PSP Swiss Property Sees Record Year

ZURICH-Zurich-based listed real estate group PSP Swiss Property boosted net income, excluding portfolio value changes, by 9.7% to CHF103 million (€68 million) for the first nine months of 2009. Also it is reporting an 11.3% rise in earnings per share to CHF2.47, and net asset value per share up 2.4% at CHF63.33 (€42). The group said the figures confirm its outlook for the full year made in August, when it forecast record EBITDA, excluding investments.

PSP expects the portfolio vacancy rate at year-end of 8% down from 9% at the half year. At the end of September, the real estate portfolio included 182 office and commercial properties in prime locations as well as seven development sites with a carrying value of CHF5.2 billion (€3.4 billion). In the first nine months, several acquisition opportunities were evaluated but no purchases were made.