Markstein Group: Immovision real estate companies on track

Markstein Advisory AG manages real estate worth around CHF 1 billion on behalf of various investor groups, including the investment companies Immovision 1, 2 and 3, residential real estate portfolios with various orientations. Immovision 1 and 3 are accumulating products whose growth is mainly achieved with new buildings. Immovision 2, on the other hand, distributes an annual dividend - the contribution capital is smaller in relation to the other two.

ImmoVision1 AG

The 2024 financial year was a successful one for Immovision1 AG, Markstein reports. Rental income increased significantly - largely due to the properties in Niederglatt (ZH) and Herzogenbuchsee (AG), which contributed income for the full year for the first time. Increased rental prices also had a positive impact on earnings: New lettings were concluded at higher market rents; the adjustment of existing rents as a result of the increase in the reference interest rate also led to additional income - which also resulted in an increase in market values, among other things. The sale of a residential development in Schaffhausen also contributed to the result. On the basis of market values, the company's earnings in 2024 amounted to CHF 7.6 million (weighted return on equity: 8.0%). The market value of all investment properties (excluding projects and assets under construction) amounted to CHF 229.5 million as at the balance sheet date (gross revaluation: 1.5TP3T).

Immovision2 AG

According to the information provided, Immovision2 AG also further improved its earnings situation in the 2024 financial year - despite streamlining its portfolio. Although a property in Oetwil am See (ZH) was sold at a profit at the beginning of the second half of the year, rental income continued to rise compared to the previous year, according to Markstein. This in turn had a positive effect on the income situation.

The new lettings at higher rents and the adjustment of existing tenancies due to the increase in the reference interest rate were included in the year-end valuations, resulting in a slight appreciation of the portfolio - despite isolated increases in the discount rates. Net income based on market values amounted to CHF 5.3 million in 2024 (weighted return on equity: 6.4%). The market value of the Immovision2 AG portfolio, including the four properties of the subsidiary Swiss Immoconsult AG, amounted to CHF 218.4 million as at the balance sheet date (gross revaluation: CHF 0.6%).

Immovision3 AG

ImmoVision3 AG also recorded a significant increase in rental income in the reporting period, primarily due to the completion of the new construction project in Stein am Rhein (SH), which has been fully let since November 2024. With the initial letting of the 41 newly built apartments, the property generated income for the first time in the reporting period. In addition, the increase in the reference interest rate led to higher rental income from existing tenancies. The transfer of the new building to the portfolio of investment properties also resulted in a capital gain. The net income for 2024 based on market values amounts to CHF 1.0 million (weighted return on equity: 4.8%). The market value of all investment properties - excluding projects and assets under construction - amounted to CHF 38.7 million as at the balance sheet date (gross revaluation: 2.5%). (bw)