Procimmo 2 plans IPO
Procimmo Swiss Commercial Fund II reports total income of around CHF 23.26 million for the 2019/20 financial year. A capital increase with subsequent IPO is planned for the coming year.
Procimmo reports that Procimmo Swiss Commercial Fund II (Procimmo 2) generated an investment return of 6.49% in the 2019/20 financial year (as of September 30) (previous year: 6.15%). The distribution yield increased to 4.06% from 3.94% in the previous year. Rental income reportedly increased particularly significantly, by 20.5% to CHF 28.7 million (PY: 23.8 million). The rent default rate fell from 17.67% to 15.17%.
The net asset value (NAV) was CHF 122.13 at the end of September (previous year: 119.89). The operating profit margin (EBIT margin) increased from 71.79% to 72.13%. Total income for the financial year increased from 18.5 to 23.26 million and return on equity increased from 5.92% to 6.25%.
As of the reporting date, net fund assets stood at 381.7 million (previous year: 320 million), and total fund assets reached 563.4 million (previous year: 470.3 million). To further drive the fund's growth, Procimmo says it intends to make further investments in commercial properties outside city centers but in economically active regions. A capital increase is planned for February/March 2021. Subsequently, Procimmo intends to list the fund on the SIX Swiss Exchange. (ah)
