PSP Swiss Property profitiert von Aufwertung

19.08.2025 13:28

Der Immobilienkonzern PSP Swiss Property meldet einen tieferen Liegenschaftsertrag. Wegen Neubewertungen stieg der Reingewinn deutlich. Der Aktienkurs reagiert negativ.

Dank der Aufwertung von Zürcher Liegenschaften steigt der Reingewinn fast 25 Prozent. (Bild T. Schneider/Shutterstock)

Der Liegenschaftsertrag sank im ersten Halbjahr um 1,3 Prozent auf 173,9 Millionen Franken. Doch dies war laut Mitteilung «Einmalfaktoren» im Vorjahr geschuldet. Das operative Ergebnis sank um 5,9 Prozent auf 106,9 Millionen Franken.

Der Reingewinn war dagegen mit 194,3 Millionen Franken um fast 25 Prozent höher als im ersten Halbjahr 2024. Verantwortlich dafür waren die Neubewertungen von 113,4 Millionen Franken - im Vorjahr waren es noch 44,7 Millionen Franken gewesen. Die Aufwertung resultierte laut der Mitteilung hauptsächlich aus der positiven Entwicklung der Anlageliegenschaften an Zentrumslagen in Zürich.

Hohe Investitionen

PSP will seine Entwicklungsprojekte voranbringen. Dafür sollen in das «Quartier des Banques» in Genf rund 21 Millionen Franken investiert werden. Weitere 11 Millionen sind für das «Bollwerk» in Bern vorgesehen. Für das Projekt «Hotel des Postes» in Lausanne sind rund 55 Millionen geplant. Daraus erwartet PSP nach Fertigstellung Mieteinnahmen von insgesamt rund 10,4 Millionen Franken pro Jahr.

Aktie fällt

PSP gibt sich mit Blick nach vorne optimistisch und bestätigt die Prognosen 2025 für einen EBITDA ohne Liegenschaftserfolge ähnlich dem Vorjahr von rund 300 Millionen Franken. Beim Leerstand erwartet der Konzern weiterhin einen Wert von 3,5 Prozent. Ende Juni lag der durchschnittliche Leerstand im 10 Milliarden Franken umfassenden Immobilienportfolio von PSP noch bei 4,0 Prozent.

An der Börse kamen die Ausführungen nicht gut an. Die Aktie fiel in einem festeren Markt um 2,6 Prozent. PSP habe die Erwartungen verfehlt und dass die Prognosen nicht angehoben wurden, sei enttäuschend, hiess es dazu.

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