Ad-hoc announcement according to clause 16 of the BX Swiss Listing Rules
Patrimonium Urban Opportunity Ltd. (BX Swiss: “PATRI”) publishes its semi-annual report and reports solid results for the first half of the year 2024 ending 30.6.2024, with a net operating income up 15.7% from CHF 4.1 to CHF 4.8 million compared to the half year ending 30.6.2023, and a net profit of CHF 3.2 million, including a revaluation gain of CHF 1.8 million. Portfolio value increased to CHF 260.6 million, with the successful completion of the new office building in Bussigny in May.
The increase in net operating income was achieved thanks to the successful increase in revenues and the reduction of property expenses. Revenues increased by 7.1% to CHF 6.5 million with new leases signed in Crissier, Reinach and at the new Bussigny building. Occupancy rate of the Reinach property, acquired empty last year, reaches 51.1% at 30.6.2024. The successful reduction of maintenance costs allowed property expenses to decrease by 11.4% compared to 30.6.2023 to CHF 1.7 million. Despite an increase in other operating expenses to CHF 1.4 million, operating result before revaluation rose to CHF 3.4 million (+9.8% vs. 30.6.2023).
Portfolio value increased from CHF 254.8 million to CHF 260.6 million during the half year thanks to investments (CHF 4 million) and a revaluation gain of CHF 1.8 million on the existing portfolio. The half year closes with a net profit for the period of CHF 3.2 million, lower than in the first half year of 2023, which was marked by an exceptional gain on the Reinach acquisition.
On 30.6.2024, bank loans amounted to CHF 127.9 million (31.12.2023: CHF 126.1 million). The debt ratio decreased to 48.26% (31.12.2023: 48.73%), due to positive revaluation and continuous debt amortisation. The weighted average interest rate fell slightly to 2.09% per 30 June 2024 (31.12.2023: 2.19%), due to the decrease of the SARON rates. The average maturity of debt decreased to 2.96 years.
The company’s share capital remained constant at CHF 38’101’266 per 30.6.2024. The net asset value (NAV) of Patrimonium Urban Opportunity Ltd per 30.06.2024 is CHF 111’710’052 (31.12.2023: CHF 108’557’404), resulting in a NAV per share increase of 3.2%, to CHF 2.94 (vs. CHF 2.85 on 31.12.2023).
In May 2024, Patrimonium Urban Opportunity Ltd. completed the development of a sustainable office property in Bussigny Mochettaz 7, which resulted in a revaluation gain.
This prime office building next to Bussigny rail station has a low ecological footprint. It incorporates eco-friendly elements, including a Canadian heat exchanger, photovoltaic panels connected to a smart grid, heat pumps and building automation featuring geo-cooling via water storage tanks. Electricity production is largely positive as the photovoltaic panels produce more electricity than the building consumes. Costs and deadlines on the construction site were met and the property has been successfully delivered in May 2024. 62% of the surfaces are already rented out to two solid tenants on long standing contracts. Once fully let, the property will add additional revenues of CHF 0.73 million to the portfolio. The challenge of constructing a building meeting the highest ecological standards, but at the same time offering market rents, was successfully completed.
“We remain confident about the Swiss real estate market for the future. Our strategy for the second half of 2024 includes optimizing our portfolio and maintaining a strong emphasis on tenant satisfaction and retention. The management team will reinforce its efforts to lease the remaining vacant spaces, primarily in Bussigny, Crissier and Reinach. We will also continue realizing the potential of our portfolio by advancing ongoing development projects” says Hanspeter Berchtold, CIO Real Estate at Patrimonium Asset Management Ltd.
Patrimonium Urban Opportunity Ltd. is listed at BX Swiss AG since July 18, 2022 (Ticker: PATRI).
More information: www.patrimoniumurbanopportunity.ch (half year report 30.06.2024 under “Documents” section)
Person responsible for the disclosure of the ad-hoc announcement
Christoph Syz
Delegate of the Board
Patrimonium Urban Opportunity Ltd.
Phone: +41 58 787 00 00