SF Sustainable Property Fund – Half-year Results 2026: Successful Acquisitions and Increased Profitability

• Market value increased by 6.35%, with a like-for-like increase in value of 1.8% across the portfolio 
• Net income increased by 11.93% compared with the same period last year to CHF 16.80 mn (30 June 2025: CHF 15.01 mn) 
• Vacancy rate as at the balance-sheet date reduced to 1.83% (31 December 2025:  2.31%) 
• Clarification of sustainability criteria and refinement of the long-term ESG strategy

“With the successful capital increase of CHF 118.3 mn, we have laid the foundations for further portfolio development and completed six high-quality acquisitions with a market value of over CHF 75 mn in the first half of the year. At the same time, we were able to reduce the vacancy rate to a new low of 1.83% through our active vacancy management,” says Daniel Babic, Portfolio Manager of the SF Sustainable Property Fund. 

Real Estate Portfolio

The market value of the acquisitions made amounted to over CHF 75 mn as at the date of acquisition. Further acquisitions with a market value of around CHF 89 mn have already been contractually secured for the second half of the year. This means that the proceeds from the capital increase have been fully invested or bindingly allocated.  

As at 30 June 2026, the fund’s real estate portfolio comprises a total of 117 properties with a market value of CHF 1.74 bn (31 December 2025: CHF 1.63 bn). This represents an increase in market value of 6.35%. The vacancy rate has been reduced to 1.83% over the last six months  (31 December 2025: 2.31%). 

Construction work on the fund’s largest refurbishment project in Lugano is progressing according to plan. Of the six buildings in total, three have already undergone comprehensive energy-efficiency refurbishment and are fully let. The refurbishment of the remaining buildings is scheduled to be completed by the end of Q1 2028, in line with the construction programme. The completion of this construction project will contribute to a further improvement in energy efficiency within the fund and, in addition, to the sustainable regeneration of the neighbourhood. 

Following the update to AMAS’s self-regulatory standards, the SF Sustainable Property Fund has further developed its sustainability strategy and specifically clarified certain criteria. The corresponding amendments were approved by FINMA in April 2026. In addition to further decarbonisation and the expansion of renewable energy, the targets in the areas of biodiversity, sustainable mobility and accessibility have been further refined. This ensures that the portfolio’s long-term ESG focus is consistently maintained. 

Financial Result 

Rental income rose by 9.25% in the first half of 2026 to CHF 29.42 mn compared with the same period last year (CHF 26.93 mn). At the same time, the rental default rate fell below 3% for the first time in the reporting period, to 2.97% (same period last year: 5.69%). 

As a result of higher income and efficient cost management, net income rose significantly by 11.93% compared with the same period last year to CHF 16.80 mn (30 June 2025: CHF 15.01 mn), or CHF 1.59 per unit. Total income for the first half of 2026, at CHF 30.80 mn, was markedly higher than in the first half of 2025 (CHF 27.06 mn). In March 2026, a distribution of CHF 3.20 per unit was paid out to investors for the 2025 financial year. 

Outlook 

Portfolio management is constantly striving to further develop the SF Sustainable Property Fund in a high-quality and sustainable manner. The focus is on active capital recycling, the ongoing assessment of attractive market opportunities and the consistent implementation of refurbishment and development projects within the portfolio. In addition, targeted investments in energy-efficiency refurbishments and further ESG measures are being pursued.