Even amidst a challenging market environment, Ina Invest was able to achieve solid results in the first half of 2024. Our projects are progressing on schedule, whereby we have reached another milestone on the way to a portfolio size of over CHF 2 billion and a return on equity of over 6%. At the Annual General Meeting in early April, the shareholders voted to simplify the company structure by merging Ina Invest Ltd. and Ina Invest Holding Ltd.
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First half of 2024: solid results and important progress made
Increased EBIT thanks to solid rental income and positive market changes
In the first half of 2024, Ina Invest achieved an operating result (EBIT) of CHF 6.9 million – an increase of 63% over the comparative figure from the previous year of CHF 4.2 million. This result is thanks in part to rental income from the completed properties and positive market value changes, mainly as a result of the progress made in terms of our development projects. Despite the larger real estate portfolio, operating expenses were only slightly higher, due in particular to higher borrowed capital costs. Given the consistently high demand for housing in urban centres, we at Ina Invest remain confident that we will achieve our medium- and long-term goals.
6.9
CHFm EBIT
2.1
CHFm profit
4.3
CHFm profit from change in market value of investment properties
0.4
CHFm total portfolio appreciation over the last 12 months
Significant development successes
Ina Invest has made a good deal of progress in terms of the development of key projects in the first half of the year: Construction of the casino at the "Lokstadt-Hallen" in Winterthur began in January. Building permits were granted for the "Schaffhauserstrasse" project in Zurich and the "Rue du Valais" project in Geneva. The pre-project stage of the "Rocket & Tigerli" wooden hybrid construction project at Lokstadt in Winterthur and of the "Unterfeld, Baufeld 3" project in Baar were concluded. We expect to submit the planning application for the Rocket & Tigerli project in the third quarter of 2024. The pre-project stage of the Unterfeld, Baufeld 3 project in Baar will be put to a vote in September. Although the Municipal Council of the municipality of Pratteln approved the plans for the "Bredella West" district with a significant majority, the decision has been appealed, and therefore a referendum on the matter is expected to be held in autumn 2024.
Marc Pointet, CEO
“Thanks to the progress we have made on our projects and the successful merger, we have further expanded our market position in a dynamic segment. The continued demand for housing in urban centres confirms the strategic alignment of Ina Invest’s portfolio to a high development ratio of at least 50% after completion.”
Sustainability as a competitive factor and part of our DNA
Ina Invest has consistently pursued its sustainability efforts during the reporting period. We assign CO₂ budgets for emissions to our development projects that limit the emissions during the development phase. In the future, our goal is for every project to be certified according to the requirements of sustainability labels such as SNBS Gold. Last but not least, we have now assessed the amounts of energy, water and waste consumed during operation of the old, existing properties on the Bredella site for the first time with the aim of gradually reducing these consumption levels. Sustainability is part of our DNA because we believe that it will have a positive long-term effect on the further development of our portfolio.
Market value of the real estate portfolio grows
In the first half of 2024, the market value of Ina Invest’s real estate portfolio grew by CHF 10.5 million or 1.3% to CHF 847 million. This growth is based on both the positive market value changes as a result of the consistent progress made on our projects as well as on investments in our portfolio. Our priorities for the second half of 2024 are our ongoing projects – the construction of the casino at the "Lokstadt-Hallen", the start of construction on the "Schaffhauserstrasse" project, the development of the "Rocket & Tigerli" and "Rue du Valais" projects, and the moving the development plans for "Unterfeld Baar" towards readiness for construction.