Swiss Prime Site Solutions said the Akara Swiss Diversity Property Fund PK delivered a stable first-half 2026 result, with a total investment return of 2.56% and an oversubscribed capital increase that strengthened its balance sheet.
The fund's H1 return comprised a 1.60% cash-flow return and a 0.96% value-change return. Net returns on completed buildings and the EBIT margin improved, supported by strategy-aligned acquisitions, cost control and progress in the project pipeline. The debt ratio fell to 20.73%, while average financing costs were 1.11%.
During the first half, the fund completed its 17th capital increase. The planned CHF 215 million was oversubscribed, and the raised equity was used for strategy-aligned acquisitions, particularly residential properties, and further development of the existing project pipeline.
Christoph Jockers, chief investment officer of the Akara Fund, said the successful issuance and targeted acquisitions confirmed confidence in the fund's strategy. He added that the strengthened capital base and active portfolio optimization created the foundation for sustainable returns and robust portfolio quality.
As of 30 June 2026, the portfolio comprised 150 properties, including 10 in development or under construction, with a market value of CHF 3.32 billion. Rental income rose by more than 9% to about CHF 54 million. Operational focus included active tenant management and specific usage concepts; new leases or extensions were signed for about 5,000 square metres of commercial space. The vacancy rate was about 3.7%, within the fund's strategic range.
Transaction activity continued under a capital-upcycling approach. The fund acquired seven properties with a fair value of about CHF 288 million, including residential assets in Luzern, Ecublens and the Ticino. It sold smaller or non-strategy-aligned properties and condominium units for total proceeds of CHF 62 million, generating realized capital gains of about CHF 4.4 million.
Project development milestones were reached in Plan-les-Ouates, Oftringen, Giubiasco and Ecublens, with completions expected in 2027. ESG criteria, including renewable energy, sustainable building standards and reducing the ecological footprint, remain central to investment and realization decisions.
Looking ahead, the fund said its 1.60% H1 cash-flow return puts it on track for full-year guidance of more than 3%, noting that acquired properties contributed only partially to earnings. A further issuance is planned for the fourth quarter.
The Akara Fund has total assets of about CHF 3.0 billion and is open to Swiss-domiciled, tax-exempt pension institutions, social insurance and compensation funds, and investment funds whose investors are exclusively such institutions. Units are valued at NAV without agio or disagio, which reduces volatility. The fund invests in existing properties and development or construction projects across Switzerland, with residential and commercial exposure targeted at 50% each, within a 15-percentage-point tolerance.
Swiss Prime Site Solutions is a group company of listed Swiss Prime Site AG. The real estate asset manager has about CHF 14 billion in assets under management and a development pipeline of CHF 1.5 billion.
