Immobilien-Broschüre Bodenholzrain, Hadlikon-Hinwil (Swiss real estate / Switzerland)
Swiss Real Estate Funds At a glance...Swiss Real Estate Funds At a glance CREDIT SUISSE ASSET...
Transcript of Swiss Real Estate Funds At a glance...Swiss Real Estate Funds At a glance CREDIT SUISSE ASSET...
Swiss Real Estate FundsAt a glance
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd.Global Real Estate – SwitzerlandMarch 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. March 2020
Agios and Disagio of the Swiss Real Estate FundsAverage of listed funds1: 27.1%
1 If the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 23.8%.
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 funds
Last data point: 31.03.2020
-20%-15%-10%-5%0%5%
10%15%20%25%30%35%40%45%50%55%60%65%
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Agio / Disagio
3The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
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.
Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the fundsLast data point: 31.03.2020
-20%
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0%
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31.03.20 (Agio: 27.1%)
28.02.20 (Agio: 35.3%)
31.12.19 (Agio: 32.2%)
4The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
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, tax
advantages of products, etc.).
Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the fundsLast data point: 31.03.2020
31.03.2020
31.12.2019
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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
5The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Agios and Disagio of the Swiss Real Estate fundsDevelopment since 1990
Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
Last data point: 31.03.2020
-2%
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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
6The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Agio development since October 2008Development of Commercial and Residential Real Estate Funds
Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
Last data point: 31.03.2020
-10%
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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
7The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Average monthly turnover of Swiss Real Estate funds Between April 2019 and March 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, Datastream
Last data point: 31.03.2020
0 10 20 30 40 50 60 70 80 90 100
STREETBOX RESF COMMERCIAL PROPERTIES
SUISSE ROMANDE PROPERTY FUNDRESIDENTIA
POLYMEN FONDSSWISSCANTO COMMERCIAL
CS REF GLOBALDOMINICÉ SWISS PROPERTY
SF RETAIL PROPERTIESREALSTONE DEVEL.
CS REF LOGISTICSPLUSUBS DIRECT RESIDENTIAL
UBS DIRECT URBANPROCIMMOSWISS LIFE
SWISSINVEST REALBONHOTE IMMOBILIER
REALSTONEPATRIMONIUM CH RE
IMMO HELVETICFIR
SF SUSTAINABLE PROPERTYLA FONCIERE
CS REF HOSPITALITYUBS FONCIPARS
SOLVALOR 61SCHRODER IMMOPLUS
IMMOFONDSROTHSCHILD RE SWISS
SWISSCANTO IFCAUBS SWISS ANFOS
CS REF INTERSWISSCS REF INTERNATIONAL
UBS SW SWISSREALCS 1A IMMO PK
CS REF SIATCS REF LIVINGPLUS
CS REF GREEN PROPERTYUBS SWISS SIMA
8The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Distribution yield of Swiss Real Estate fundsDistribution per share compared to the share price
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 report of the fundsLast data point: 31.03.2020
0%
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9The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
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 funds
Last data point: 31.03.2020Historical performance indications and financial market scenarios are not reliable indicators of future performance.
-1%
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Yield Gap Distribution Yield Swiss Real Estate Funds Yield on 10 Year Swiss Government Benchmark Bond
10The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Comparison of total expense ratios (TERREF GAV)Fund operating expenses of Swiss Real Estate funds
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.
Source: Credit Suisse AG, last annual report of the fundsLast data point: 31.03.2020
0.00%
0.25%
0.50%
0.75%
1.00%
1.25%
CS R
EF H
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11The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Comparison of total expense ratios (TERREF MV)Fund operating expenses of Swiss Real Estate funds
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.
Source: Credit Suisse AG, last annual report of the fundsLast data point: 31.03.2020
0.00%
0.25%
0.50%
0.75%
1.00%
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1.50%
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2.00%
CS R
EF H
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PIT
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CS 1
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SO
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1
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TERREF MV
12The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Third-party borrowingsIn % of aggregate market value
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, last annual report of the fundsLast data point: 31.03.2020
0%
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CS R
EF L
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13The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
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.
Sources: Credit Suisse AG, Datastream, last annual or semi-annual report of the fundsLast data point: 31.03.2020
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
31.03.2020 p.a. ann. (prov.) in mn CHF
UBS SWISS SIMA 126.00 141.20 111.10 -1.3% 5.1% 8.3% 92.7 35.9% 2.6% 0.92% 119.7 8’760.4 Mixed Indirect
CS 1A IMMO PK 1,3 1300.00 1485.00 1300.00 -6.8% 0.7% 9.3% 1227.0 5.9% 3.7% 0.56% 43.5 3’676.2 Mixed Direct
CS REF INTERNATIONAL 2,3 1075.00 1230.00 1075.00 -5.8% 1.8% 7.8% 1076.2 -0.1% 3.9% 1.09% 29.0 3’286.7 International Indirect
CS REF SIAT 203.40 219.00 176.10 -0.5% 4.4% 9.6% 151.1 34.6% 2.7% 0.71% 49.4 3’140.2 Residential Indirect
CS REF LIVINGPLUS 148.50 164.30 131.70 1.1% 3.9% 10.2% 107.0 38.7% 2.4% 0.66% 52.1 3’096.8 Residential Direct
CS REF GREEN PROPERTY 148.70 176.40 132.30 -0.6% 6.3% 10.5% 112.9 31.7% 2.5% 0.65% 52.9 2’919.2 Sustainability Direct
UBS SWISS ANFOS 77.50 81.20 67.00 3.5% 4.2% 10.2% 57.2 35.4% 2.3% 0.83% 24.2 2’752.3 Residential Indirect
UBS SW SWISSREAL 72.50 87.00 68.15 -10.5% 2.5% 11.4% 63.1 14.9% 3.7% 0.96% 33.6 1’658.8 Commercial Indirect
CS REF INTERSWISS 197.70 229.60 179.00 -8.5% 1.5% 10.4% 185.3 6.7% 3.9% 0.96% 26.1 1’639.6 Commercial Indirect
LA FONCIERE 117.70 139.90 103.10 -6.3% 6.2% 10.9% 84.8 38.7% 1.8% 0.79% 15.6 1’601.7 Residential Mixte
IMMOFONDS 487.00 555.00 435.00 -3.2% 4.9% 9.7% 337.4 44.4% 2.8% 0.72% 21.3 1’567.6 Residential Indirect
SCHRODER IMMOPLUS 152.80 188.50 138.00 -11.1% 5.0% 13.8% 137.5 11.2% 3.0% 0.90% 20.7 1’523.1 Residential Mixte
SWISSCANTO IFCA 142.80 159.50 130.20 -1.2% 3.9% 9.4% 111.5 28.1% 2.3% 0.88% 23.3 1’504.1 Residential Indirect
FIR 204.50 224.00 178.60 -3.3% 5.2% 9.9% 145.1 40.9% 2.0% 0.65% 14.0 1’476.9 Residential Mixte
UBS FONCIPARS 114.70 124.30 97.20 -0.3% 7.0% 10.7% 83.4 37.5% 2.2% 0.86% 16.6 1’471.2 Residential Indirect
ROTHSCHILD RE SWISS 142.20 159.60 123.00 -6.4% 6.2% 10.1% 116.9 21.7% 2.5% 0.89% 22.6 1’303.2 Residential Direct
SOLVALOR 61 279.75 315.00 250.50 -4.8% 4.4% 9.7% 202.0 38.5% 1.9% 0.59% 17.2 1’259.3 Residential Direct
SWISS LIFE REF SWISS PROPERTIES 126.00 n.a. n.a. -6.0% n.a. n.a. 110.2 14.4% 2.1% 0.91% 10.5 1’134.0 Mixed Direct
IMMO HELVETIC 213.00 255.00 187.80 -7.0% 1.9% 10.6% 172.2 23.7% 3.1% 0.73% 13.5 979.8 Residential Indirect
SF SUSTAINABLE PROPERTY 140.20 156.40 116.90 -3.9% 0.0% 7.9% 116.6 20.2% 2.5% 0.90% 14.5 924.9 Residential Direct
REALSTONE 133.00 156.80 121.00 -9.6% 1.3% 12.9% 122.6 8.5% 2.9% 1.06% 12.6 873.9 Residential Direct
PATRIMONIUM 162.00 181.00 146.40 -5.8% 4.3% 9.1% 135.6 19.4% 2.4% 1.02% 13.0 872.3 Residential Direct
BONHOTE IMMOBILIER 138.00 157.00 119.40 -5.6% 1.6% 10.4% 121.0 14.1% 2.3% 0.96% 12.5 864.1 Residential Direct
SWISSINVEST REAL 178.00 197.00 149.10 -2.6% 3.6% 11.1% 138.9 28.2% 2.5% 0.71% 11.0 862.5 Residential Indirect
CS REF HOSPITALITY 92.50 113.30 82.65 -9.5% 2.0% 11.1% 90.9 1.8% 3.7% 0.51% 15.7 808.9 Hospitality Direct
PROCIMMO 146.00 182.60 143.40 -15.5% 3.4% 13.8% 138.4 5.5% 3.7% 1.18% 10.3 783.3 Commercial Direct
SF RETAIL PROPERTIES 119.20 120.90 106.00 -2.3% 0.0% 0.0% 99.0 20.5% 3.6% 1.06% 5.5 724.1 Commercial Indirect
REALSTONE DEVELOPMENT 132.40 131.00 114.20 -1.6% 0.0% 5.1% 134.2 -1.4% 1.4% 1.50% 8.6 670.3 Residential Direct
UBS DIRECT RESIDENTIAL 15.80 18.75 13.60 -8.1% 0.5% 10.5% 13.7 15.1% 2.7% 0.92% 9.8 629.3 Residential Direct
CS REF LOGISTICSPLUS 2 119.00 130.50 108.00 4.1% n.a. 7.1% 100.6 18.3% 3.1% 0.60% 9.7 499.8 Logistics Direct
SWISSCANTO COMMERCIAL 116.00 135.60 106.20 -1.3% 0.0% 9.3% 103.5 12.1% 3.0% 1.00% 4.2 498.8 Mixed Direct
HELVETICA SWISS COMMERCIAL 127.00 n.a. n.a. n.a. 0.0% n.a. 112.2 -1.5% 3.1% n.a. n.a. 479.9 Commercial Indirect
POLYMEN FONDS 149.40 153.40 126.10 -0.5% 0.0% 11.6% 131.0 14.0% 2.1% 1.21% 4.1 390.0 Residential Direct
UBS DIRECT URBAN 12.70 12.65 10.05 5.4% 0.0% 12.7% 11.5 10.9% 2.4% 0.99% 10.0 365.7 Mixed Direct
DOMINICÉ SWISS PROPERTY 114.00 126.50 116.50 -7.4% 0.0% 0.0% 122.1 -6.6% 2.6% 1.17% 5.2 296.4 Residential Direct
SUISSE ROMANDE PROPERTY 109.90 122.50 107.10 -2.3% 0.0% 0.0% 116.2 -5.4% 2.2% 0.90% 2.8 294.9 Residential Direct
GOOD BUILDINGS 120.00 n.a. n.a. 0.2% 0.0% n.a. 113.1 6.1% 2.5% 1.07% 7.0 240.0 Residential Direct
CS REF GLOBAL 80.15 95.50 80.15 -8.2% 0.0% 8.0% 99.9 -19.7% 4.2% 1.79% 5.0 239.2 International Indirect
STREETBOX 485.00 504.00 372.75 -0.8% 0.0% 16.5% 296.7 63.5% 3.1% 1.05% 1.6 208.3 self storage Direct
RESIDENTIA 114.00 128.00 101.00 -8.6% 2.2% 8.9% 117.5 -3.0% 1.9% 1.23% 3.6 182.4 Residential Direct
SXI REAL ESTATE FUNDS BROAD 3 -3.4% 3.9% 7.5% 27.1% 2.5% 0.84% 687.1 48’998.3
52 week Performance
14The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Premium/discount of Real Estate investment companies Average premium: 22.8%
Sources: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies
Last data point: 31.03.2020
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
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N
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15The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
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 companies
Last data point: 31.03.2020
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Premium/Agio in %
Premium/Discount of Real Estate Investment Companies Agio/Disagio of Real Estate Funds
16The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Distribution yield of Real Estate investment companiesDistribution per share compared to the share price
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.
Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companiesLast data point: 31.03.2020
0%
1%
2%
3%
4%
5%
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17The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
Swiss Real Estate investment companies at a glance
1 Monthly turnover – average of the last 12 monthsThe 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 companies
Last data point: 31.03.2020
Name Price Vola. NAV Premium Distribution Turnover Market capi-
high low YTD -1y -5y 3 years per share yield (%) mn CHF 1 talization (FF)
31.03.2020 p.a. ann. (prov.) mn CHF
SWISS PRIME SITE N 94.75 123.70 80.90 -11.9% 18.1% 8.1% 15.5% 72.83 30.1% 4.0% 491.9 7’198.2
PSP N 120.70 153.70 102.20 -9.7% 15.3% 9.5% 15.2% 97.90 23.3% 2.9% 363.0 5’186.4
ALLREAL N 179.00 222.00 161.60 -7.0% 9.8% 8.9% 13.6% 150.71 18.8% 3.6% 100.9 2’549.0
MOBIMO N 270.50 319.00 234.00 -6.2% 12.4% 7.7% 12.4% 234.79 15.2% 3.7% 65.4 1’785.7
ZUG ESTATE AG 1900.00 2410.00 1720.00 -18.5% 12.2% 7.6% 14.4% 1842.59 3.1% 1.5% 6.9 540.3
INTERSHOP I 507.00 686.00 485.00 -10.6% 4.2% 9.6% 15.5% 359.89 40.9% 4.3% 16.7 553.4
FUNDAMENTA 15.65 16.45 14.00 1.9% n.a. n.a. n.a. 15.18 3.1% 3.2% 4.1 392.1
PLAZZA N 277.00 306.00 240.00 -1.8% 17.3% 0.0% 8.1% 277.27 -0.1% 1.8% 4.9 405.1
WARTECK N 2040.00 2240.00 1760.00 -1.0% 11.2% 5.8% 6.9% 1603.47 27.2% 3.4% 6.6 344.6
HIAG IMMOBILIEN AG 93.00 138.50 73.80 -13.9% -26.9% 3.8% 18.9% 90.41 2.9% 4.2% 5.9 263.2
NOVAVEST N 43.50 n.a. n.a. 0.0% n.a. n.a. n.a. 40.70 6.9% 4.0% 7.3 280.0
SF URBAN PROPERTIES 88.50 109.00 83.50 -10.2% 1.3% 5.3% 11.4% 94.67 -6.5% 4.1% 3.6 241.6
INVESTIS 81.40 90.80 61.60 0.3% 25.9% 0.0% 54.27 50.0% 2.9% 4.9 227.9
BFW LIEGENSCHAFTEN N 43.20 48.00 42.50 -2.5% 6.1% 9.5% 8.2% 44.08 -2.0% 3.2% 3.8 53.8
ZUEBLIN N 27.80 33.20 23.00 14.3% 33.3% -16.7% 25.4% 39.73 -30.0% 3.6% 1.7 53.8
SXI REAL ESTATE SHARES BROAD -9.4% 13.8% 8.1% 9.3% 22.8% 3.4% 1’087.7 20’075.0
52 week Performance
18The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
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
Phone +41 44 332 58 081
Real Estate Strategies & Advisory
Christian Braun, CIIAVice President
Phone +41 44 333 44 001
Real Estate Strategies & Advisory
Fabian Linke, MRICSDirector
Phone +41 44 334 25 741
Real Estate Strategies & Advisory
Carolina BocchiniDirector
Phone +41 44 333 75 671
19The disclaimer at the end of this document also applies to this page.CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. March 2020
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).
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