The real estate fund of the insurance group Helvetia is scheduled to be listed on the SIX Swiss Exchange on June 25. The listing application has been conditionally approved, according to a statement released on Friday. A change to the fund contract is still required to open it up to non-qualified investors.

The joint lead managers for the listing are Bank J. Safra Sarasin and Zürcher Kantonalbank (ZKB). ZKB is also the custodian bank for the fund, which is managed by Helvetia Asset Management.

Net Asset Value of 810.8 Million Francs

According to the information provided, the net asset value (NAV) of the Helvetia Swiss Property Fund as of the end of the first half of the 2023/24 fiscal year (as of March 31, 2024) was approximately 810.8 million francs. This is about 1.8 percent less than at the end of September 2023. The market value of the properties is estimated at around 1.07 billion francs.

The inventory value per share stood at 99.79 francs as of the reporting date, while the off-exchange price was 104.75 francs.

Strong Half-Year Earnings

Net income for the first half amounted to 11.5 million francs. Additionally, a realized gain of 0.37 million francs was generated from the sale of a property valued at 2.65 million francs.
The rental situation is described as «very comfortable» in the statement. The portfolio's rental default rate decreased over the half-year from 2.48 percent to 2.29 percent.

The distributable income per share is 1.46 francs, compared to 2.78 francs for the entire 2022/23 fiscal year.

Unrealized capital losses amounted to 3.52 million francs. After deducting liquidation taxes, the total profit was 7.56 million francs, resulting in an investment return of 0.94 percent.