Procimmo: Residential PK increases income
The Residential PK fund (ex I56) increased its net income in its first year as a sub-fund of the Procimmo Real Estate SICAV. However, the financial year lasted 15 months.
The Procimmo real estate fund Residential PK (formerly: Immobilien-CH für Institutionelle 56J) has presented its first annual financial statements since its conversion into a sub-fund of Procimmo Real Estate SICAV. In the 15 months of the financial year, the vacancy rate fell from 1.74 to 1.60%. By contrast, the EBIT margin improved from 65.4 to 66.9%, which the fund management attributes to strict cost management and the fall in the weighted average mortgage interest rate from 1.57 to 1.45%. The average term of the financing extended from 3.8 to 4.8 years.
The fund's total income increased massively from around CHF 3 million to CHF 13.5 million in the slightly longer reporting period. One driving factor was a high devaluation, which had depressed the comparative figure for the same period of the previous year by CHF 11.3 million (now: + 1.1 million). Rental income rose from around CHF 24 million to CHF 32.3 million and net income from CHF 11.4 million to CHF 13.5 million. The value of the properties increased from CHF 497.9 million to CHF 553.5 million.
Purchases
Monthey (VS), Avenue de l'Europe 2 (9.1 m)
Sales
Bex (VD), Centrale 57 (3.4 m)
