Real estate group Swiss Prime Site earns more in the first half of the year
Published: Thursday, Aug 22nd 2024, 09:30
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Swiss Prime Site made operational progress in the first half of the year. The bottom line was also a significantly higher net profit.
The largest listed Swiss real estate group increased its rental income by 6 percent to CHF 232.0 million in the first half of 2024, according to figures released on Thursday. New construction projects in Zurich, Basel and Geneva contributed to this. The vacancy rate has also fallen.
SPS also set higher rents for new lettings and re-lettings. Accordingly, the operating profit (EBITDA) of the real estate segment rose by a good 7 percent to just under CHF 200 million. Meanwhile, profit before revaluations was only half as high at CHF 151.2 million, after the sale of Wincasa in particular had had a positive impact in the previous year.
Portfolio revaluation
Following a devaluation of the SPS portfolio of CHF 99 million in the previous year, there was now a revaluation of CHF 30 million. Including revaluations, the profit rose to CHF 164.7 million from CHF 65.9 million in the previous year.
The increase is due exclusively to operational improvements such as higher new rental agreements, lower vacancy rates and lower property costs, as SPS emphasizes.
Overall, the value of the properties has increased by CHF 73 million to CHF 13.2 billion compared to the end of 2023 due to the combination of valuation adjustments, sales and investments in developments. The vacancy rate is reported at 3.6 percent.
With these figures, SPS has exceeded analysts' expectations. Investors jumped on the bandwagon in early trading: the shares gained 1.1 percent to 91.85 francs shortly after the opening.
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