancy and La Tour-de-Peilz, as well as the additions of 2 properties in Meyrin and Bulle have been completed. All of the Fund’s new construction projects that had been started were also completed. A total of CHF 97 million was invested in these projects. The expected long-term rental income amounts to CHF 5.3 million.
The development of the properties in Baar/ZG, which the fund owns in co-ownership with the Patrimonium investment foundation, is progressing. Around 350 flats, cafés, shops and restaurants are to be built in the quarter. The building permit is expected by the end of 2022. The conversion project for the commercial property at Chemin du Chêne 3-5 in Renens/VD is in the evaluation phase. The commercial property is to be converted into a mixed-use property. 53 lofts are to be built on more than 35% of the space.
The semi-annual report and further information on the fund are available here