Schroder ImmoPLUS: Outlook Annual Financial Report 2023/24 as at 30.09.2024
05/11/2024
Schroder Investment Management (Switzerland) AG, Zurich, as the fund management company (the "Fund Management Company") of Schroder ImmoPLUS (the "Fund"), today announces that the Fund will again report a pleasing annual result for the 2023/2024 financial year. According to the unaudited annual report as at 30 September 2024*, total income increased significantly year-on-year to CHF 65.2 million, while net income of CHF 63.7 million was identical to the previous year. The return on investment improved from 1.9% in the previous financial period to 4.3%. The rent default rate remains at the very low level of around 1.2% and the weighted average remaining lease term of 6.6 years underlines the very good quality of the existing portfolio.
As a result of the merger of Credit Suisse (Switzerland) AG with UBS Switzerland AG, targeted measures were introduced to improve the risk profile of the Fund. These include the sale of two properties in Vevey and Morges at the beginning of 2024, as well as the planned sale of another UBS property in the new financial year. With UBS's staggered departure from the Rue de Lausanne property in Geneva starting at the beginning of 2025 and the associated new lettings, UBS's share in the portfolio will be reduced to around 6% of nominal rental income.
The portfolio will be further expanded and the Life Science segment will be strengthened with the planned acquisition of a life science property in the canton of Zurich with a contract term of 25 years. The purchase agreement for the single-tenant property with a market value of around CHF 170 million and a net yield of around 4% has already been notarised. The transfer of ownership will take place after the tenant has waived his right of first refusal. As a result of this transaction, the LTV of the Fund will increase to around 25%.
* Deviations in the published figures are possible. The audited annual report is expected to be published after the close of the stock market on 19 November 2024.
Further information:
Roger Hennig
Fund Manager
+41 44 250 12 91
Alice West
Senior Corporate Communications Manager Schweiz
+41 44 250 12 26
Schroder Investment Management (Switzerland) AG
Central 2, 8001 Zürich
Tel: +41 44 250 11 11