PSP Swiss Property AG (0QO8) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the PSPC's property Q1 2025 results conference call. I am Moira, the call call operator. I would like to remind you that all participants will be in listen-only mode and the conference has been recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Giacomo Barzarini, CEO of PSPC's property. Please go ahead, sir. Good morning, everybody, and welcome to our Q1 results release. As always, I will give a quick headline rundown on the major items we saw. As you know, Q1 follows pretty quickly the full year release, so there's by habit not much news. But if you start on the left-wing market, we continue to see a very positive sentiment on the prime locations, especially in Buick Engineering, but that's a continuum. Meanwhile, we saw that also on the left-wing side, and we continue to see a bifurcation between prime and non-prime, being on the left-wing side, being on the range side. If you look at the left-wing success, it's just a few highlights. which are probably not material with regard to the rental income, but are quite important with regard to leasing levels or vacancy rates. The one is on the redevelopment of the boulders in Bern, where we have a leasing success at rents at slightly above 400, which are pretty strong rents for Bern. Clearly, it's a very centrally located building. It's a rather small space. But I think we are positive on that side. Secondly, we fully let now Limmatke. If you recall, we had offered to let the spaces slightly below 800. We tried to stick to our target ...