Apartment Sales Drive Basel to Another Jump in Profits

Just under 85 million Swiss francs in net income over six months, 60.8 million Swiss francs from residential sales, and a nearly sold-out project in Cham. The Basel-based real estate group’s half-year financial report shows just how strongly development gains are currently driving earnings, while new acquisitions remain scarce.

The jump in profits is not due solely to the portfolio. In the first half of 2026, revaluations and the promotional business were the main drivers of earnings. Net income rose to just under 85 million Swiss francs, up from 44.6 million Swiss francs in the previous year. The company published its semiannual report on August 17, 2026.

The second phase of the “Chama” project in Cham had a particularly strong impact. Sales of condominiums contributed 60.8 million Swiss francs to earnings. As of the end of June, the project was 86 percent complete and 95 percent sold. At the same time, “Alto” in Zurich-Altstetten demonstrates that marketing in the rental segment is also gaining momentum. Shortly after completion, all 149 apartments and the commercial spaces there were leased.

Existing Portfolio Contributes Less, Pipeline Contributes More
In the existing portfolio, property income fell by 3.3 percent to just under 38 million Swiss francs due to sales in recent months. On a comparable basis, however, income rose by 3.8 percent. The vacancy rate improved from 3.2 percent at the end of 2025 to 2.8 percent. As of mid-year, the real estate portfolio was valued at approximately 2.1 billion Swiss francs.

A significant portion of the profit increase also came from valuation gains. Revaluations contributed 53.4 million Swiss francs, compared to 26.6 million Swiss francs in the same period last year. About 40 million Swiss francs of this amount came from development properties. For project developers and property owners, this is a clear signal of how strongly not only rental income but, above all, residential properties ready for sale and development reserves are currently impacting earnings.

Acquisitions Remain Theoretical for Now
At the same time, the company is continuing to restructure its portfolio. Following the sale of development sites in Aesch and St. Maurice, divestments in the first half of the year resulted in a profit of 6.1 million Swiss francs. The capital freed up is to be channeled into strategically more suitable projects and acquisitions.

However, no breakthrough has yet been achieved on the buyer’s side. Of 113 opportunities reviewed, 15 were analyzed in depth. For seven properties, the company entered the due diligence phase and submitted binding offers totaling 160 million Swiss francs. As of mid-August 2026, none of these had yet been finalized. For the full year, management expects slightly higher rental income even without acquisitions—an increase of about 8 percent on a comparable basis—and a vacancy rate of approximately 3 percent at year-end.