SF Retail Properties Fund – Half-year Results 2026: Higher Income and Decreasing Vacancy

• Three acquisitions and one sale above market value strengthen the portfolio
• Increase in the portfolio’s market value to CHF 1.19 bn (31 December 2025: CHF 1.17 bn) 
• Net income rises by 16.37% to CHF 18.33 mn (30 June 2025: CHF 15.75 mn) 
• Vacancy rate as at the balance-sheet date reduced by 45 basis points to 4.05% (31 December 2025: 4.50%) 

In addition to the positive trend in income and the further reduction in vacancy, the reporting period was characterised by a high level of letting activity and targeted transactions. In total, over 15 000 m² were newly let or existing tenancy agreements were renewed. This corresponds to around 5% of the lettable area or 8.8% of rental income. Three acquisitions and the sale of one property complemented the active development of the portfolio. 

“The performance in the first half of the year demonstrates the operational strength of our portfolio. We were able to further reduce the vacancy, significantly increase income and, at the same time, create additional value through targeted transactions and investments in the portfolio. We intend to consistently continue this trend in the second half of the year,” says Thomas Lavater, Portfolio Manager of the SF Retail Properties Fund and Head Direct Funds at Swiss Finance & Property Funds Ltd. 

Real Estate Portfolio 

The market value of the real estate portfolio rose to CHF 1.19 bn at the end of June 2026, compared with CHF 1.17 bn as at the end of 2025. The portfolio now comprises 107 properties, compared with 105 at the end of 2025. 

In the first half of the year, three properties in Mägenwil (AG), Holderbank (AG) and Bellach (SO) were acquired for a total purchase price of CHF 12.0 mn. At the same time, the property at Michelbacherstrasse 6 in Basel was sold for CHF 8.66 mn. The portfolio also performed well at an operational level. The vacancy rate as at the balance-sheet date fell by 45 basis points from 4.50% as at the end of 2025 to 4.05% as at 30 June 2026. At the same time, the vacancy rate for the reporting period fell from 4.41% to 4.13%. 

The letting activities mentioned made a significant contribution to this development. Further tenancies that have already been finalised will commence in the second half of 2026 and will further support the portfolio’s operational performance. 

The photovoltaic systems are also performing well, with 23 systems already in operation. With an annual output of around 3.3 MWh and a return of around 6%, the systems are making an increasingly significant contribution to the portfolio’s success. 

Financial Result 

Rental income rose by 12.78% in the first half of 2026 to CHF 28.87 mn, compared with CHF 25.59 mn in the same period of the previous year.  

Net income rose significantly by 16.37% compared with the first half of 2025, from CHF 15.75 mn to CHF 18.33 mn. The EBIT margin remained at a high level of 72.03%. Total income increased from CHF 17.36 mn in the same period of the previous year to CHF 25.13 mn. In addition to the higher net income, this was driven in particular by realised capital gains, valuation gains and revaluation gains. 

Outlook

The focus for the second half of 2026 will be on the continued operational and qualitative development of the portfolio. New tenancies that have already been finalised will increasingly begin to have an impact on income and vacancies. 

Another key focus is on the ongoing development projects. In Schöftland, the first phase of the development will be brought into operation.  

Through the consistent management of its portfolio, further letting activities and the targeted development of individual properties, the SF Retail Properties Fund will continue to pursue its long-term growth strategy in the second half of the year.