SF URBAN PROPERTIES AG SF Urban Properties Ltd
Annual Report 2023
13 March 2024
Table of Contents
- Review of 2023
- Strategy Focus
- Portfolio
- Financials
- Outlook for 2024
SF Urban Properties Ltd | 2 |
1. Review of 2023
Binningerstrasse 7 / Innere Margarethenstrasse 6, Basel
Musik Hug's premises
Key Events in 2023
Management
Yield
Development
New record low vacancy rate
Portfolio adjustment to strengthen strategy
Improved rental income and strict cost management
Impressive GRESB result of 4 out of 5 stars
Completed construction projects in Zollikerstrasse in Zurich, Binningerstrasse in Basel and Walzwerk site
Market-related devaluation of portfolio
Building permit for Rüschlikon project received
Sale of last unit at Elsässerstrasse 1 in Basel
SF Urban Properties Ltd | 4 |
Key Figures
as at 31 December 2023, compared to previous year
Portfolio value of | 754.5 | |||
investment properties | ||||
745.6 | ||||
CHF 745.6 million | ||||
2022 | 2023 | |||
Gross yield | 4.2 | |||
3.9 | ||||
% | ||||
4.2 | ||||
2022 | 2023 | |||
Real discount rate | ||||
2.76 | ||||
2.76% | 2.70 | |||
2022 | 2023 | |||
Net profit excl. revaluation | 16.4 | 15.4 | |||||
effects | |||||||
CHF 15.4 million | |||||||
2022 | 2023 | ||||||
Real estate earnings | 29.8 | ||||||
28.4 | |||||||
CHF 29.8 million | |||||||
2022 | 2023 | ||||||
Share price | 93.00 | ||||||
89.00 | |||||||
CHF 93.00 | |||||||
2022 | 2023 | ||||||
SF Urban Properties Ltd | 5 |
Investment Property Divestments in 2023
Strategic portfolio adjustments
Aarbergergasse 57, BE
Rebgasse 64, BS
34%
GY 3.8%
66%
Gastronomy | Residential |
52%
GY 4.0%
48%
Gastronomy | Residential |
Annual income: | CHF 225 408 |
Sales price: | CHF 6 000 000 |
Market value: | CHF 5 680 000 |
as at 30.06.2023 |
Annual income: | CHF 134 340 |
Sales price: | CHF 3 400 000 |
Market value: | CHF 3 240 000 |
as at 30.06.2023 |
Inadequate location for portfolio strategy
Reduction of gastronomy share
CAPEX savings (approx. 1.5 million)
Reduction of gastronomy share
SF Urban Properties Ltd | 6 |
Investment Property Acquisitions in 2023
Asset consolidation through realignment
Parcel 818, Arlesheim
Commercial zone
5 673 m2
Agricultural zone
4 640 m2
Rosentalstrasse 42-44, BS
GY | Annual income: | CHF 114 509 | |
Interim use | |||
2.2% | Purchase price: | CHF 5 230 000 | |
100% | Market value | CHF 5 230 000 | |
at acquisition | |||
Commercial
GY | Annual income: | CHF 190 512 |
4.7% | Purchase price: | CHF 4 028 000 |
100% | Market value | CHF 4 350 000 |
at acquisition |
Residential
Strategic land reserve for future site development
Realignment
Increase of residential share
Realignment
SF Urban Properties Ltd | 7 |
Portfolio Overview
as at 31 December 2023
Market matrix | Market regions |
Valuation Wüest Partner as at 31 December 2023
Excellent Locations with optimisation | Focus on Zurich and Basel | |
potential | ||
Real estate earnings - target net rent by usage
4.8%
8.2%
26.8%
9.9%
23.7%
26.6%
ResidentialGastronomy
Commercial, Storage, Other Retail
Office | Parking |
Diversified uses
SF Urban Properties Ltd | 8 |
Real Estate Earnings
Real estate earnings (in CHF million)
29.8
28.4
27.1
26.5
2020 | 2021 | 2022 | 2023 |
Increase in real estate earnings
- Lower vacancy rate (period-based)
- Rents adjusted to reference interest rate
- Indexation of business leases
- New lets
- Project completions
Like-for-like rent developments period-based 2022 / 2023
+2.3%
Rent developments/m2 | As at | As at |
31.12.2022 | 31.12.2023 | |
Residential | 261 | 271 |
Office | 346 | 353 |
Commercial | 165 | 170 |
Retail | 321 | 323 |
Gastronomy | 405 | 413 |
SF Urban Properties Ltd | 9 |
2. Strategy Focus
Zollikerstrasse 6, Zurich
Apartment after total refurbishment
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Disclaimer
SF Urban Properties AG published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 04:58:05 UTC.
