Baar, November 30, 2023 – The Patrimonium Swiss Real Estate Fund (SIX: “PSREF”), listed on the SIX Swiss Exchange, continued to grow in the first half of 2023/24 (01.04 to 30.09.2023). Rental income rose by over 7% compared with the previous half-year, and property expenses were reduced. Net asset value (NAV) per unit rose from CHF 147.33 (after distribution of CHF 4.00) to CHF 149.04 in the first half of the year.
In the first six months of the year, revenues rose from CHF 23,797,799 to CHF 25,660,205, an increase of 7.83%. This upward trend is set to continue, thanks to a lower vacancy rate and rent indexation. In addition to market-related rent reserves, the Patrimonium Swiss Real Estate Fund has the potential to increase rents by more than CHF 3 million, due to the re-letting of vacant space at the Chemin du Chêne 3-5 building in Renens/VD.
On the other hand, building upkeep and maintenance costs fell. Building overheads remained stable. These results are the fruit of active portfolio management and investments made in recent years.
The strategy of the Patrimonium Swiss Real Estate Fund remains unchanged. The active management approach, with investments in renovations, acquisitions, the development of new projects and targeted sales, ensures value stability and an optimized portfolio.
In November 2023, the Patrimonium Swiss Real Estate Fund was able to sell a residential property in Crissier with a pre-tax capital gain of over CHF 3.7 million.
The 2030/2050 sustainability targets set by the Swiss government are a challenge for the real estate sector.
The implementation of the defined remediation and decarbonization plan will continue to reduce CO2 emissions and the heating index. The Patrimonium Swiss Real Estate Fund‘s CO2 greenhouse gas emissions have been reduced by 26% (from 26.52 kgCO2 /m2 in 2021 to 19.70 kgCO2 /m2 in 2022 – target for 2030 = 15 kgCO2/m2). The building heat expenditure index (WAI) rose from 406 MJ/m2 in 2021 to 392 MJ/m2 in 2022 (target for 2030 = 350 MJ/m2).
With a residential income share of over 75% and good geographical diversification, the Patrimonium Swiss Real Estate Fund portfolio remains well positioned for the long term.
The development projects in Renens (Chemin du Chêne) and Baar (Spinnerei an der Lorze) offer substantial growth potential. The latter was approved by the population of Baar on November 26 and can now be implemented.
The half-year report is available here (“Documents” section).