Realstone Industrial Fund significantly increases net assets
Contribution in kind and capital increase boost the net assets of the fund specializing in Swiss industrial real estate by almost 70 percent. A further capital increase is planned for June.
The net fund assets of the Realstone Industrial Fund grew by CHF 68 % to CHF 67.33 million in the 2025 financial year. This was due to a contribution in kind of CHF 11.75 million in July, which added three industrial properties in Fribourg to the portfolio, and a capital increase of CHF 20.33 million in November. Most of the proceeds from the capital increase were still in bank accounts as at the reporting date (CHF 12.70 million compared to CHF 1.50 million a year earlier) and were used for two further acquisitions in February 2026. The debt ratio therefore fell to % 25.62 (previous year: % 43.47). Meanwhile, total assets rose by % 18 to CHF 98.47 million, while the market value of the properties increased by % 5.28 to CHF 84.16 million. The fund management company has announced a further capital increase of CHF 30 to 50 million for June 2026.
Significant rental growth
Gross rental income increased by 24 % to CHF 4.30 million. Growth was driven by the acquisitions in the reporting year and the full-year contribution from the property in Arisdorf (BL) acquired in 2024. Total rental income amounted to CHF 4.82 million, which corresponds to an average rent of CHF 115/sqm. The WAULT was extended to 4.5 years (previous year: 3.3). The main reasons for this are contract extensions with several important tenants in Bussigny and the ten-year rental agreement associated with the sale and leaseback business at Birchstrasse 28 in Düdingen. The tenant of this hall, which was acquired in November for CHF 6.85 million, is Romag Aquacare AG, a family business from the Sense district that specializes in water infrastructure.
The fund's rental loss rate rose to % 8.71 (previous year: % 7.32). According to the fund management, this is mainly distorted by the hall at 38 Boulevard de l'Arc-en-Ciel in Bussigny, which was sold in December and deliberately kept vacant before its planned demolition. Following its disposal, the vacancy rate at the end of December was 4.79 %.
Realized profit, but valuation losses
Realized income multiplied to CHF 5.39 million (previous year: CHF 1.99 million). The main reason for this was a capital gain of CHF 2.73 million from the sale of the property at Boulevard de l'Arc-en-Ciel 38 in Bussigny, which, according to the report, was due to the realization of surplus building rights and a building permit for a multi-storey industrial building granted prior to the sale. The sale of the property at Place de l'Eglise 4-6 in Morges, on the other hand, resulted in a loss of CHF 0.54 million, mainly due to deferred taxes.
At the valuation level, this is offset by unrealized capital losses of CHF 1.59 million, following a valuation gain of CHF 0.20 million in the previous year. The valuation experts have noticeably increased the discount rates for the valuation of the portfolio: The weighted capitalization and real discount rate rose to % 5.01 (previous year: % 4.93), the real discount rate to % 3.97 (previous year: % 3.68). This reduced the overall result to CHF 3.80 million (previous year: CHF 2.20 million). The return on equity nevertheless rose to % 5.81 (previous year: % 5.51). CHF 8.00 per unit will be distributed - CHF 5.00 from the real estate income and CHF 3.00 as an extraordinary special dividend from the capital gain in Bussigny.
Purchases
Saint-Aubin (FR), Route des Vernettes 4A (CHF 3.56 million, gross yield 5.6 %); Corpataux-Magnedens (FR), Route des Chênes 54-58 (CHF 4.51 million, 5.2 %); Avry-sur-Matran (FR), Route de l'Industrie 15 (CHF 3.69 million, 6.0 %) - all three by contribution in kind in July 2025; Düdingen (FR), Birchstrasse 28 (sale and leaseback, 6.85 million, 5.0 %); Fällanden (ZH), Bruggacherstrasse 14 (5.20 million, 5.5 %, acquisition February 26, 2026); Renens (VD), Rue du Bugnon 38/Avenue de Paudex 7/9 (31.70 million, 8.3 %, acquisition February 27, 2026).
Sales
Morges (VD), Place de l'Eglise 4-6 (mixed use, CHF 3.90 million, September 30, 2025); Bussigny (VD), Boulevard de l'Arc-en-Ciel 38 (commercial, CHF 13.58 million, December 17, 2025). (aw)
