Novavest records double-digit million profit
Novavest Real Estate AG increased its profit year-on-year from CHF 17.8 million to CHF 29.3 million. The value of the real estate company's portfolio increased by 15 percent to CHF 741 million.
According to a statement by Novavest Real Estate AG , the value of the real estate company’s real estate portfolio rose from CHF 645.4 million to CHF 741.3 million as of the reporting date at the end of 2021. Novavest explains that the growth is made up of success from revaluations of CHF 21.8 million, the acquisition of four properties and investments in existing properties and new construction projects.
Rental entries increased year-on-year by 10 percent to CHF 26.7 million. The operating result at EBIT level increased year-on-year from CHF 22.9 million to CHF 39.1 million. Profit including revaluations is CHF 29.3 million, compared to CHF 17.8 million in the 2020 financial year. Excluding revaluations, profit in 2021 was CHF 11.7 million, up CHF 0.6 million on the previous year.
Novavest will publish the detailed annual report on February 22nd.
