00800 24 800 800 DE EN FR IT
Logout
Logout
00800 24 800 800 DE EN FR IT
A successful year for the Baloise Swiss Property Fund
Media releases A successful year for the Baloise Swiss Property Fund
Basel, December 22, 2020. On 30 September 2020, the Baloise Swiss Property Fund concluded its second financial year on a successful note. The fund's net asset value per unit grew by 2.6 per cent year on year to CHF 106.58. The distribution per unit remained stable at CHF 3.00. The distribution yield as measured on the basis of the OTC price stood at 2.5 per cent.

Once again, the Baloise Swiss Property Fund (BSPF) generated nearly 80 per cent of its rental income from residential use in its second financial year. With an overall increase in value of CHF 27.1 million in the 2019/20 financial year (2018/19: CHF 19.1 million), the fund proved its resilience even during the coronavirus pandemic. The investment yield rose from 3.9 per cent in the 2018/19 financial year to 5.7 per cent in 2019/20.

In the reporting year, the BSPF acquired a residential property in Onex and a new construction project in Kriens that includes apartments and retail space. The property located at Am Kreuzbach 22–28 in Wangen was sold.

As at the end of the fund's financial year on 30 September 2020, the BSPF portfolio comprised 55 established properties and one residential construction project. The market value of the portfolio increased from CH 565.9 million as at 30 September 2019 to CHF 610.2 million as at 30 September 2020.

The gross rental income generated by the BSPF increased from CHF 16.8 million in the 2018/19 financial year to CHF 25.0 million in 2019/20 (up by CHF 8.2 million). This increase was attributable to rental income from 20 properties that had been acquired by asset transfer with effect from 1 September 2019 and the acquisition of the property at Chemin de la Traille 7–15 in Onex with effect from 1 December 2019. The rent default rate stood at 5.5 per cent as at 30 September 2020 (30 September 2019: 5.3 per cent), including one-off rent payment waivers due to COVID-19. In mid-May 2020, the fund managers decided to support tenants of commercial property units by offering one-off rent waivers totalling CHF 0.1 million in order to protect income over the long term and avoid vacancies during the COVID-19 crisis. Adjusted for this one-off item, the rate of rent defaults fell to 5.1 per cent.

In the 2019/20 financial year, the fund incurred operating expenses of CHF 4.5 million. The fund operating expense ratio (TERREF GAV) was 0.79 per cent (2018/19: 0.82 per cent). Net income after deduction of other fund-related expenses came to CHF 14.1 million for the 2019/20 financial year (2018/19: CHF 14.3 million) and the EBIT margin stood at 64.4 per cent (2018/19: 67.6 per cent).

Outlook

The fund managers intend to further expand the property portfolio and are reviewing the option of conducting a capital increase in the third financial year (2020/21) to finance this expansion. At the same time, the fund managers continue to optimise the portfolio by leveraging potential for additional rental income at local level through value-enhancing refurbishment and subsequent re-letting.

The BSPF fund managers intend to participate in the Global Real Estate Sustainability Benchmark (GRESB) for the first time in the spring of 2021. In addition, the entire existing portfolio will be analysed in accordance with the criteria for the Swiss cantonal energy certificate for buildings (GEAK Plus4) in the fund's third financial year. The purpose of this step is to further refine the modernisation strategy (including profitability calculation) for each property and to track savings potential regarding carbon emissions and energy consumption transparently in the annual sustainability report.

Information on the Baloise Swiss Property Fund (BSPF)

Name

Baloise Swiss Property Fund 

Swiss securities no. / ISIN

41455103 / CH0414551033

Fund currency 

Swiss francs 

Appropriation of income 

Distribution

Legal form

Contractual investment fund 

Group of investors

Restricted to qualified investors within the meaning of article 10 (3) and (3ter) of the Swiss Collective Investment Schemes Act (CISA)

Fund management company 

Baloise Asset Management AG, Basel

Custodian bank 

UBS Switzerland AG, Zurich

OTC trading 

Bank J. Safra Sarasin AG, Zurich 

Financial year

1 October to 30 September 

 

+41 58 285 82 14
Write email
Further information Annual report of BSPF for the 2019/20 financial year (PDF, German) Link öffnet in einem neuen Tab
Further information Annual report of BSPF for the 2019/20 financial year (PDF, German) Link öffnet in einem neuen Tab
+41 58 285 82 14
Write email
Other news