Portfolio
Commentary on the Portfolio
Following the Board of Directors’ decision to divest the German portfolio and to exploit the favorable market environment, the Group successfully completed the sales transaction in August 2017. The sale confirmed the valuation of EUR 148.4 million as of 31 March 2017. As already announced, the transaction had a positive impact of CHF 13 million on the reported profit for the financial year 2016/17. As at reporting date the Group’s portfolio comprises of five investment properties in Switzerland.
The overall value of the Swiss portfolio amounts to CHF 199.7 million as of 30 September 2017. This represents an increase of CHF 1.2 million compared with 31 March 2017, mainly derived from the positve letting development of the properties.
Annual rental income was CHF 8.2 million as of 30 September 2017. The vacancy rate for the Swiss portfolio improved from 10.6% to 10.1% during the reporting period. Weighted average lease term (WALT) increased from 5.2 to 5.5 years during the first half year of the financial year 2017/18.
Market value of overall portfolio increased by CHF 1.2 million
Portfolio Overview
|
|
|
30.9.2017 |
31.3.2017 |
|
|
|
|
|
|
Market value in CHF million |
|
199.7 |
198.5 |
|
Annual rental income in CHF million |
|
8.2 |
8.1 |
|
Vacancy rate monetary in % |
|
10.1 |
10.6 |
Major tenants
|
Tenant |
Sector |
Portfolio Switzerland |
|
|
|
|
|
Baker & McKenzie, Zurich |
Law firm |
35.6% |
|
Roland Berger, Zurich |
Consulting |
17.0% |
|
BR Bauhandel AG, Bern |
Distribution |
4.6% |
|
Logismata AG, Zurich |
Information technology |
2.6% |
|
Globomedica AG, Egg |
Pharma |
2.5% |
|
Total |
|
62.3% |
Overall portfolio
WALT 5.5 years
Lease contract analysis CHF in million
Portfolio Details
|
|
|
Baden Rütistrasse 3/3a |
Egg Gewerbestrasse 12/12a |
Zürich Hardturmstrasse 76 |
Zürich Holbeinstrasse 22/30 |
Bern Morgenstrasse 136 |
Total |
|
|
|
|
|
|
|
|
|
|
Investment category |
|
Office |
Office |
Office |
Office |
Office |
|
|
Date of acquisition |
|
1.3.2000 |
1.4.2000 |
20.3.2000 |
1.7.2008 |
1.6.2000 |
|
|
Year of construction |
|
1961 |
1982/87 |
1967 |
1961/72 |
1991 |
|
|
Year of rennovation |
|
2012 |
2012 |
2010 |
2009/2010 |
2013 |
|
|
Plot size |
sqm |
1 172 |
4 894 |
1 100 |
1 660 |
2 740 |
11 566 |
|
Ownership |
|
□ |
□ |
□ |
□ |
□ |
|
|
|
|
|
|
|
|
|
|
|
Annual rental income |
CHF thousand |
1 095 |
1 046 |
987 |
4 330 |
767 |
8 225 |
|
Vacancy rate |
(CHF) % |
0.1 |
6.4 |
0.0 |
0.0 |
52.6 |
10.1 |
|
Capitalisation rate |
% |
3.80 |
4.40 |
3.50 |
3.00 |
4.70 |
3.46 |
|
Discount rate (nominal) |
% |
4.30 |
4.90 |
4.00 |
3.50 |
5.20 |
3.96 |
|
|
|
|
|
|
|
|
|
|
Office |
sqm |
3 385 |
4 100 |
3 099 |
5 524 |
5 831 |
21 939 |
|
Retail |
sqm |
404 |
- |
- |
- |
1 601 |
2 005 |
|
Storage |
sqm |
1 185 |
1 581 |
608 |
279 |
184 |
3 837 |
|
Residential |
sqm |
- |
- |
- |
- |
314 |
314 |
|
Other space |
sqm |
1 185 |
1 581 |
608 |
279 |
498 |
4 151 |
|
Total usable space |
sqm |
4 974 |
5 681 |
3 707 |
5 803 |
7 930 |
28 095 |
|
|
|
|
|
|
|
|
|
|
Vacancy |
sqm |
- |
282 |
- |
- |
4 596 |
4 878 |
|
Vacancy rate |
(sqm) % |
0.0 |
5.0 |
0.0 |
0.0 |
58.0 |
17.4 |
|
|
|
|
|
|
|
|
|
|
No. of parking spaces |
number |
6 |
110 |
26 |
45 |
89 |
276 |
□ Ownership of 100%
