Annual Report 2011-2012



Rental income CHF 73 million (–20%). Sold seven non- strategic properties for CHF 39 million. Vacancy rate unchanged at 11.4%. Market valuations Switzerland positive, France and Germany slightly negative, Netherlands –10% – overall reduction of 0.2% or CHF 2.6 million compared with fall of CHF 17 million in 2010/2011. Energy efficiency project in Dortmund one of the first renovation projects in Germany to receive the DGNB certificate. Newtime (Jatte 1) renovation project underway in Paris and financed internally.


Pre-tax earnings of CHF 9.7 million versus CHF 10.0 million in previous year. Net earnings of CHF 4.7 million compared with CHF 7.3 million in previous year. Earnings per share rose from CHF –0.01 to CHF 0.06. Further reduction of 8% in total costs. Bond issued in Switzerland for CHF 60 million. Reduction in short-term loans outstanding. LTV improved from 68.8% to 64.2%. EPRA equity ratio improved from 30.7% to 31.8%. Negative CHF/EUR currency effect of 7% at year-end, and 9% average rate.

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Annual Report 2011-2012

Annual Report 2011-2012 (8.16 MB)