Loss of rent in Zurich only a temporary burden
The Swiss Life REF (CH) ESG Swiss Properties real estate fund generated net income of just over CHF 27 million in the first half of the 2024/25 financial year. In addition to rental income, the sale of five properties contributed to this.
The Swiss Life REF (CH) ESG Swiss Properties real estate fund generated net income of CHF 30.3 million in the first half of the 2024/25 financial year, which ended on March 31, 2025, Swiss Life Asset Management Ltd announced in a press release. Net income of CHF 27.4 million was reported. The net asset value per unit fell from CHF 113.73 at the end of the 2023/24 financial year to CHF 112.37.
In addition to rental income, the sale of five properties with a market value of around 60 million francs also contributed to the solid result. A capital gain of around CHF 2.9 million was realized here. The fund also benefited from a residential portfolio acquired in July 2024, whose net profitability was around 0.4 percentage points higher than the profitability of the existing portfolio.
However, the loss of a major tenant in Zurich had a negative impact on the result. Specifically, the rent loss rate rose to 3.8% as a result. However, the affected space has already been re-let with effect from October 2025.
Swiss Life Asset Manager intends to further optimize the current income and expenses of its real estate fund in the second half of the current financial year. The asset manager, which is part of the Swiss Life Group, has no plans for major property sales or a capital increase.