Switzerland's leading real estate company raises the bar
Swiss Prime Site increased its half-year profit by 6.3 percent to CHF 267 million. The value of the company's real estate portfolio increased to 20 billion Swiss francs. Because its own goals for 2022 have already been achieved, Swiss Prime Site is raising the bar.
Swiss Prime Site reports a profit of CHF 267.4 million for the first half of 2022. In a year-on-year comparison, this corresponds to growth of 6.3 percent. With growth in cash flow (FFO growth) per share generated in the operating business of 7.2 percent, a vacancy rate reduced year-on-year from 4.7 to 4.4 percent and a real estate portfolio worth CHF 20 billion, the company has its own Targets for the year as a whole already achieved or even exceeded by the end of June, writes Swiss Prime Site in a press release . The real estate company is therefore increasing its targets for 2022.
The value of real estate assets under management is expected to be more than CHF 20 billion by the end of 2022. Previously, the target range for the real estate portfolio was CHF 19 to 20 billion. The upper limit for the vacancy rate will be lowered from 4.6 to 4.4 percent.
An operating result at EBIT level of around CHF 30 million is targeted for the Real Estate Funds division ( Swiss Prime Site Solutions ). So far, the bar had been between 27 million and 28 million francs. In the half year under review, Swiss Prime Site Solutions realized an EBIT of CHF 17.1 million.
Overall, the Group's operating result in the first half of 2022 was CHF 198.8 million, down CHF 15.4 million on the same period of the previous year. Swiss Prime Site attributes this to lower sales successes compared to the previous year. However, operating income increased by 2.5 percent to CHF 378.9 million.