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Swiss Prime Site profits from robust transaction and rental markets in 2023

Swiss Prime Site AG / Key word(s): Real Estate
Swiss Prime Site profits from robust transaction and rental markets in 2023

17.07.2023 / 07:00 CET/CEST


PRESS RELEASE

Zug, 17 July 2023

  • Property sales of CHF 148 million and with around 10% gain over latest appraisals 
  • Further reduction in vacancies to record low of 4.1%

Property sales of CHF 148 million with around 10% gain over latest appraisals
With its sale of a senior residential facility in Berlingen (canton of Thurgau) to Warteck Invest Group last week, Swiss Prime Site has now sold ten properties totalling CHF 148 million since the start of the year. With more than CHF 40 million, the Berlingen transaction was the most significant one. Other sales included six retail properties in Meryin, Conthey, Frick, Sursee, Frauenfeld and Wil, and a smaller owner-occupied property in Wabern near Bern as well as a mixed-use site in Oberbüren. A development plot in Wangen near Olten with building authorisation for a residential project was also sold. Without exception, all properties no longer fitted optimally into Swiss Prime Site's focused real estate portfolio in terms of location and type of use. The proceeds from the transactions are reinvested in current development projects. Overall, the average sales price was around 10% above the last valuation of the properties as determined by external appraisers (as at the end of 2022). René Zahnd, CEO Swiss Prime Site, says: «We are very pleased with the implementation of our capital recycling strategy, which allows us to successfully finance our project pipeline ourselves. Despite challenging market conditions, we were able to complete the planned transactions and achieve disposal gains on par with the previous years. This is a clear reflection of the quality and enduring value of our properties.»

Further reduction in vacancies to record low of 4.1%
In the first six months of 2023, Swiss Prime Site achieved major successes in its annual rental agreement renewals, both in its existing portfolio and in upcoming new leases within the development pipeline. The overall result was a further reduction in vacancies to 4.1% (after 4.3% at the end of 2022). Trends in overall economy and the associated demand for commercial spaces were consistently positive. The successful rental agreements relate not only to the portfolio of existing properties, but also to projects that will be completed in 2023 or 2024. René Zahnd, CEO Swiss Prime Site, adds: «The once again lower vacancy rate shows the high quality of our portfolio in terms of location and fit-out. We have also observed that, the broad diversity of types of use in our properties and the portfolio in general is a strong stabilising factor. While office space is our main type of use, retail, infrastructure and hospitality lettings also contributed to this pleasing result.»

If you have any questions, please contact:
 
Investor Relations, Florian Hauber
Tel. +41 58 317 17 64, florian.hauber@sps.swiss
 
Media Relations, Mladen Tomic
Tel. +41 58 317 17 42, mladen.tomic@sps.swiss



End of Media Release


Language:English
Company:Swiss Prime Site AG
Alpenstrasse 15
6300 Zug
Switzerland
Phone:+41 (0)58 317 17 17
E-mail:mladen.tomic@sps.swiss
Internet:www.sps.swiss
ISIN:CH0008038389
Listed:SIX Swiss Exchange
EQS News ID:1680901

 
End of NewsEQS News Service

1680901  17.07.2023 CET/CEST

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