GR Real Estate Switzerland: Portfolio value increases
The real estate fund increased the value of its portfolio by a good two thirds thanks to acquisitions. Rental income has grown even more strongly.
Private Bank Von Graffenried's real estate fund GR Immobilien Schweiz closed its third financial year with net income of CHF 3.5 million (previous year: CHF 2.1 million). The bottom line is an overall profit of CHF 2.7 million after CHF 4.9 million in the previous year, whereby the profit at that time was driven by unrealized capital gains of CHF 3.4 million. In the financial year just ended, however, the fund suffered unrealized capital losses of CHF 554,000. The distribution is set to rise from CHF 1.50 per unit to CHF 1.80.
At the end of 2022, the fund acquired a portfolio of five properties in the cities of Fribourg and Thun as well as in Urtenen-Schönbühl. In June of this year, a plot of land was acquired in Bellach near Solothurn with a residential project for retirement living that has planning permission and is due to be ready for occupation in 2025. Thanks to the new acquisitions, the market value of the portfolio increased by CHF 671TP3k to CHF 233.7 million, while rental income rose by CHF 841TP3k to CHF 6.4 million, according to Von Graffenried.
At the end of the third financial year, the fund held a total of 18 properties: Twelve properties are located in the canton of Berne, five in the canton of Fribourg and one in the canton of Solothurn.
The fund also announces that it has recently received approval from the Swiss Financial Market Supervisory Authority Finma to invest up to 10% in undeveloped plots of land without planning permission. (ah)
