Um die vollständige Pressemitteilung auf Deutsch zu lesen, folgen Sie diesem Link
TrustStone Real Estate SICAV Shows Accelerating Growth and Improved Operational Metrics
TrustStone Real Estate SICAV reports sharply improved half-year results, driven by rigorous portfolio management, strict cost control, and selective capital allocation implemented by its new manager, Dominicé & Co – Asset Management.
Improving Operational Performance
Rental income reached CHF 2.55 million, up 23.21% year-on-year, reflecting the progressive integration of acquisitions and the leasing of newly delivered spaces. Distributable net income stands at CHF 1.04 million, compared with CHF 0.35 million a year earlier, supported by a reduction in the vacancy rate and improved margins. The investment return amounts to 1.71%, confirming the portfolio’s ability to generate stable performance in a selective environment.
Higher Margins and Strong Financial Discipline
The EBIT margin increased significantly to 52.40%, compared with 40.50% a year earlier. The average cost of debt declined to 1.00%, and the loan-to-value ratio also decreased to 30.37%, reflecting strict cost control and rigorous financial management.
Measurable Impact on Operations and Profitability
The reduction in the vacancy rate – particularly in Etoy (En Courta Rama 10) – and the repositioning of the Muttenz site (St. Jakobsstrasse 90), which resulted in a 42% increase in theoretical rental income and an occupancy rate above 80%, have directly contributed to higher rental revenues and improved operating results. The completed projects in Pully (Ruisselet 18, 20, 22) and Renens (Caudray 34, 36) also support the improvement in the EBIT margin.
Asset Growth Driven by Real Estate Investments
As of 30 September 2025, the fund’s total assets amount to CHF 153.75 million, up 23.54% over twelve months. This growth results from real estate investments made during the period, including the acquisition of two buildings for CHF 26.64 million, as well as the delivery of development projects in Renens and Pully generating CHF 4.71 million in value creation. In addition, the net asset value per share increased to CHF 72.44 from CHF 71.87 six months earlier, despite the distribution of a CHF 0.65 dividend.
Selective Acquisitions with Fast Contribution
The capital increase completed during the summer enabled the acquisition of two immediately income-generating assets: a renovated and fully leased office building in Pully, offering a gross yield of 5.0% on the purchase price and an energy performance rating of CECB B, and a commercial building in Orbe with a gross yield of 5.0% the purchase price. The secondary market recorded CHF 6.2 million in traded volume and a 2.19% increase in the average share price, reflecting renewed investor interest.
Market Outlook and Long-Term Trajectory
Supported by strong fundamentals, the Swiss real estate market benefits from sustained net immigration, consistently high demand in urban centers, and a more attractive interest-rate environment following the Swiss National Bank’s reduction of its policy rate to zero. This dynamic strengthens the polarization in favor of the Lake Geneva region, Zurich, and Basel, where demand for rental properties remains particularly robust, offering solid visibility on income and value appreciation potential for well-located assets.
In this context, TrustStone Real Estate SICAV continues to pursue a strategy focused on sustainable performance – prioritizing in the short term immediately income-generating assets, primarily in the commercial segment, while aiming in the medium term for a gradual rebalancing of the portfolio toward a target mix of 60% commercial and 40% residential, supported by portfolio growth and the delivery of ongoing development projects.
“Our ambition is clear: to place TrustStone Real Estate SICAV on a path of strong and lasting growth. We firmly believe that the combination of active management, selective investments, and a long-term vision will be the key to sustainable development for the benefit of our investors,” says Michel Dominicé, Senior Partner.
