Swiss Prime Site Reports Strategic and Operational Gains in H1 2024

Swiss Prime Site (SPS) announced increased earnings and progress in both strategic and operational areas in the first half of 2024. Rental income reached CHF 232 million, a 6.0% rise, while vacancies fell to a record low of 3.6%. The EBITDA increased by 3.5% to CHF 205 million. SPS has more assets under management, totaling CHF 12.7 billion, following the acquisition of Fundamenta and organic growth.

CEO René Zahnd attributes success to a focus on the real estate business, citing growth in the asset base and rent-efficient management. The firm's strategic goals include maintaining low vacancies and optimizing their portfolio, with a 22% revenue jump in asset management.

SPS anticipates further gains in H2 2024 with ongoing real estate investments and capital recycling strategies. The company projects a continued decrease in vacancy rates and a reduction in the LTV ratio to below 40% by year-end.