Zublin sees 10.4% drop in French portfolio

Swiss property investor Züblin said the value of its real estate portfolio dropped CHF 100 mln (EUR 66 mln), or 5.2%, to some CHF 1.8 bn in the first six months of its fiscal year ending September 30.

The company said that the French portfolio was most affected by the drop in valuation, with a downward readjustment of 10.4%, or CHF 67 mln. Properties in Germany and The Netherlands saw a drop of 3.6% in value, while the value of its Swiss portfolio remained unchanged. Net Asset Value declined to CHF 9.44 a share as a result of the sharp decline in valuations.

Züblin said it will focus on office properties in central locations in Switzerland, France and Germany for the time being. To this end, the group has started disposing of non-core assets, with the first five assets being sold in the six months ending September 30 for a total of CHF 114 mln (EUR 75 mln).