Patrimonium Swiss Real Estate Fund: stable results in a difficult environment

« Ad hoc » announcement pursuant to art. 53 LR
 

Patrimonium Swiss Real Estate Fund: stable results in a difficult environment

Baar, June 6, 2024: The listed real estate fund Patrimonium Swiss Real Estate Fund (SIX: PSREF) closed its 2023/24 financial year with a net income of CHF 18’397’744, comparable to the previous year (2022/23: CHF 18’523’237), and a positive agio of 15.98%. A dividend of CHF 3.70 will be paid on 18.06.2024 (ex-Dat: 14.06.2024). Thanks to its positioning in the medium- to low-rent urban residential property segment and active portfolio management, the fund is proving its solidity in a difficult real estate environment. The expected improvement in the economic climate and the development projects and acquisitions underway as part of a well-defined strategy mean that we can look to the future with optimism.

At the closing on March 31, 2024, the market value of the fund's properties stood at CHF 1’209 mio (+2.83% vs. 2023). The weighted discount rate averaged 3.02% (3.00% vs. previous year) for the entire portfolio. Thanks to a conservative valuation policy, the discount rate for residential properties remained stable during the year, while the discount rate for mixed-use and commercial properties increased by an average of 0.1%.

Several factors contributed positively to the performance. Rents collected for the 2023/24 period were up by more than 6.2% compared to the previous year (from CHF 48.82 mio to CHF 51.85 mio), due to a 3.2% reduction in the vacancy rate, inflation-linked rent increases of 1.1% and the acquisition of residential properties (1.9% of this increase). Property expenses, excluding interest and taxes, fell by over 11% (- CHF 1.43 mio).

As part of portfolio optimization, two properties were acquired and one sold. The acquisitions represent an investment of CHF 27.2 mio and additional annual income of CHF 1.2 mio. The residential property at Chemin du Liseron 3-5 in Crissier, owned by the fund since 2008, was sold at the end of March 2024 with a net capital gain of CHF 3.43 mio.

The weighted average cost of debt increased to 1.92% at the end of March 2024 (vs. 1.77% at the end of March 2023), and mortgage expenses consequently rose from CHF 3.4 mio to CHF 5.9 mio.

The energy transition represents a major challenge for property owners. The trajectory of lowering CO² emissions and reducing the heating index (IDC) continues. The fund's greenhouse gas emissions (CO² ) have fallen to 19.70 kgCO /m² in 2022 (-26%), and the heat expenditure index (HDI) to 392 MJ/m² (-3%).

New investment opportunities, the expected fall in interest and discount rates, and the fund's development projects mean that we can look forward to the year ahead with optimism.

The annual report is available here ("Documents" section).

Official presentation of Annual Results 2023/24:

Thursday, June 13, 2024 (online)

• 09:00 to 10:00 in GER/ENG - registration
• 10:30 to 11:30 in FRE - registration

Registration required to obtain videoconference access.

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Patrimonium Asset Management AG

François Hutter
Head of Marketing
Tel +41 58 787 00 08
media@patrimonium.ch 

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Patrimonium Asset Management AG

Patrimonium Asset Management AG ("Patrimonium") is a fund management company authorized by the Swiss Financial Market Supervisory Authority (FINMA), specializing in private markets. Patrimonium offers investment opportunities in real estate, private debt, private equity and infrastructure to qualified and professional investors. Patrimonium manages assets of 4.5 billion Swiss francs with 70 professionals based in Lausanne-Crissier, Zurich and Zug. For further information: www.patrimonium.ch.
 

Patrimonium Swiss Real Estate Fund (SIX: PSREF)

Patrimonium Swiss Real Estate Fund (SIX: PSREF) is a Swiss real estate fund governed by the Swiss Collective Investment Schemes Act of June 23, 2006. The fund has been authorized by the Swiss Financial Market Supervisory Authority (FINMA). The fund management company is Patrimonium Asset Management AG, Baar; the custodian bank and paying agent is Banque Cantonale Vaudoise, Lausanne. The fund contract, prospectus, basic fact sheet and latest annual report are available free of charge on request from the fund management company and distributors. The information provided in this document is for marketing purposes only. Past performance data are not necessarily indicative of future developments. All performance figures are not guaranteed. Performance data do not take into account commissions and fees charged on the issue and redemption of units.

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Disclaimer

The published information and opinions do not constitute an invitation or offer to make or terminate an investment, or an invitation or offer to carry out another transaction. The information and opinions provided do not constitute recommendations or decision-making aids for investments and other matters and are not intended in any way as advice. Any investment decision must be based on an analysis of the associated risks (including all legal, regulatory, tax or other consequences) and on the corresponding, specific advice from an independent professional. The information provided does not constitute investment advice, does not take into account the personal circumstances of the recipient in any other way and is not the result of an objective or independent financial analysis. The information provided does not constitute an offer or solicitation to buy or sell securities or to close a financial transaction. Investors should contact a qualified tax advisor to find out about the possible tax consequences of owning, buying or selling shares in companies, funds or other investment instruments. This document was produced by Patrimonium Asset Management AG with the greatest of care and to the best of their knowledge and belief.

The information and views expressed herein are those of Patrimonium Asset Management AG at the time of writing and are subject to change at any time without notice.

The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Patrimonium Asset Management AG does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.