PSP Swiss Property grows profitably

Zug, February 2022

PSP Swiss Property was able to increase income and profit in the 2021 financial year compared to the previous year. The background to this is higher rental income and profits from the sale of development projects and condominiums. The balance sheet value of the portfolio increased to a good 9.1 billion Swiss francs.

According to a statement by PSP Swiss Property , the Zug-based real estate company generated property income totaling CHF 309.64 million in the 2021 financial year. Compared to the previous year, this corresponds to growth of 4.5 percent. The operating result (EBITDA) excluding property gains such as valuation differences amounted to CHF 278.76 million in 2021, which is 2.8 percent more than in 2020. PSP Swiss Property attributes the growth primarily to increased rental income year-on-year and higher profits on the sale of development projects and condominium back.

A net profit of CHF 595.02 million was reported in the year under review, compared to CHF 292.09 million in the previous year. In addition to the factors relevant to the operating result, the appreciation of the portfolio by CHF 464.9 million played a decisive role here. As of the end of 2021, the real estate portfolio of PSP Swiss Property was valued at CHF 9.13 billion.

In the course of the financial year, the real estate company completed a number of projects and added them to the investment portfolio. The announcement mentions, among other things, the new ATMOS building in Zurich-West with an area of 24,000 square meters. Four investment properties have been reclassified as development projects and a number of properties have been successfully sold, explains PSP Swiss Property. No new investment properties, areas or projects were acquired in 2021.

For the current financial year, the company anticipates an EBITDA excluding real estate gains of CHF 285 million. The focus will remain unchanged on the modernization of selected properties, our own development projects and leasing. PSP Swiss Property intends to resell non-strategic real estate, while purchases are made dependent on the added value that is expected in the long term.

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