Swiss Real Estate Funds At a glance · 2020. 2. 5. · Swiss Real Estate Funds At a glance CREDIT...

Swiss Real Estate FundsAt a glance

CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd.Global Real Estate – Switzerland

January 2020

Switzerland: This product may only be distributed in or from Switzerland, to qualified investors as defined pursuant to the Collective Investment Schemes Act (“CISA”).

2The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. January 2020

Agios and Disagio of the Swiss Real Estate FundsAverage of listed funds1: 36.5%

1 If the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 33.5%. The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities.

Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the fundsLast data point: 31.01.2020

-10%-5%0%5%

10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%

STR

EE

TB

OX

LA

FO

NC

IER

E

IMM

OF

ON

DS

SO

LV

AL

OR

61

FIR

UB

S F

ON

CIP

AR

S

CS

RE

F L

IVIN

GP

LU

S

CS

RE

F S

IAT

SW

ISS

INV

ES

T R

EA

L

UB

S S

WIS

S S

IMA

CS

RE

F G

RE

EN

PR

OP

ER

TY

UB

S S

WIS

S A

NFO

S

SW

ISS

CA

NT

O IF

CA

RO

TH

SC

HIL

D R

E S

WIS

S

IMM

O H

EL

VE

TIC

UB

S S

WIS

SR

EA

L

SC

HR

OD

ER

IMM

OP

LU

S

PA

TRIM

ON

IUM

PR

OC

IMM

O

CS

RE

F L

OG

ISTI

CS

PL

US

UB

S D

IRE

CT

RE

SID

EN

TIA

L

SW

ISS

LIF

E S

WIS

S P

RO

PE

RT

IES

BO

NH

OTE

IMM

OB

ILIE

R

SF

RE

TA

IL P

RO

PE

RT

IES

PO

LY

ME

N F

ON

DS

CS

RE

F IN

TE

RS

WIS

S

SF

SU

ST

AIN

AB

LE

PR

OP

ER

TY

RE

AL

STO

NE

CS

1A

IMM

O P

K

SW

ISS

CA

NT

O C

OM

ME

RC

IAL

HE

LV

ETI

CA

SW

ISS

CO

MM

ER

CIA

L

UB

S D

IRE

CT

UR

BA

N

CS

RE

F H

OS

PIT

AL

ITY

CS

RE

F IN

TE

RN

ATI

ON

AL

GO

OD

BU

ILD

ING

S

RE

SID

EN

TIA

SF

CO

MM

ER

CIA

L P

RO

P.

RE

AL

STO

NE

DE

VE

LO

PM

EN

T

DO

MIN

ICÉ

SW

ISS

PR

OP

ER

TY

SU

ISS

E R

OM

AN

DE

PR

OP

ER

TY

FU

ND

CS

RE

F G

LO

BA

L

Agio / Disagio


Agios and Disagio of the Swiss Real Estate funds Month-on-month and year-to-date change

The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities.


-15%-10%-5%0%5%

10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%

STR

EE

TB

OX

LA

FO

NC

IER

E

IMM

OF

ON

DS

SO

LV

AL

OR

61

FIR

UB

S F

ON

CIP

AR

S

CS

RE

F L

IVIN

GP

LU

S

CS

RE

F S

IAT

SW

ISS

INV

ES

T R

EA

L

UB

S S

WIS

S S

IMA

CS

RE

F G

RE

EN

PR

OP

ER

TY

UB

S S

WIS

S A

NFO

S

SW

ISS

CA

NT

O IF

CA

RO

TH

SC

HIL

D R

E S

WIS

S

IMM

O H

EL

VE

TIC

UB

S S

WIS

SR

EA

L

SC

HR

OD

ER

IMM

OP

LU

S

PA

TRIM

ON

IUM

PR

OC

IMM

O

CS

RE

F L

OG

ISTI

CS

PL

US

UB

S D

IRE

CT

RE

SID

EN

TIA

L

SW

ISS

LIF

E S

WIS

S P

RO

PE

RT

IES

BO

NH

OTE

IMM

OB

ILIE

R

SF

RE

TA

IL P

RO

PE

RT

IES

PO

LY

ME

N F

ON

DS

CS

RE

F IN

TE

RS

WIS

S

SF

SU

ST

AIN

AB

LE

PR

OP

ER

TY

RE

AL

STO

NE

CS

1A

IMM

O P

K

SW

ISS

CA

NT

O C

OM

ME

RC

IAL

HE

LV

ETI

CA

SW

ISS

CO

MM

ER

CIA

L

UB

S D

IRE

CT

UR

BA

N

CS

RE

F H

OS

PIT

AL

ITY

CS

RE

F IN

TE

RN

ATI

ON

AL

GO

OD

BU

ILD

ING

S

RE

SID

EN

TIA

SF

CO

MM

ER

CIA

L P

RO

P.

RE

AL

STO

NE

DE

VE

LO

PM

EN

T

DO

MIN

ICÉ

SW

ISS

PR

OP

ER

TY

SU

ISS

E R

OM

AN

DE

PR

OP

ER

TY

FU

ND

CS

RE

F G

LO

BA

L

31.01.20 (Agio: 36.5%)

31.12.19 (Agio: 32.2%)

31.12.18 (Agio: 15.5%)


Agios and Disagio of the Swiss Real Estate funds Close link between Agios and longterm interest rates

The graphic shows the link between longterm interest rates (horizontal axis) and the average Agio/Disagio since 1990 at the end of each quarter. Basically the following rule applies:

The higher the interest rates, the lower the Agio/Disagio. Beside the link to interest rates there are other factors influencing the Agio/Disagio like demand sentiment, new products, taxadvantages of products, etc.).


31.01.2020

31.12.2018

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

-1% 0% 1% 2% 3% 4% 5% 6% 7% 8%

Weighted agio / disagio in % (listed and unlisted funds)

10 year CHF swap rate in %

31.03.2007

31.12.2008

31.03.1993

31.03.1994

30.06.1994

30.09.1990


Agios and Disagio of the Swiss Real Estate fundsDevelopment since 1990


-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Agio / disagio 10 year CHF swap rate

Agio/disagio in % Interest rate

longterm average agio


Agio development since October 2008Development of Commercial and Residential Real Estate Funds


-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

SXI Real Estate Funds Commercial Real Estate Funds Residential Real Estate Funds


Average monthly turnover of Swiss Real Estate funds Between February 2019 and January 2020 in mn CHF

CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading. The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities.

Sources: Credit Suisse AG, DatastreamLast data point: 31.01.2020

0 10 20 30 40 50 60 70 80 90 100

SF COMMERCIAL PROPERTIESSTREETBOX RE

SUISSE ROMANDE PROPERTY FUNDRESIDENTIA

POLYMEN FONDSSWISSCANTO COMMERCIAL

CS REF GLOBALSF RETAIL PROPERTIES

DOMINICÉ SWISS PROPERTYREALSTONE DEVEL.

CS REF LOGISTICSPLUSUBS DIRECT RESIDENTIAL

PROCIMMOUBS DIRECT URBANSWISSINVEST REAL

SWISS LIFEPATRIMONIUM CH RE

REALSTONEBONHOTE IMMOBILIER

SF SUSTAINABLE PROPERTYIMMO HELVETIC

FIRLA FONCIERE

CS REF HOSPITALITYUBS FONCIPARS

SOLVALOR 61SCHRODER IMMOPLUS

IMMOFONDSROTHSCHILD RE SWISS

UBS SWISS ANFOSSWISSCANTO IFCA

CS REF INTERSWISSUBS SW SWISSREAL

CS REF INTERNATIONALCS 1A IMMO PK

CS REF SIATCS REF GREEN PROPERTY

CS REF LIVINGPLUSUBS SWISS SIMA


Distribution yield of Swiss Real Estate fundsDistribution per share compared to the share price


Sources: Credit Suisse AG, Datastream, last annual report of the fundsLast data point: 31.01.2020

0%

1%

2%

3%

4%

5%

SF C

OM

ME

RC

IAL P

RO

P.

CS R

EF IN

TE

RS

WIS

S

CS R

EF G

LO

BA

L

CS R

EF IN

TE

RN

ATIO

NA

L

CS 1

A IM

MO

PK

SF R

ETA

IL P

RO

PE

RTI

ES

UB

S S

WIS

SR

EA

L

HELV

ETIC

A S

WIS

S…

CS R

EF H

OS

PIT

ALIT

Y

PR

OC

IMM

O

CS R

EF L

OG

ISTIC

SP

LU

S

SW

ISS

CA

NTO

CO

MM

ER

CIA

L

STR

EE

TB

OX

IMM

O H

ELV

ETIC

SF S

US

TA

INA

BLE

PR

OP

ER

TY

IMM

OF

ON

DS

RE

ALS

TO

NE

CS R

EF S

IAT

SC

HR

OD

ER

IMM

OP

LU

S

UB

S S

WIS

S S

IMA

GO

OD

BU

ILD

ING

S

UB

S D

IREC

T R

ES

IDEN

TIA

L

DO

MIN

ICÉ

SW

ISS

PR

OP

ER

TY

UB

S D

IREC

T U

RB

AN

SW

ISS

INV

ES

T R

EA

L

CS R

EF G

RE

EN

PR

OP

ER

TY

CS R

EF L

IVIN

GP

LU

S

UB

S S

WIS

S A

NFO

S

RO

TH

SC

HIL

D R

E S

WIS

S

PA

TR

IMO

NIU

M

SW

ISS

CA

NTO

IFC

A

UB

S F

ON

CIP

AR

S

BO

NH

OTE

IMM

OB

ILIE

R

FIR

PO

LY

ME

N F

ON

DS

SW

ISS

LIF

E S

WIS

S…

RE

SID

EN

TIA

SO

LV

ALO

R 6

1

LA

FO

NC

IER

E

SU

ISS

E R

OM

AN

DE…

RE

ALS

TO

NE

DE

VE

LO

PM

EN

T

Direct property ownershipIndirect property ownershipAverage SXI Real Estate Funds


Distribution yield of Swiss Real Estate funds Compared to 10 year Swiss government benchmark bond

Sources: Credit Suisse AG, Datastream, last annual report of the fundsLast data point: 31.01.2020Historical performance indications and financial market scenarios are not reliable indicators of future performance.

-1%

0%

1%

2%

3%

4%

5%

6%

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

Yield Gap Distribution Yield Swiss Real Estate Funds Yield on 10 Year Swiss Government Benchmark Bond


Comparison of total expense ratios (TERREF GAV)Fund operating expenses of Swiss Real Estate funds


Source: Credit Suisse AG, last annual report of the fundsLast data point: 31.01.2020

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

CS R

EF H

OS

PIT

ALIT

Y

CS 1

A IM

MO

PK

IMM

O H

ELV

ETIC

SW

ISS

INV

ES

T R

EA

L

CS R

EF G

RE

EN

PR

OP

ER

TY

IMM

OF

ON

DS

CS R

EF L

IVIN

GP

LU

S

CS R

EF L

OG

ISTIC

SP

LU

S

CS R

EF S

IAT

CS R

EF IN

TE

RS

WIS

S

SF S

US

TA

INA

BLE

PR

OP

ER

TY

RO

TH

SC

HIL

D R

E S

WIS

S

FIR

SO

LV

ALO

R 6

1

SU

ISS

E R

OM

AN

DE…

LA

FO

NC

IER

E

UB

S D

IREC

T R

ES

IDEN

TIA

L

UB

S S

WIS

S A

NFO

S

UB

S F

ON

CIP

AR

S

UB

S S

WIS

S S

IMA

UB

S D

IREC

T U

RB

AN

GO

OD

BU

ILD

ING

S

UB

S S

W S

WIS

SR

EA

L

SC

HR

OD

ER

IMM

OP

LU

S

SW

ISS

LIF

E R

EF S

WIS

S…

PA

TR

IMO

NIU

M

BO

NH

OTE

IMM

OB

ILIE

R

DO

MIN

ICÉ

SW

ISS

PR

OP

ER

TY

SW

ISS

CA

NTO

CO

MM

ER

CIA

L

RE

ALS

TO

NE

SW

ISS

CA

NTO

IFC

A

CS R

EF IN

TE

RN

ATIO

NA

L

STR

EE

TB

OX

PR

OC

IMM

O

PO

LY

ME

N F

ON

DS

HELV

ETIC

A S

WIS

S…

SF C

OM

ME

RC

IAL P

RO

PE

R.

SF R

ETA

IL P

RO

PE

RTI

ES

RE

SID

EN

TIA

RE

ALS

TO

NE

DE

VE

L.

CS R

EF G

LO

BA

L

TERREF GAV


Comparison of total expense ratios (TERREF MV)Fund operating expenses of Swiss Real Estate funds


Source: Credit Suisse AG, last annual report of the fundsLast data point: 31.01.2020

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1.50%

1.75%

2.00%

CS 1

A IM

MO

PK

CS R

EF H

OS

PIT

ALIT

Y

SO

LV

ALO

R 6

1

CS R

EF L

OG

ISTIC

SP

LU

S

FIR

CS R

EF L

IVIN

GP

LU

S

CS R

EF G

RE

EN

PR

OP

ER

TY

SF S

US

TA

INA

BLE

PR

OP

ER

TY

SW

ISS

INV

ES

T R

EA

L

CS R

EF S

IAT

IMM

O H

ELV

ETIC

IMM

OF

ON

DS

LA

FO

NC

IER

E

UB

S S

WIS

S A

NFO

S

UB

S F

ON

CIP

AR

S

SW

ISS

CA

NTO

IFC

A

RO

TH

SC

HIL

D R

E S

WIS

S

SU

ISS

E R

OM

AN

DE P

RO

PE

RTY

SC

HR

OD

ER

IMM

OP

LU

S

SW

ISS

LIF

E R

EF S

WIS

S P

RO

P.

UB

S S

WIS

S S

IMA

UB

S D

IREC

T R

ES

IDEN

TIA

L

UB

S S

W S

WIS

SR

EA

L

CS R

EF IN

TE

RS

WIS

S

BO

NH

OTE

IMM

OB

ILIE

R

UB

S D

IREC

T U

RB

AN

SW

ISS

CA

NTO

CO

MM

ER

CIA

L

PA

TR

IMO

NIU

M

STR

EE

TB

OX

RE

ALS

TO

NE

GO

OD

BU

ILD

ING

S

CS R

EF IN

TE

RN

ATIO

NA

L

SF R

ETA

IL P

RO

PE

RTI

ES

SF C

OM

ME

RC

IAL P

RO

PE

RTIE

S

DO

MIN

ICÉ

SW

ISS

PR

OP

ER

TY

PR

OC

IMM

O

PO

LY

ME

N F

ON

DS

RE

SID

EN

TIA

RE

ALS

TO

NE

DE

VE

L.

CS R

EF G

LO

BA

L

TERREF MV


Third-party borrowingsIn % of aggregate market value


Sources: Credit Suisse AG, last annual report of the fundsLast data point: 31.01.2020

0%

5%

10%

15%

20%

25%

30%

CS R

EF L

OG

ISTIC

SP

LU

S

SO

LV

ALO

R 6

1

FIR

CS 1

A IM

MO

PK

SF S

US

TA

INA

BLE

PR

OP

ER

TY

CS R

EF G

RE

EN

PR

OP

ER

TY

SF R

ETA

IL P

RO

PE

RTI

ES

SW

ISS

INV

ES

T R

EA

L

UB

S S

WIS

S A

NFO

S

SW

ISS

CA

NTO

CO

MM

ER

CIA

L

SC

HR

OD

ER

IMM

OP

LU

S

SW

ISS

CA

NTO

IFC

A

CS R

EF S

IAT

CS R

EF IN

TE

RN

ATIO

NA

L

CS R

EF L

IVIN

GP

LU

S

UB

S F

ON

CIP

AR

S

UB

S D

IREC

T R

ES

IDEN

TIA

L

LA

FO

NC

IER

E

UB

S D

IREC

T U

RB

AN

SW

ISS

LIF

E R

EF S

WIS

S…

SU

ISS

E R

OM

AN

DE…

UB

S S

WIS

S S

IMA

RE

SID

EN

TIA

UB

S S

W S

WIS

SR

EA

L

PR

OC

IMM

O

BO

NH

OTE

IMM

OB

ILIE

R

RE

ALS

TO

NE

PA

TR

IMO

NIU

M

SF C

OM

ME

RC

IAL P

RO

PE

R.

IMM

OF

ON

DS

CS R

EF G

LO

BA

L

CS R

EF H

OS

PIT

ALIT

Y

PO

LY

ME

N F

ON

DS

IMM

O H

ELV

ETIC

GO

OD

BU

ILD

ING

S

CS R

EF IN

TE

RS

WIS

S

DO

MIN

ICÉ

SW

ISS

PR

OP

ER

TY

RE

ALS

TO

NE

DE

VE

L.

HELV

ETIC

A S

WIS

S…

STR

EE

TB

OX

RO

TH

SC

HIL

D R

E S

WIS

S


Swiss Real Estate funds at a glance

1 CS 1a Immo PK is restricted to tax-exempt domestic occupational benefit institutions and tax-exempt domestic social insurance institutions and compensation funds.2 CS REF International and CS REF LogisticsPlus are restricted to qualified investors as defined in art. 10, para. 3 CISA in accordance with art. 6, para. 1 CISO.3 CS REF International, CS 1a Immo PK, CS REF LogisticsPlus and CS REF Global are no constituents of the SXI Real Estate Funds.4 Monthly turnover – average of the last 12 months.5 Taxation of Swiss real estate funds differs depending on whether a fund holds it properties in direct ownership or indirectly via real estate companies (affiliates of the fund). Historical performance indications and financial market scenarios are no reliable indicators of future performance. The performance data do not take into account the commissions and costs incurred on the issue and redemption of fund units. The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities.


Name Price Vola. NAV Agio Distribution TERREF Turnover Total market Investment Property

high low YTD -5 y 3 years per unit yield (%) (MV) in mn CHF 4 capitalization focus ownership 5

31.01.2020 p.a. ann. (prov.) in mn CHF

UBS SWISS SIMA 129.80 130.50 113.20 1.7% 6.6% 7.4% 92.2 40.8% 2.5% 0.92% 106.2 9’024.6 Mixed Indirect

CS 1A IMMO PK 1,3 1480.00 1480.00 1305.00 6.1% 4.4% 6.7% 1219.6 21.4% 3.7% 0.56% 40.6 4’185.3 Mixed Direct

CS REF INTERNATIONAL 2,3 1205.00 1220.00 1110.00 1.7% 5.8% 6.6% 1107.5 8.8% 3.5% 1.09% 31.3 3’684.2 International Indirect

CS REF SIAT 214.50 214.50 186.00 4.9% 6.1% 9.3% 150.2 42.8% 2.7% 0.71% 43.6 3’311.6 Residential Indirect

CS REF LIVINGPLUS 154.20 158.30 131.60 2.7% 4.3% 10.3% 107.9 42.9% 2.3% 0.68% 49.2 3’215.7 Residential Direct

CS REF GREEN PROPERTY 163.00 163.00 129.60 6.5% 9.1% 8.5% 116.6 39.8% 2.3% 0.70% 47.0 3’199.9 Sustainability Direct

UBS SWISS ANFOS 79.40 80.50 68.00 6.1% 5.0% 9.9% 56.9 39.4% 2.3% 0.83% 21.1 2’819.8 Residential Indirect

UBS SW SWISSREAL 83.80 85.95 70.30 3.5% 6.8% 8.6% 62.6 33.8% 3.2% 0.96% 29.6 1’917.3 Commercial Indirect

CS REF INTERSWISS 226.90 229.30 191.00 5.0% 5.4% 8.0% 184.0 23.3% 3.9% 0.96% 23.6 1’881.8 Commercial Indirect

SCHRODER IMMOPLUS 179.20 183.60 157.00 4.3% 9.5% 11.7% 136.4 31.4% 2.6% 0.90% 18.5 1’786.3 Commercial Indirect

IMMOFONDS 527.50 542.00 424.00 4.9% 6.8% 8.6% 334.7 57.6% 2.6% 0.72% 19.9 1’698.0 Residential Indirect

LA FONCIERE 135.10 139.90 107.00 5.2% 8.7% 9.3% 84.5 59.9% 1.6% 0.79% 13.7 1’671.3 Residential Mixte

SWISSCANTO IFCA 151.30 159.50 129.70 4.7% 5.8% 9.4% 110.9 36.4% 2.2% 0.88% 21.2 1’593.7 Residential Indirect

FIR 214.80 224.00 183.60 1.6% 7.0% 9.5% 144.5 48.6% 1.9% 0.65% 12.9 1’551.3 Residential Mixte

UBS FONCIPARS 119.20 124.30 95.85 3.7% 9.0% 10.4% 83.0 43.6% 2.1% 0.86% 14.9 1’528.9 Residential Indirect

ROTHSCHILD RE SWISS 157.50 158.60 130.60 3.6% 9.9% 9.1% 116.3 35.4% 2.2% 0.89% 21.0 1’443.4 Residential Direct

SOLVALOR 61 303.00 310.00 246.50 3.1% 7.4% 8.9% 196.0 54.6% 1.7% 0.59% 15.5 1’364.0 Residential Direct

SWISS LIFE REF SWISS PROPERTIES 139.30 n.a. n.a. 4.0% n.a. n.a. 109.7 26.9% 1.9% 0.91% 10.3 1’253.7 Mixed Direct

IMMO HELVETIC 237.90 246.50 206.60 3.9% 5.2% 9.7% 176.9 34.5% 2.7% 0.72% 12.4 1’094.3 Residential Indirect

REALSTONE 148.60 156.80 129.60 1.0% 11.5% 122.0 21.8% 2.6% 1.06% 11.3 976.4 Residential Direct

SF SUSTAINABLE PROPERTY 146.80 148.90 130.00 0.6% 0.0% 7.7% 119.4 23.0% 2.6% 0.71% 12.1 968.5 Residential Direct

BONHOTE IMMOBILIER 152.60 157.00 133.00 4.4% 4.3% 8.9% 120.4 26.7% 2.1% 0.96% 11.5 955.5 Residential Direct

PROCIMMO 176.50 181.10 155.70 2.2% 7.1% 10.7% 136.3 29.5% 3.1% 1.18% 9.7 947.0 Commercial Direct

PATRIMONIUM 175.60 177.00 149.50 2.1% 6.5% 7.6% 135.0 30.1% 2.2% 1.02% 10.8 945.5 Residential Direct

SWISSINVEST REAL 195.00 197.00 159.70 6.7% 6.3% 10.4% 138.2 41.1% 2.3% 0.71% 9.9 944.9 Residential Indirect

CS REF HOSPITALITY 107.70 108.10 87.00 2.1% 5.0% 8.9% 96.6 11.5% 3.1% 0.57% 14.0 941.8 Hospitality Direct

SF RETAIL PROPERTIES 128.10 120.90 106.00 5.0% 0.0% 0.0% 102.2 25.3% 3.3% 1.13% 4.8 778.2 Commercial Indirect

REALSTONE DEVELOPMENT 137.50 131.00 114.20 2.2% 133.9 2.7% 1.4% 1.50% 7.0 696.1 Residential Direct

UBS DIRECT RESIDENTIAL 17.40 18.75 14.30 1.2% 9.2% 13.7 27.5% 2.4% 0.92% 9.4 693.0 Residential Direct

HELVETICA SWISS COMMERCIAL 129.20 n.a. n.a. n.a. n.a. 111.5 15.8% 3.1% n.a. n.a. 561.1 Commercial Indirect

CS REF LOGISTICSPLUS 2 129.50 129.50 115.50 1.2% 6.1% 101.2 27.9% 3.1% 0.60% 8.0 543.9 Logistics Direct

SWISSCANTO COMMERCIAL 124.00 128.30 106.20 5.5% 8.8% 102.9 20.5% 2.8% 1.00% 3.9 533.2 Mixed Direct

POLYMEN FONDS 162.10 153.40 126.10 8.0% 11.6% 130.5 24.2% 1.9% 1.21% 3.7 423.1 Residential Direct

UBS DIRECT URBAN 12.95 12.65 10.05 7.5% 12.7% 11.4 13.3% 2.3% 0.99% 9.7 372.9 Mixed Direct

DOMINICÉ SWISS PROPERTY 124.80 126.50 116.50 1.4% 0.0% 122.2 2.1% 2.4% 1.17% 4.9 324.5 Residential Direct

SUISSE ROMANDE PROPERTY 114.00 122.50 107.10 1.3% 0.0% 115.7 -1.5% 2.2% 0.90% 2.6 306.0 Residential Direct

SF COMMERCIAL PROPERTIES 106.00 108.00 96.40 0.9% 0.0% 101.7 4.2% 4.0% 1.15% 1.6 254.4 Commercial Indirect

GOOD BUILDINGS 122.00 n.a. n.a. 1.8% n.a. 112.6 8.4% 2.5% 1.07% 7.6 244.0 Residential Direct

STREETBOX 532.00 504.00 372.75 8.8% 15.3% 295.6 80.0% 2.8% 1.05% 1.7 228.5 self storage Direct

RESIDENTIA 126.70 127.80 118.30 1.1% 7.9% 117.1 8.2% 1.7% 1.23% 3.5 202.7 Residential Direct

SXI REAL ESTATE FUNDS BROAD 3 3.6% 6.1% 7.5% 36.5% 2.4% 0.85% 620.1 52’652.8

52 week Performance


Premium/discount of Real Estate investment companies Average premium: 51.6%

Sources: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companiesLast data point: 31.01.2020

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

INTE

RS

HO

P N

SW

ISS

PR

IME

SIT

E N

INVE

STIS

N

PS

P N

ALLR

EA

L N

WA

RTEC

K N

MO

BIM

O N

ZU

G E

STA

TE A

G

HIA

G IM

MO

BIL

IEN

AG

NO

VA

VE

ST N

SF U

RB

AN

PR

OP

ER

TIE

S

PLA

ZZA

N

FU

ND

AM

EN

TA

N

BFW

LIE

GEN

SC

HA

FTEN

N

ZU

EB

LIN

N


Historical development of Premiums and AgiosSwiss Real Estate investment companies vs. Real Estate funds

Sources: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companiesLast data point: 31.01.2020

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%Premium/Agio in %

Premium/Discount of Real Estate Investment Companies Agio/Disagio of Real Estate Funds


Distribution yield of Real Estate investment companiesDistribution per share compared to the share price


Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companiesLast data point: 31.01.2020

0%

1%

2%

3%

4%

5%

NO

VA

VE

ST N

ZU

EB

LIN

N

SF

UR

BA

N

PR

OP

ER

TIE

S

HIA

G IM

MO

BIL

IEN

AG

MO

BIM

O N

INTE

RS

HO

P N

SW

ISS

PR

IME

SIT

E

N

WA

RT

EC

K N

BF

W

LIE

GE

NS

CH

AF

TE

…

AL

LR

EA

L N

INV

ES

TIS

N

SX

I R

EA

L E

ST

ATE

SH

AR

ES

BR

OA

D

FU

ND

AM

EN

TA

N

PS

P N

PL

AZ

ZA

N

ZU

G E

STA

TE

AG


Swiss Real Estate investment companies at a glance

1 Monthly turnover – average of the last 12 months

The securities mentioned on this page are meant for illustration purposes only and are not intended as a solicitation or an offer to buy or sell these securities. Historical performance indications and financial market scenarios are not reliable indicators of future performance.

Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companiesLast data point: 31.01.2020

Name ISIN Price Vola. NAV Premium Distribution Turnover Market capi-

high low YTD -1y -5y 3 years per share yield (%) mn CHF 1 talization (FF)

31.01.2020 p.a. ann. (prov.) mn CHF

SWISS PRIME SITE N CH0008038389 117.80 119.00 80.90 5.3% 46.3% 13.3% 12.5% 70.91 66.1% 3.1% 350.7 8’946.5

PSP N CH0018294154 145.80 145.80 100.80 9.1% 47.5% 12.9% 11.9% 94.77 53.8% 2.3% 281.3 6’082.3

ALLREAL N CH0008837566 200.00 201.00 159.80 4.0% 29.0% 10.9% 11.2% 142.83 40.0% 2.9% 76.7 2’848.0

MOBIMO N CH0011108872 311.00 319.00 234.00 7.8% 32.9% 12.4% 10.9% 229.27 35.6% 3.2% 57.7 2’053.1

ZUG ESTATE AG CH0148052126 2390.00 2410.00 1665.00 2.6% 41.5% 14.8% 10.5% 1837.92 30.0% 1.0% 5.6 679.6

INTERSHOP I CH0273774791 622.00 622.00 493.00 9.7% 30.7% 16.0% 8.1% 350.89 77.3% 3.2% 15.8 678.9

FUNDAMENTA CH0045825517 15.45 15.45 14.00 0.6% n.a. n.a. n.a. 15.10 2.3% 2.6% 3.3 387.1

PLAZZA N CH0284142913 294.00 294.00 222.00 4.3% 33.9% 0.0% 7.6% 276.44 6.4% 1.0% 3.4 368.7

WARTECK N CH0002619481 2180.00 2200.00 1760.00 5.8% 21.3% 8.2% 6.1% 1591.81 37.0% 3.1% 5.4 368.3

HIAG IMMOBILIEN AG CH0239518779 108.50 138.50 102.50 0.5% -3.7% 8.4% 17.2% 89.76 20.9% 3.3% 6.4 307.0

NOVAVEST N CH0212186248 44.80 n.a. n.a. 3.0% n.a. n.a. n.a. 40.10 11.7% 3.7% 12.9 288.4

SF URBAN PROPERTIES CH0032816131 104.00 105.00 86.50 5.6% 20.3% 9.8% 8.2% 94.07 10.6% 3.5% 3.3 283.9

INVESTIS CH0325094297 86.60 86.60 60.40 6.7% 45.2% 0.0% 53.87 60.7% 2.7% 3.9 242.4

BFW LIEGENSCHAFTEN N CH0018206117 44.50 44.90 42.50 0.5% 11.6% 10.9% 7.3% 43.85 1.5% 3.0% 2.0 111.5

ZUEBLIN N CH0312309682 28.80 29.00 22.80 14.3% 33.3% -17.6% 27.7% 39.56 -27.2% 3.5% 1.1 55.8

SXI REAL ESTATE SHARES BROAD CH0042660313 6.1% 39.0% 12.1% 9.0% 51.6% 2.7% 829.4 23’701.5

52 week Performance


Global Real EstateYour contact partner

1 Please note that telephone conversations may be recorded. By making a call, you acknowledge your agreement with this business practice.

Real Estate Strategies & Advisory

Ulrich BraunManaging Director

[email protected]

Phone +41 44 332 58 081


Christian Braun, CIIAVice President

[email protected]

Phone +41 44 333 44 001


Fabian Linke, MRICSDirector

[email protected]

Phone +41 44 334 25 741


Carolina BocchiniDirector

[email protected]

Phone +41 44 333 75 671


Disclaimer

The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective or independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction.The information provided herein was produced by Credit Suisse Group AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. The information and views expressed herein are those of CS at the time of writing and are subject to change at any time without notice. They are derived from sources believed to be reliable.CS provides no guarantee with regard to the content and completeness of the information and where legally possible does not accept any liability for losses that might arise from making use of the information. If nothing is indicated to the contrary, all figures are unaudited. The information provided herein is for the exclusive use of the recipient.Neither this information nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended).It may not be reproduced, neither in part nor in full, without the written permission of CS. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency.Equities are subject to market forces and hence fluctuations in value, which are not entirely predictable.The key risks of real estate investments include limited liquidity in the real estate market, changing mortgage interest rates, subjective valuation of real estate, inherent risks with respect to the construction of buildings and environmental risks (e.g., land contamination).

Your Personal Data will be processed in accordance with the Credit Suisse privacy statement accessible at your domicile through the official Credit Suisse website https://www.credit-suisse.com. In order to provide you with marketing materials concerning our products and services, Credit Suisse Group AG and its subsidiaries may process your basic Personal Data (i.e. contact details such as name, e-mail address) until you notify us that you no longer wish to receive them. You can opt-out from receiving these materials at any time by informing your Relationship Manager.

Copyright © 2020 Credit Suisse Group AG and/or its affiliates. All rights reserved.

Swiss Real Estate Funds At a glance · 2020. 2. 5. · Swiss Real Estate Funds At a glance CREDIT...

Documents

Transcript of Swiss Real Estate Funds At a glance · 2020. 2. 5. · Swiss Real Estate Funds At a glance CREDIT...