SF Urban Properties: portfolio grows to 800 million Swiss francs
The company has sold properties in peripheral locations at a profit and bought additional properties in Zurich's Seefeld district.
In the first half of the year, SF Urban Properties AG sold two properties for a total of CHF 19.9 million and acquired a residential property in Zurich's Seefeld district for CHF 13.8 million. The portfolio value increased on a like-for-like basis by a net CHF 17.4 million or CHF 2.23% compared to the previous year. Including acquisitions, the market value rose to CHF 800.7 million.
Property income rose slightly by 2.3% to CHF 15.9 million compared to the same period of the previous year. This was due to changes in the portfolio as well as rent increases as a result of indexation and reference interest rate adjustments. Operating expenses remained stable at CHF 5.4 million. The promotion business made an EBIT contribution of CHF 2.7 million (previous year: CHF 1.6 million). Net profit excluding revaluation improved by CHF 1.6 million to CHF 8.2 million. This was due to the sale of two properties above market value and the contribution from the promotion business.
The "portfolio rotation" and the focus on locations with above-average appreciation potential will be continued for the year as a whole. The acquisition of "one to two" further development projects is planned for the remainder of the year. Due to the planned changes, however, slightly lower property income is expected in the second half of the year. The targets formulated at the beginning of the year are nevertheless confirmed.
Properties sold:
Zurich, Brandschenkestrasse 171 (CHF 5.8 million)
Thun, Malerweg 4 (14.05 m)
Additional purchase:
Zurich, Dufourstrasse 122 (CHF 13.8 million)
