The Swiss Prime Site Solutions Investment Fund Commercial (SPSS IFC) has closed H1 2025/2026 with a return on investment of 2.9%. This is based on a cash flow yield of 2.4%, supported by a high occupancy rate and operational rental growth, and positive capital growth of 0.5%. The result was achieved with significantly reduced use of borrowed capital, thus showing further improvement in the risk/return profile.
Important milestones were also reached in the reporting period: Total fund assets exceeded the CHF 500 million mark for the first time. The successful listing in December 2025 also marked a further strategic advance that significantly increased the liquidity of fund units and broadened the investor base.
Stable profitability with reduced risk
SPSS IFC confirms its operational strength and achieves a high-yield result despite lower borrowing. The return on investment, at 2.90% (H1 2024/2025: 3.18%), is comprised of a cash flow yield of 2.41% (previous year: 2.78%) and capital growth of 0.49% (previous year: 0.40%). The cash flow yield reached the upper end of the target range.
The average loan-to-value ratio fell significantly compared to the previous period, from around 38% to 24%. As a result, almost the same level of returns was achieved with significantly lower risk.
Portfolio grows and remains resilient
The portfolio continued to develop at a robust pace during the reporting period. Total fund assets grew by around 15% to more than CHF 500 million, supported by positive valuation effects and considered purchases. At the same time, rental income increased like-for-like by 1.6%, with new leases and indexed adjustments contributing to the growth. At 3.5%, the rent default rate remains low, while the weighted average unexpired lease term was extended to 5.9 years, further strengthening the non-current stability of the portfolio. The positive performance is reinforced by a revaluation of 0.49%.
Sustainability as an integral component of the strategy
The sustainability strategy is firmly embedded in asset management. Ten-year investment plans, including a CO₂ reduction pathway, were defined and implemented for the entire portfolio. In addition, automated recording of energy data was introduced nationwide, enabling targeted operational optimisation and efficiency improvements. SPSS IFC also continues to participate in established ESG benchmarks such as GRESB and REIDA and reports in accordance with the UN PRI principles, thereby ensuring the transparent improvement of its sustainability performance.
Outlook with focus on operational strength
The successful listing has increased the liquidity of the fund units in the long term and enabled investors to manage their portfolio more efficiently. At the same time, the reduction in borrowed capital created the foundation for consistently risk-adjusted revenue generation. For the remainder of the year, the focus will be clearly on the operational management of the portfolio. High occupancy rates, steady rental growth and an intentional move towards low-emission properties remain key drivers. The portfolio will be expanded selectively in line with the strategy if attractive opportunities with a compelling risk/return profile arise.
Fund profile
The Swiss Prime Site Solutions Investment Fund Commercial (SPSS IFC) gives investors access to an attractive portfolio of high-yield Swiss commercial properties. The investment vehicle is open to private investors and institutional clients and is listed on the SIX. The focus is on high-yield commercial properties in economically robust locations throughout Switzerland. The fund strategy is based on broad diversification, high cash flow stability and compelling risk/return profiles. The aim is to generate reliable returns and secure regular, attractive distributions for investors. The SPSS IFC is the direct owner of the real estate; as such, taxes on income and capital gains are pre-paid by the fund itself, making them tax-free to investors (private and business assets) resident or domiciled in Switzerland.
The fund documentation is available at www.swissfunddata.ch and www.spssolutions.swiss.
VALOR/ISIN: 113 909 906 / CH1139099068
Ticker symbol: IFC
