Intershop buys «The Valley» in Kemptthal

In the 2025 financial year, Intershop increased its real estate income by CHF 5.2% year-on-year to CHF 86.5 million. This growth was driven in particular by the acquisitions made in 2024 and 2025. Adjusted for transactions and completed new construction projects (like-for-like), property income grew by CHF 1.4%. The sale of four investment properties generated a profit of CHF 29.4 million (previous year: CHF 23.2 million). Net property income increased by CHF 5.4% year-on-year to CHF 77.2 million and operating income (EBIT excl. valuation changes) rose by CHF 9.7% to CHF 94.8 million. Including valuation changes, net profit improved by an impressive CHF 81.2TP3T to CHF 212.8 million. This includes an appreciation of the portfolio by CHF 188.5 million (previous year: CHF 59.7 million). In the first half of the year, the revaluation carried out by CBRE for the first time had already resulted in revaluations of around CHF 200 million (IB reported).

In 2025, the company purchased a total of CHF 48.1 million - one investment property each in Kemptthal (ZH) and Glattbrugg (ZH) with a total target rent of CHF 2.7 million and a promotional project in Uetikon am See (ZH). The gross initial yield amounted toTP3k 5.61 and the expected gross profit margin on the promotional project was aroundTP3k 201.

Large purchase after reporting date

On February 25 of the current year, Intershop also acquired the almost fully let commercial and industrial site «The Valley and Motorworld Manufaktur Region Zürich» in Kemptthal (ZH) with a current lettable area of around 52,900 sqm and a target rent of CHF 7.5 million. The site offers development potential of around 42,600 square meters of commercial space. The property is the former «Maggi site», which the industrial group Givaudan sold in large parts to a joint venture between the developer Mettler and the Motorworld Group in 2018.

Intershop sold one property each in Pfäffikon (SZ), Pully, Reinach and Geneva in 2025. The total sales price amounted to CHF 156.5 million. The target rent for the properties sold amounted to CHF 6.5 million, corresponding to a gross yield of 4.2%.

Dividend to be increased

The share's performance in the financial year was impressive: The share price gain plus distribution amounted to 34.9%. The Board of Directors is now proposing an increase in the dividend by CHF 0.50 to CHF 6.00. «The company intends to selectively exploit opportunities that arise on the transaction market in the 2026 financial year to acquire development projects and increase net property income,» according to a press release. Sales are also planned.

Purchases

• Glattbrugg, Flughofstrasse 54
• Kemptthal,Pfäffikerstrasse 37
• Uetikon am See, Alte Landstrasse 103

Sales

• Basel, Gellertstrasse 151
• Pfäffikon,Talstrasse 35-37
• Pully, Avenue C.-F.-Ramuz 43
• Geneva, Rue de Lausanne 42, 44
• Reinach, Sternenhofstrasse 15, 15a (aw)