Residential construction drives up fund profits

Higher rental income, lower vacancy rates and 80 million Swiss francs of fresh capital. The Immo Helvetic property fund posted an operational improvement in the first half of 2026, despite no new acquisitions being made during the reporting period. The boost stems from ongoing residential construction and refurbishment projects.

This time, the growth spurt did not stem from acquisitions, but from the company’s own pipeline. In the first half of 2026, Immo Helvetic increased its net profit to 23.9 million Swiss francs, up from 22.6 million in the previous year. Rental income rose by 4.8 per cent to CHF 36 million, whilst the vacancy rate fell to 4.3 per cent from 5.0 per cent previously.

At the end of the first half of the year, total assets stood at CHF 1.9 billion, an increase of 1.4 per cent. What is striking is the operational mechanism behind these figures. No transactions were reported during the reporting period. Growth is therefore based on completed, ongoing and refurbished properties within the company’s own portfolio.

Residential projects provide the driving force
In Reiden, the construction of two residential buildings comprising a total of 21 flats was completed. Another construction project is underway in Marly. In Bulle, work began in the first half of the year on a residential complex comprising 253 flats. At the same time, refurbishment work is progressing, which further stabilises the letting situation and the earnings base.

For the property sector, this is more than just a solid half-yearly performance. The fund demonstrates that value creation is possible in the current market environment even without immediate acquisitions, provided the development pipeline is effective and vacancy rates fall at the same time. Particularly in the residential sector, the combination of construction progress and letting performance remains a key driver of returns.

Capital for the next phase ofexpansion
The 20th capital increase in May 2026 provided additional scope. According to the published announcement, the fund received CHF 80.0 million. A total of 400,000 new units were subscribed at CHF 200 each, with the first day of trading on the SIX being 29 May 2026. The capital is earmarked for the further development of the portfolio and is intended to support ongoing new-build projects as well as further acquisitions.

This means that the second half of the year hinges on one key question: how quickly can the ongoing projects be translated into additional rental income? It is precisely this that will determine whether the operational momentum from the first half of the year translates into even broader growth.