First Year under Dominicé Management: Portfolio Growth and Improved Performance
TrustStone Real Estate SICAV today announced its annual results for the financial year ended 31 March 2026, representing the first partial financial year under the management of Dominicé. Over the past twelve months, the Fund has significantly strengthened its operational and financial performance.
Growth driven by two fully subscribed capital raises
Total assets reached CHF 219.0 million as at 31 March 2026, compared to CHF 125.9 million a year earlier, representing a 74% increase that broadens the asset base and reinforces the fund’s capacity to diversify its income. Two fully subscribed capital increases — CHF 27.6 million in July 2025 and CHF 64.2 million in March 2026 — raised CHF 91.8 million in eight months, financing five acquisitions and accelerating the build-up of a yield-generating portfolio. The portfolio now comprises 15 properties as at 31 March 2026, with a WAULT of 4.73 years on commercial leases, providing concrete visibility on medium-term rental income.
An operational turnaround confirmed by the numbers
The investment return reached 3.09%, compared with -1.41% a year earlier, marking a return to positive territory and confirming the relevance of the Fund’s investment strategy. The EBIT margin increased from 39.57% to 58.29%, reflecting a significant improvement in operating profitability. Net profit amounted to CHF 3.89 million, compared with CHF 0.75 million in the previous financial year, substantially increasing the Fund’s distributable earnings. The rental loss rate declined from 26.02% to 16.03%, reflecting the gradual reduction in structural vacancy across several properties in the portfolio.
A distribution of CHF 1.60 per share is planned, subject to approval by the General Assembly on 16 July 2026, compared with CHF 0.65 in the previous financial year. With improving operating margins, a growing portfolio and a vacancy rate that continues to decline, the Fund has the necessary foundations to sustain this distribution trajectory in the years ahead.
Read also : TrustStone Real Estate SICAV – Capital Increase of Approximately CHF 35 Million | Dominicé
A solid financial structure, preserved flexibility
The loan-to-value ratio stands at 30.10%, down from 33.39% a year earlier, reflecting a sound balance sheet structure and providing the SICAV with liquidity headroom. The average cost of debt fell to 1.01%, reducing financing charges and preserving a greater share of rental income at the net result level. Net asset value per share increased from CHF 71.87 to CHF 73.42, confirming that the fund’s growth is creating net value for each shareholder. On the secondary market, more than 150,000 shares have been traded since the management takeover, representing a volume of CHF 10.6 million, with transactions reaching up to CHF 75 per share — a premium to NAV that reflects market confidence in the fund’s trajectory.
An active and secured growth pipeline
Three post-closing acquisitions — two retail parks in Collombey-Muraz and Etoy at a 6.0% gross yield and zero vacancy, and a mixed-use property in the heart of Lausanne — bring the market value to CHF 231.9 million and contribute immediately to revenues. A new capital increase of approximately CHF 35 million is planned for mid-July 2026, with most acquisitions already secured by notarial deeds. The fund is also entering its second strategic phase: having built a robust commercial income base fully aligned with the fund’s sustainability criteria, it is now shifting towards a target mix of less than 60% commercial and more than 40% residential, supported by planned deliveries in Pully, Renens and the Muttenz neighbourhood project — offering investors clear visibility on the medium-term trajectory.
Read also : Acquisitions: Dominicé’s strategy to durably strengthen the quality of its portfolios | Dominicé
A sustainability approach grounded in measurable results
CO₂ emissions fell by 18.13% to 14.50 kgCO₂/m², reducing the portfolio’s exposure to energy transition risk and strengthening the long-term value of assets. Energy intensity decreased by 6.33% to 105.17 kWh/m², lowering operating costs and improving the rental attractiveness of properties. Environmental data coverage reached 97.88%, ensuring reliable and comparable reporting. For the first time, the fund is participating in the GRESB benchmark, positioning TrustStone real estate SICAV within the international reference framework and facilitating peer comparison. The target of a 35% reduction in emissions by 2030 and carbon neutrality by 2050 anchors the strategy in a long-term trajectory consistent with investors’ growing sustainability expectations.
“In just one financial year, we have laid the foundations for a more diversified portfolio, a stronger capital base and a secured acquisition pipeline. Our ambition is to establish TrustStone Real Estate SICAV as a fund delivering consistent distributions and sustainable long-term value creation for our investors,” says Diego Reyes, Senior Fund Manager.
About TrustStone real estate SICAV
TrustStone real estate SICAV is a Swiss-law real estate fund reserved for qualified investors, managed by Dominicé & Co – Asset Management since August 2025. The fund invests in a diversified portfolio of residential, mixed-use and commercial assets, with a strong focus on French-speaking Switzerland. It targets a net return of 3.0–3.5% within a tax-optimised structure. Investors access the fund at net asset value, with no entry premium.
