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Suisse Romande Property Fund Suisse Romande Property Fund Suisse Romande Property Fund N° ISIN: CH0258245064 SIX Symbol SRPF Avenue De Pictet-de-Rochemont 29, Geneva, GE Contents Introduction 4 Organisation 7 Message from the Fund Management Company 8 Management report for the financial year 2019 11 Statement of net assets 14 Statement of income 15 Mortgages and mortgage-backed liabilities 16 Compensation rates 17 List of purchases and sales during the financial year 19 Inventory of properties 20 Indices calculated according to SFAMA guidelines 22 Dividends 22 Fund evolution over 3 years 23 Valuation principles and basis for the calculation of the net asset value 24 Information on specific economic or legal matters 26 Further information 27 Report of the Audit Company 28 Geographical location of buildings 31 SRPF, Annual Report 2019 | 3 Introduction Suisse Romande Property Fund (“SRPF” The real estate investment fund is based on a collective or the “fund”) has been established, under investment scheme (the fund contract) under which the fund management company undertakes to ensure that Swiss law, as a contractual investment fund the investors participate in the real estate investment in the “real estate investment fund” cate- fund on a pro rata basis in relation to the units they gory in accordance with the Swiss Federal have acquired, autonomously and in their own name. Act on Collective Investment Schemes of The Custodian bank is a party to the fund contract, in accordance with the tasks entrusted to it by law and by 23 June 2006 (CISA). the fund contract. Investor eligibility is not restricted. The real estate invest- ment fund is not divided into unit classes. The fund contract has been established by JSS Real Estate Management Ltd (“JSSREM” or “the Fund Man- SRPF aims to preserve the capital in the long term and agement Company”), Geneva, as the fund management to ensure the distribution of an appropriate income. company, with the approval of Bank J. Safra Sarasin Ltd in Basel, as the custodian bank. On 1 June 2019, The Fund Management Company invests the assets of JSSREM took over administration and management of the investment fund in real estate assets in Switzerland the fund, and the name of the fund was changed from and ensures that at least 80 % of the fund’s assets are “Valres Suisse Romande Fonds” to “Suisse Romande invested in French-speaking Switzerland. Property Fund”. SRPF invests primarily in residential buildings and pro- The fund was approved by the Swiss Financial Market perties used for commercial purposes, as well as in Supervisory Authority (FINMA) on 15 October 2014. other assets permitted pursuant to the fund contract. Since 11 December 2017, the fund is listed on the SIX Swiss Exchange and is part of the SXI Swiss Real Estate Funds Broad Index. Fund Management Company JSS Real Estate Management Ltd Rue de la Corraterie 4 1204 Genève Custodian bank Bank J. Safra Sarasin Ltd Elisabethenstrasse 62 4051 Basel Sales restrictions There is no distribution authorisation abroad. The units of this real estate fund cannot be offered, transferred or delivered in the United States. 4 | SRPF, Annual Report 2019 SRPF, Annual Report 2019 | 5 Place Bourg-de-Four 33, Geneva, GE 6 | SRPF, Annual Report 2019 Rue de Chêne-Bougeries 17–19, Chêne-Bougeries, GE Organisation (since 1 June 2019*) Fund Management JSS Real Estate Management Ltd Company Rue de la Corraterie 4, 1204 Geneva Board of Directors Oliver Cartade President Oren-Olivier Puder Vice President Jean-Pierre Jacquemoud Administrator Executive Johny Rodrigues CEO (until 31.08.2019) Committee Dan Bihi-Zenou CEO (since 01.09.2019) Clément Marchenoir CFO Giovanna Bray Real Estate Director (until 30.11.2019) (replaced by Antoine Chauvière since 01.01.2020 as Head of Fund Management) Custodian bank Bank J. Safra Sarasin Ltd, Basel Audit company Deloitte Ltd, Geneva Permanent Experts Léon Ly Wüest Partner AG, in Zurich and Geneva Hervé Froidevaux Wüest Partner AG, in Zurich and Geneva Property Managers Naef Immobilier SA, Geneva/Neuchâtel Rosset SA et Régie Rosset & Cie, Fribourg /Geneva Gerama SA, Fribourg Bernard Nicod SA, Vaud Burnier & Cie SA, Vaud m3 Real Estate SA, Geneva Fidimmobil Agence Immobilière & Commerciale SA, Neuchâtel Société Privée de Gérance SA, Geneva RS Servim Sàrl, Vaud (terminated on 31.03.2019) Moser Vernet & Cie SA, Geneva (terminated on 21.05.2019) Régie Marmillod SA, Vaud (terminated on 30.09.2019) The precise execution arrangements of the mandates are laid down in contracts concluded between JSS Real Estate Management Ltd and said agents. Risk Management ASMA Asset Management Audit & Compliance SA, Geneva Legal & Compliance J. Safra Sarasin Investmentfonds Ltd, Basel * For the period until 31 May 2019 see page 26. SRPF, Annual Report 2019 | 7 Message from the Fund Management Company The 2019 financial year was a year of tran- The appraisal of all the properties as at 31 December sition and structural reorganisation for 2019 provided the management company and investors with a standardised and consistent valuation of the the real estate fund SRPF. portfolio as a whole. While the NAV dropped slightly (CHF 110.68 at the end of 2019 compared to CHF 112.65 at the end of 2018), this valuation is now based on a uniform appraisal of the entire portfolio on the same The new fund management company JSS Real Estate date. Management Ltd, authorised by the FINMA, took over the administration and management of the SRPF fund A new construction was delivered in Satigny (Canton on 1 June 2019, following the difficulties encountered of Geneva), part of which is occupied by Coop while by the prev ious fund management company. the remaining space is predominantly residential. The fund management company has also continued to pro- This structural reorganisation gave rise to a number gress the Westpark construction, which will be rented of major changes: JSSREM has a Board of Directors to several tenants, most notably Appart’City and Lidl consisting of three new members and a new Executive (post-closing event: the construction was completed on Committee which now includes a CEO, a CFO and Head 1 March 2020). of Fund Management, all of whom have substantial ex- pertise and proven experience in the real estate sector. SRPF’s prospects are good with regard to enhancing the 2018 and 2019 proved to be particularly complex. value of its portfolio in the coming years. Effectively active since last quarter of 2019, the new executive management team immediately examined the state of affairs in detail, thereby enabling it to identify The great diversity of the portfolio, particularly in terms improvement and development op portunities for the of the type and size of its real estate assets, makes future. it possible to better deal with a variety of situa tions and risks. In addition, the often desirable locations Determined to make rapid progress, JSSREM identi- of the properties in the fund, the high level of rental fied the priorities, performed the necessary analyses, vacancies in the portfolio, the significant rental and drew up a roadmap and already started to implement a construction reserves, the potential for lowering inter- series of measures. est expenses and the non-optimised operating costs all represent attractive opportunities for organic growth. Significant actions have thus already been taken includ- These opportunities will result in profit ability levels ing, in particular, appointing Wüest Partner to perform greater than those available on the property acquisi- the valuation of all properties as at 31 December 2019, tions market. Such opportunities will therefore be taking cost reduction measures (insurances, financ- seized as soon as possible. ing, etc.), identifying digital solutions to ensure more efficient portfolio management, analysing portfolio By studying this value creation potential inherent to renovation needs (CAPEX) and implementing litigation the portfolio, JSSREM expects that the SRPF fund will management processes. also enhance its eco-responsible characteristics while 8 | SRPF, Annual Report 2019 Rue Rothschild 21, Geneva, GE fos tering solid and sustainable growth in terms of both Oliver Cartade NAV and results, which should subsequently be reflected Chairman of the Board of Directors, in future dividends. JSS Real Estate Management Ltd Therefore, we believe that SRPF offers an excellent Dan Bihi-Zenou value proposition for investors. CEO, JSS Real Estate Management Ltd JSSREM wishes to thank both the investors and its partners for their loyalty and trust. The Fund Manage- ment Company will continue to focus on the deploy- ment of its capabilities and expertise to serve investors at best while implementing its strategy with confidence and determination. SRPF, Annual Report 2019 | 9 10 | SRPF, Annual Report 2019 Aïre-la Ville 225-227-229, Satigny, GE Management Report for the Financial Year 2019 Results The fund’s assets fell slightly compared to the previ- As at 31 December 2019, the net income of Suisse ous year to CHF 297,037,154 (CHF 302,326,124 as Romande Property Fund was CHF 5,598,279 (–7 % com- at 31.12.2018). Thus, the net asset value (NAV) as pared to 2018), with a total income of CHF 1,313,159 at 31 December 2019 was CHF 110.68 compared to compared to CHF 3,864,731 the previous year (–66 %). CHF 112.65 as at 31 December 2018. Rental revenue increased to CHF 17,432,175 (compared These results reflect both the growth and the diffi- to CHF 14,163,898 as at 31.12.2018), resulting in a culties of the fund during the years 2018 and 2019, total annual revenue of CHF 18,930,020 (compared while at the same time illustrating the intrinsic quality to CHF 15,739,318 in 2018) while costs totalled CHF of the portfolio. 15,564,616 (compared to CHF 9,698,316 in 2018), primarily reflecting the impact on the portfolio of the Furthermore, in light of the complications linked to the acquisition of the Arcenter building (Canton of Geneva) spread of the COVID-19 coronavirus pandemic, the in March 2019.
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