Solvalor 61 significantly increases net income and plans issue
The real estate fund managed by Realstone intends to raise up to CHF 176 million in a capital increase in October. The last financial year closed with an increase in net profit of almost 10%.
The total assets of the Solvalor 61 real estate fund grew by 8.5% in the 2024/25 financial year and amounted to CHF 1.8 billion as at June 30. This growth is primarily due to the increase in the market value of the properties (+7.8%). The fund's rental income increased by 14.8% or CHF 9.7 million to CHF 74.9 million in the last financial year. This was mainly due to the acquisitions made at the end of the year, in particular the properties in the Quartier de la Levratte in Nyon (VD) and Rue du Cheminet 31-39 in Yverdon-les-Bains (VD). The additions to the buildings at Rue des Asters 18-20 and Chemin Gilbert-Trolliet 10-12 also generated additional income after completion. Organic growth in rental income amounted to just under 2% between 2024 and 2025, exceeding the average of 0.76% between 2018 and 2023. Meanwhile, the rental loss rate fell from 1.13% to 0.94%.
The fund's expenses rose by 6.2% and thus more moderately than income. A key factor was lower mortgage interest rates, which fell by 23%. The average remaining term of mortgages increased from 0.9 to 2.4 years. In connection with the decline in taxable values in the canton of Geneva, the fund's direct tax burden also fell by almostTP3T 71, while property-related costs rose byTP3T 391 due to the addition of new properties. Maintenance costs increased by 20%.
Highest net result for 18 years
Overall, the net result improved by 9.6% to CHF 34.0 million. "This is the highest net result per unit for the Solvalor 61 fund in eighteen years," writes Realstone. In addition, there was a realized capital gain of CHF 1.1 million from the sale of condominiums, bringing the realized result to CHF 35.1 million. Unrealized capital gains of CHF 64.1 million drove total income from CHF 35.8 million to CHF 99.2 million. The dividend is set to rise from CHF 5.35 per share to CHF 5.40.
One acquisition in the financial year and five more since then
Five additional properties have been acquired since June 30, 2025: Two properties under construction at Route des Morillons 24-26 in Geneva and a residential building at Rue de la Baillive 3 (also in Geneva), a residential building at Rue de Chailly 58 in Lausanne and a mixed-use building at Rue des Acacias 4-6 in Prilly (VD). These acquisitions and the building at Avenue Maria-Belgia 4-6 in Lausanne acquired in the financial year (for CHF 12.2 million) will increase rental income by CHF 6.0 million. The average gross yield is stated at 4.5%.
Capital increase of 176 million francs
From October 16 to 29, the fund will carry out a capital increase with subscription rights in the amount of around CHF 176 million. The subscription ratio is eight existing units for one new unit. The subscription price is CHF 250.50 per share. The proceeds will be used to finance acquisitions and projects in western Switzerland. In addition, mortgage debt will be kept at a moderate level, according to the statement. (aw)
