Swiss Estates significantly increases property income
In the first half of 2017, Swiss Estates AG increased its net property income by CHF 236,000 year-on-year to over CHF 3 million.
According to Swiss Estates, net property income amounted to CHF 3.03 million in the reporting period (1.1.-30.6.2017), which is almost nine percent more than in the previous year (CHF 2.8 million). By contrast, the operating result fell from 1.1 million to 871,000. The half-year profit before taxes reached around one million, compared to 558,000 in the previous year, and the half-year profit amounted to 671,000 (previous year: 488,000).
As at June 30, 2017, the real estate portfolio at market value amounted to 161.3 million, compared to 161.2 million in the same period of the previous year. The net asset value now amounts to 13.16 (previous period: 12.97) per share with a nominal value of 9.80.
According to Swiss Estates, the first four of a total of 22 apartments planned as part of the conversion project at Egnacherstrasse 69-79 in Arbon were completed in the reporting period and have already been let. In addition, the conversion of the building at Badenerstrasse 288 in Zurich (first floor, crèche) was completed and the space handed over to the long-term tenant.
Swiss Estates also announced that extensive negotiations had been held on the purchase of a larger real estate portfolio, for which an agreement in principle had already been concluded at the end of the reporting period. Further details have not yet been disclosed.
