BSPF increases rental income

In the first half of the financial year 2021/22, Baloise Swiss Property Fund (BSPF) generated rental income of CHF 16.8 million compared to CHF 12.5 million in the same period of the previous year. The rental loss rate decreased from 5.12% to 4.77% of target rental income compared to March 31, 2021. Net income was CHF 9.8 million (PY: 7.2 million) and total comprehensive income amounted to CHF 10.3 million compared to CHF 12.6 million in the previous year.

In the first half of fiscal year 2021/22, the price of BSPF decreased from CHF 140.00 (over-the-counter price as of September 30, 2021) to CHF 137.00 (market price as of March 31, 2022). This corresponds to a performance (incl. distribution) of -0.07%. The premium decreased from 28.42% to 27.15% during this period. BSPF has been listed on the SIX Swiss Exchange since November 1, 2021.

Sale in Lugano, acquisitions in Basel

The fund's portfolio comprises 74 portfolio properties and one development property in Kriens. A residential and office property in Lugano was sold at a price of CHF 8.8 million, resulting in a net profit of CHF 0.6 million. The fund purchased three properties in a prime city location in Basel, where outpatient healthcare services are provided in the fields of orthopedics, sports medicine and physiotherapy. The investment costs of this transaction amount to CHF 41.5 million, so that the market value of the BSPF portfolio is now CHF 853.6 million. Just under one-third of the fund's properties are located in northwestern Switzerland, followed by the Lake Geneva region with approximately 20% and the Zurich region with 18%. The weighted remaining term of commercial leases (WAULT) is 7.68 (PY: 4.24) years.

In the second half of the year, the focus of the fund management will be on optimizing the portfolio, says Baloise Asset Management. It intends to push ahead with refurbishments, sell properties in Vezia and Riehen and examine possible acquisitions. (ah)