With higher income and positive valuation effects, SF Urban Properties Ltd can look back on a strong first half of 2025 and confirms its forecasts. Sales of peripheral properties and tar-geted acquisitions in Zurich further refined the portfolio. The development business also pro-gressed as planned and made a higher contribution to earnings.
Net profit (including revaluations): CHF 21.6 million (comparable period: CHF 6.0 million)
Net profit (excluding revaluations): CHF 8.2 million (comparable period: CHF 6.6 million)
Property income increased by 2.3% compared with the previous period to CHF 15.9 mil-lion
Portfolio value increased from CHF 786.8 million to CHF 800.7 million
Vacancy rate remains low at 2.0% (comparable period: 1.8%)
SF Urban Properties Ltd's half-year results for 2025 highlight the successful implementation of its strategic portfolio rotation.
“The high like-for-like increase in value shows that our focus on investments in urban locations in Zurich and Basel makes sense and is leading to a strengthening of the investment yield,” says Bruno Kurz, CEO of SF Urban Properties Ltd.
In the first half of 2025, SF Urban Properties Ltd largely implemented the announced portfolio rota-tion. Two properties were successfully sold for a total of CHF 19.9 million, while a residential property in Zurich's prestigious Seefeld district was acquired for CHF 13.8 million as a strategic acquisition to the portfolio.
Due to the changed interest rate environment, the company's yield portfolio recorded a very pleasing increase in value in the first half of 2025. Like-for-like, the net portfolio value rose by CHF 17.4 million or 2.23% compared with the previous year. Taking into account property transactions completed as at 30 June 2025, the market value of the property portfolio increased to CHF 800.7 million.
Property income increased by 2.3% year-on-year to CHF 15.9 million. The increase is due in part to changes in the portfolio and rent increases resulting from indexation/reference interest rate adjust-ments from the previous year. Operating expenses for the existing portfolio remained stable at the previous year's level of CHF 5.4 million in the first half of 2025 (comparable period: CHF 5.4 million). As a result, the EBIT margin improved slightly from 65.83% to 65.86%.
The promotional business also developed as planned. Its EBIT contribution amounted to CHF 2.7 million in the reporting period (previous year: CHF 1.6 million), confirming the expected positive effect from ongoing development projects.
Net profit excluding revaluations amounted to CHF 8.2 million, up CHF 1.6 million on the previous year's result of CHF 6.6 million. The increase is attributable to the successful sale of two properties above market value and the encouraging contribution from the development business. Net profit per share amounted to CHF 2.17 (comparable period: CHF 1.90).
Equity (NAV) per share amounted to CHF 114.47 as at 30 June 2025 (previous year: CHF 111.47).
In the year 2025, the focus will be on largely completing the portfolio rotation and thus consolidating the portfolio in line with the strategy. The company will therefore concentrate on locations that offer above-average appreciation potential and at the same time have a low vacancy risk.
After the balance sheet date, the company acquired another residential property in Zurich's prestig-ious Seefeld district and a property in Basel to round off its portfolio. In addition, a new development property was secured in Zurich. The acquisition of one or two further development projects is also planned for the remainder of the year. As a result of the portfolio rotation, property income in the second half of the year is expected to be slightly lower than in the first half.
All ongoing development projects are on track and are expected to contribute a total of around CHF 4.5 million to EBIT in the 2025 financial year.
Despite the continuing uncertain regulatory environment at national and international level, manage-ment is confident that the targets set at the beginning of the year for 2025 will be achieved.
Further information
Bruno Kurz CEO
SF Urban Properties
SA kurz@sfp.ch
Sascha Küng CFO
SF Urban Properties
SA kueng@sfp.ch