8th September 2020
Olivier Aeschlimann, Senior Financial Analyst
The real estate group Allreal saw its operating profit decrease by -6.8% to CHF 113.8 million in the first half 2020. Adjusted for revaluation effects, it came to CHF 86.1 million, down -6.3% compared to the first half of 2019. The real estate division performed well despite the sanitary crisis and the related lockdown. Rental income in the first half of 2020 decreased by CHF 1.8 million to reach CHF 100.1 million. This decrease is mainly due to rent waivers ranging from a few weeks to two months. That said, the vacancy rate has hit an all-time low of 1.5%. This illustrates the quality of the company’s assets and the fact that only 6% of rental contracts will have to be renewed by 2021. For 2020 as a whole, Allreal believes it can achieve a result close to that of 2019.