Wallisellen Brings PSP a Profit Boost

The sale of the Richtipark in Wallisellen gave PSP Swiss Property’s half-year results a significant boost. At the same time, the credit rating rose to A2, while the vacancy rate temporarily climbed to 4.0 percent due to the completion of the Hôtel des Postes in Lausanne.

The boost comes from a single transaction with significant leverage. PSP Swiss Property sold Richtipark to La Foncière Urban Development S.A. for 150 million Swiss francs as of June 26, 2026, and agreed to additional earn-out payments of up to 24.75 million Swiss francs. The development site in Wallisellen comprises four parcels and five commercial buildings spanning approximately 27,000 square meters. Apartments are planned for the site in the future.

In the first half of the year, net income rose to 236.5 million Swiss francs, representing an increase of 21.7 percent compared with the same period last year. Profit excluding real estate gains rose to 149.7 million Swiss francs, while EBITDA excluding real estate gains increased to 187.4 million Swiss francs. The gain on the sale of the Richtipark amounted to 39.7 million Swiss francs. Consequently, PSP had already raised its full-year forecast for EBITDA excluding real estate gains from 310 to 335 million Swiss francs at the end of June.

Rating Rises Despite Higher Vacancy Rates
Alongside the profit surge, the financing outlook is improving. At the end of July 2026, Moody’s raised ’s long-term issuer rating from A3 to A2, with a stable outlook. At the end of June, the average cost of debt stood at 1.05 percent, and PSP also had unused committed credit lines totaling 865 million Swiss francs. For a listed property owner, this is more than just a credit rating; it strengthens the company’s flexibility for acquisitions and project financing in a market where quality properties remain scarce.

However, the first half of the year was not entirely without setbacks. The vacancy rate rose from 3.5 to 4.0 percent. PSP attributes this to the transfer of the completed Hôtel des Postes in Lausanne into its investment portfolio. Nevertheless, the company is maintaining its forecast of a 3.5 percent vacancy rate for the full year. According to project details, the Lausanne property at Place Saint-François 15 was completed in mid-2026 and is positioned as a comprehensively renovated commercial property with high foot traffic.

Portfolio Continues to Grow
The portfolio value increased to 10.2 billion francs as of the end of June 2026, up from 10.1 billion francs at the end of 2025. Revaluations contributed 111.9 million francs. On the buyer’s side, PSP also remained active and acquired the properties at Schützengasse 1 and Beatengasse 4 in Zurich for 75 million Swiss francs. Under an earn-out agreement, the purchase price for these properties could rise by an additional 5 million Swiss francs.

In the rental market, PSP continues to expect robust demand for high-quality office and retail space in central locations. The company remains selective with regard to acquisitions. This aligns well with the half-year outlook. Value is currently being created less through volume and more through targeted sales, financing with strong creditworthiness, and streamlined portfolio management.