Swiss Estates: Loss due to property sale
One of the company's large properties reportedly had to be sold below market value due to time pressure.
According to the audited annual report of Swiss Estates AG, the company closed the 2024 financial year with a pre-tax loss of CHF 5.4 million at Group level in accordance with Swiss GAAP FER (previous year: around CHF -4 million). The after-tax result deteriorated from CHF -3.4 million to approx. CHF -7 million. The driving factor behind the loss was the sale of the property at Badenerstrasse 288-296 in Zurich, which was carried out below market value. Swiss Estates attributes the loss to time pressure from the Altra Foundation, which has enforced high claims against the company in court (IB reported). However, one positive effect of the sale of the property was a significant reduction in mortgage liabilities. According to Swiss Estates, these fell by 21.4 %.
The sale of the property in Badenerstrasse reportedly took place on December 9. In the previous year, the property had been valued at CHF 45.4 million. The actual sale price was CHF 5.1 million lower. Compared to the book value of CHF 25 million under commercial law, however, there was an increase in value - which Swiss Estates had relied on at the time. related to the sale of the property. (aw)
