Procimmo 56 acquires for 43 million

The acquisitions were made in recent months, Procimmo says. Thus, a considerable part of the financial resources from the capital increase of May 2019 has been invested.

The fund acquired the first property at the end of July 2019 in Denges (VD). It consists of two buildings built on two plots with a total area of around 13,200 sqm. The first building has a rental area of 2,600 sqm and the second has a rental area of 820 sqm. In addition, there is a buildable reserve of 4,000 sqm, Procimmo said. The site includes a large commercial hall, offices, premises and three apartments.

The market value of the property is reportedly more than CHF 11.2 million. According to Procimmo, the gross yield target on prime costs currently amounts to 4.83%; after utilizing the building reserve, the yield is expected to increase to 6.61%.

The fund purchased the second property in Rennaz (VD) in the last week of August 2019. The building is located on a 12,000 sqm plot and has a leasable area of 9,000 sqm. The market value of the property is put at 21 million. According to Procimmo, the building is fully occupied by a sole tenant who operates it as a leisure center. A "double-net" lease has been signed for a 20-year period, it said. The net/gross yield-IST on cost price is reportedly around 5.9%.

The third property was acquired by Procimmo 56 in Rennens (VD) in the first week of September. The building is reportedly located on a plot of 1,150 sqm and has a leasable area of 3,500 sqm. Half of the building is currently vacant, but within a period of six months, the fund aims to have this commercial space rented out again, it said. The tenant of the remaining space is the seller of the property. The market value of the property is estimated at 11.5 million and the gross yield target on cost price is about 6.4%.

With the acquisitions, the total fund assets of Procimmo Swiss Commercial Fund 56 have increased to over 380 million. (ah)