PSCF 2 with 5.22 percent return on investment
Procimmo Swiss Commercial Fund II (PSCF 2) generated an investment return of 5.22 percent in the first half of 2018. In the same period of the previous year, the figure was 7.6 percent.
According to the figures, income reached around 11.5 million as of the reporting date of March 31, while expenses totaled just under 5 million. Net income thus amounts to around 6.5 million. The fund reports total income of 6.2 million.
Rental income increased to 9.2 million, it adds. Net asset value increased from CHF 112.89 to CHF 113.53 per unit compared to the same period last year. Total fund assets of PSCF 2 increased to 390.7 million during the period, while net fund assets rose to 248 million.
The fund's leverage ratio was 38.88 percent and the operating profit margin (EBIT margin) was 72.28 percent. The rent default rate, which includes both lost earnings and collection losses, increased year-on-year from 14.14 percent to 20.52 percent. Assuming adjusted collection losses, the fund's rent default rate would be 13.98 percent, the fund says. TER REF (GAV) falls to 0.96 percent from 0.99 percent.
As of March 31 of this year, PSCF 2 had a total of 23 properties in its portfolio in the cantons of Aargau, Basel-Land, Bern, Fribourg, Grisons, Lucerne, Solothurn and Zurich. The fund announces that it intends to continue investing in commercial real estate outside of city centers, but in economically active regions. The additional funds from the capital increase in March will be used to acquire commercial and industrial properties in German-speaking Switzerland in the coming months.
