Frauenfeld, 31 August 2026
PMT Swiss Real Estate L-QIF Reports Successful First Half of 2026
The PMT Swiss Real Estate L-QIF is a Limited Qualified Investor Fund (L-QIF). It has neither been authorised nor approved by FINMA and is not supervised by FINMA. It is available exclusively to professional clients pursuant to Art. 4 para. 3 lit. a–h FinSA. This communication constitutes advertising within the meaning of Art. 68 FinSA.
The PMT Swiss Real Estate L-QIF looks back on a successful first half of 2026. The net asset value per unit increased to CHF 111.43 as at 30 June 2026, corresponding to an investment return of 7.15% during the reporting period. Since its launch on 29 November 2024, the total return has reached 11.43%. A key value driver was the turnkey partial sale of buildings B and C of the «Brüttiseller Tor» development to Suva.
This development is supported by PMT Management AG, which manages the fund. The company currently manages assets under management of approximately CHF 400 million and oversees more than 20 construction projects on behalf of its clients. An additional approximately CHF 160 million will be invested in projects within the PMT Swiss Real Estate L-QIF over the coming years, further driving the growth of both the fund and the company.
Highlights of the first half of 2026 at a glance
- Investment return of 7.15% during the reporting period; NAV per unit increased to CHF 111.43 (as at 31.12.2025: CHF 104.00), total return since launch (29.11.2024) of 11.43%
- Total result of CHF 4.49 million (previous period 29.11.2024–31.12.2025: CHF 2.83 million)
- Market value of the real estate portfolio increased by CHF 24.9 million to CHF 140.0 million
- Fund operating expense ratio TER (GAV) reduced to the target level of 0.70% (as at 31.12.2025: 0.76%)
- Turnkey partial sale of buildings B and C of «Brüttiseller Tor» to Suva – significant reduction in project risk
- Occupancy rate of 100%; WAULT of 11.45 years
Successful First Half and Improved Result
The net asset value (NAV) per unit of the PMT Swiss Real Estate L-QIF increased to CHF 111.43 as at 30 June 2026, compared with CHF 104.00 at year-end 2025 – an increase of CHF 7.43 per unit. The investment return amounted to 7.15% during the reporting period; the total return since the launch on 29 November 2024 amounts to 11.43% as at 30 June 2026. The total result reached CHF 4.49 million and was primarily driven by unrealised capital gains (including liquidation taxes) of approximately CHF 4.43 million.
Rental income amounted to CHF 1.02 million in the first half of 2026. A key driver of the positive performance was the successful partial sale of the «Brüttiseller Tor» development, which reflects part of the generated added value in the revaluations at an early stage while also significantly reducing the fund’s risk profile.
Partial Sale of «Brüttiseller Tor» to Suva
Buildings B and C of the «Brüttiseller Tor» development in Wangen-Brüttisellen, which are currently under construction, were sold to Suva on a turnkey basis in May; the transfer of ownership is scheduled for autumn 2029.
For investors, the transaction means a significant reduction in project risk and, through buildings A and D remaining in the fund, a high-quality new-build project without the need to allocate any additional equity. The overall «Brüttiseller Tor» development comprises four separate high-rise buildings on a site of approximately 7,744 m², with a total of 181 apartments and approximately 5,100 m² of office and commercial space.
Real Estate Portfolio
The market value of the real estate portfolio increased from CHF 115.1 million to CHF 140.0 million in the first half of 2026. The increase of CHF 24.9 million mainly resulted from investments of CHF 19.0 million in the «Brüttiseller Tor» construction project and revaluations of CHF 5.9 million. Due to market developments, the average real discount rate decreased from 2.9% to 2.8%, providing additional support for the valuations.
As at the reporting date, the portfolio comprises two properties: the «Novolog» logistics and retail centre in Dällikon, completed in 2023, with approximately 15,787 m², and the «Brüttiseller Tor» construction project. The property in Dällikon benefits from a weighted average unexpired lease term (WAULT) of approximately 11.5 years and two main tenants with exceptionally strong credit ratings: Coop and FedEx (TNT Swiss Post). Due to indexation, the annual rental income in Dällikon increased from CHF 2.10 million to CHF 2.14 million.
Target Fund Operating Expense Ratio (TER) Achieved in the Second Financial Year
The fund operating expense ratio (TER) developed positively: the TER (GAV) decreased to the target level of 0.70% (as at 31.12.2025: 0.76%). The lower expense ratio reflects consistent cost management and increasing economies of scale and directly benefits investors.
Financing and Capital Structure
The PMT Swiss Real Estate L-QIF has a solid capital structure. The debt financing ratio stood at 37.47% as at 30 June 2026 (as at 31.12.2025: 39.32%) and therefore remained within the permitted limit of up to 50% for an L-QIF. The total fund assets (GAV) increased to CHF 177.4 million (31.12.2025: CHF 120.0 million), while the net fund assets (NAV) increased from CHF 62.8 million as at 31.12.2025 to CHF 67.3 million as at 30.06.2026.
Outlook
During the first half of the year, a promising project pipeline was established in a competitive environment, which will make a significant contribution to value creation in the coming years. A capital increase is planned for the second half of 2026 to finance this pipeline. The pipeline comprises existing properties with development potential as well as selected plots of land with substantial potential for new construction. Value creation results from rental income that is partly generated until the start of construction, project-related revaluations during the development and implementation phases, partial sales and steady distribution returns following completion and letting.
Following the balance sheet date, a corresponding existing property with upward extension potential was notarised in Chur. Until the construction project is realised, it will provide the fund with stable income of approximately CHF 0.9 million per year. The development will create up to 40 apartments, which will account for approximately 70% of total income after completion; the remaining 30% will be generated by commercial and retail space as well as the existing petrol station use.
Media Contact
PMT Management AG
Ramon Scussel, Member of the Executive Management & Partner
Schulstrasse 4, 8500 Frauenfeld
+41 41 546 82 30 | info@pmt.swiss | www.pmt.swiss
