Helvetica fund yields 24.3% return in 2008

Helvetica Property real estate fund has announced that it recorded a 'very high return by international standards' of 24.3% in 2008.

The Helvetica Property real estate fund has been investing exclusively in Swiss property since October 2007. Its current portfolio consists of 12 properties, representing a volume of some CHF 280 mln (EUR 184 mln).

According to Morningstar, a provider of independent investment analyses, the average return achieved by 133 direct property funds in 2008 was -7.3%. The Helvetica Property portfolio IRR alone grew 4.73% in the reporting period.

Helvetica Property noted the above-average performance of 24.3% was aided by the strength of the Swiss franc, which significantly increased in value against the fund's reference currency, the Norwegian krone, in 2008. Other favourable conditions included low financing costs and efficient asset management, the fund said.