SF Sustainable Property Fund
Annual Report 2019
30 March 2020 Contents
1. SF Sustainable Property Fund 2. Portfolio 3. Financials 4. Take-aways
Slide 2 Swiss Finance & Property Group 1. SF Sustainable Property Fund Key figures and milestones Overview
The fund invests in residential properties that are within one kilometre of a station. Properties to buy must meet the internal standards on sustainability and energy efficiency. If not, the buildings' energy efficiency will be increased within five to seven years at most (target Cat. C of the cantonal building energy certificate).
CHF 1.05 billion CHF 43.7 million 4.32% Portfolio value Target rental income Gross yield
– The portfolio comprises 91 properties – The portfolio's market value increased to over CHF 1 billion – Significant reduction in the vacancy rate as of the reporting date compared with mid- 2019 from 8.1% to 7.0%
Slide 4 Swiss Finance & Property Group Residential market overview The market is characterized by COVID-19, persistently low interest rates and sinking quoted rents.
- The Swiss economy recorded a below-average growth rate in 2019 (real 0.9%), and the prospects for 2020 look negative due to COVID-19, with growth of -1.5%. - The unemployment rate for 2019 amounted to a very low 2.3%. Expectations for 2020 point to an increase in the jobless rate to 2.8%. - Interest rates continue to hover at a very low level and accordingly investment pressure should remain persistently high. The trend toward sinking quoted rents prevails and is the result of oversupply. - Expansion of supply is gradually diminishing – with declining new building activity and single households spurring the demand for apartments. - A persistently prolonged economic downswing resulting from COVID-19 would also impact the real estate industry. In addition to limited trading, stepped-up vacancy rates for investment properties in the residential sector could materialise as well. Rent defaults should emerge but only on a scattered basis due to the measures undertaken by the federal government. - The decrease in the reference interest rate to 1.25% should pose a challenge for portfolios.
Slide 5 Swiss Finance & Property Group Key events in 2019
Transactions – Acquisitions of 17 properties with high-quality locations and good building condition at a total market value of CHF 121.6 million
Portfolio – The portfolios was expanded to 91 properties with market value of CHF 1.05 billion
Vacancies – The vacancy rate amounted to 7.0% as at the reference date 31.12.2019 (as at 31.12.2018: 7.7%)
– The vacancy rate over the total reporting period amounted to 8.5% (as at 31.12.2018: 7.9%) Developments – Total refurbishments in Zofingen and Münchenstein – Building permit obtained for new building project Lausen Furlenboden (quarter planning project). Excavation activities begin in August 2019
Slide 6 Swiss Finance & Property Group 2. Portfolio Transactions 2019 (1/2) Acquisitions / sales
Property Transfer of Recognised in Market Purchase Difference Difference Gross Gross 1) ownership income value price yield yield to purchase per per in CHF in CHF in CHF At MV At PP price Felben-Wellhausen TG, 06.03.2019 01.03.2019 5 362 000 5 200 000 162 000 3.02% 4.10% 4.19% Hauptstrasse 63, Wiesenstrasse 61
Lausen BL, Furlenbodenstrasse 11.03.2019 11.03.2019 4 518 000 3 250 000 1 268 000 28.07% n/a n/a 1/3, Furlenstrasse 37/37a
Lausen BL, Hofmattstrasse 33/35 26.03.2019 01.04.2019 5 240 000 5 250 000 -10 000 -0.19% 4. 97% 4.96%
Aesch BL, Im Gwidem 2/4/6 30.04.2019 30.04.2019 10 100 000 10 000 000 100 000 0.99% 4.16% 4.21%
Aarau AG, Erzgrubenweg 3-9/27- 01.05.2019 01.05.2019 10 360 000 9 800 000 560 000 5.41% 3.78% 4.00% 33/35-41
Basel BS, Luzernerring 148 15.04.2019 01.05.2019 4 600 000 4 500 000 100 000 2.17% 3.74% 3.82%
Liestal BL, Ostenbergstrasse 9/11 09.05.2019 09.05.2019 13 660 000 13 675 000 -15 000 -0.11% 3.72% 3.72%
Oftringen AG, Staufergutstrasse 2/4 21.05.2019 21.05.2019 5 480 000 5 325 000 155 000 2.83% 4.46% 4.59%
Versoix GE, Rue des Boucheries 8, 23.05.2019 23.05.2019 6 400 000 6 425 000 -25 000 -0.39% 4.57% 4.55% Route de Suisse 21
Olten SO, Neuhardstrasse 9/11 06.06.2019 01.06.2019 9 970 000 9 400 000 570 000 5.72% 4.59% 4.87%
Binningen BL, Bündtenmattstr. 38 15.07.2019 15.07.2019 8 270 000 8 000 000 270 000 3.26% 4.24% 4.38%
1) Market value at acquisition
Slide 8 Swiss Finance & Property Group Transactions 2019 (2/2) Acquisitions / sales
Property Transfer of Recognised in Market Purchase Difference Difference Gross Gross 1) ownership income value price yield yield to purchase per per in CHF in CHF in CHF At MV At PP price Felben-Wellhausen TG, 26.08.2019 26.08.2019 10 290 000 10 100 000 190 000 1.85% 4.28% 4.36% Hauptstrasse 26 a-c
Rickenbach TG, Wilenstrasse 23 22.11.2019 01.11.2019 1 450 000 1 540 860 -90 860 -6.27% 6.21% 5.84%
St. Gallen SG, Teufenerstrasse 72, 21.11.2019 01.11.2019 3 580 000 3 580 000 0 0.00% 4.68% 4.68% Melonenstrasse 9
Näfels GL, Alte Bahnhofstrasse 5, 20.11.2019 01.11.2019 8 190 000 8 190 000 0 0.00% 4.27% 4.27% Bahnhofstrasse 18
Speicher AR, Hauptstrasse 42 21.11.2019 01.11.2019 5 170 000 5 170 000 0 0.00% 4.34% 4.34%
Chur, Saluferstrasse 12, 18.12.2019 01.01.2020 8 950 000 8 800 000 15 000 1.68% 4.18% 4.25% Ringstrasse 205
Total 121 590 000 118 205 860 3 384 140 2.83% 4.24% 4.32%
Property Transfer of Recognised in Market Selling Difference Difference Gross Gross 1) ownership income value price yield yield to purchase per per in CHF in CHF in CHF At MV At PP price
Neuenhof AG, Althofstrasse 5/7 19.12.2019 31.12.2019 16 840 000 17 000 0002) 160 000 0.95% 4.28% 4.24%
1) Market value at acquisition 2) Realised capital gain of CHF 5 121 219 before liquidation taxes
Slide 9 Swiss Finance & Property Group Investments
Ongoing projects 2019 2020* Total in TCHF in TCHF in TCHF
Oberglatt, Bahnhofstrasse 25/29 1 960 0 1 960
Rümlang, Bahnhofstrasse 21 360 0 360
Münchenstein, Therwilerstrasse 17 1 440 230 1 670
Zofingen, Mühlemattstrasse 6/8, 2 600 4 100 6 700 Gotthelfstrasse 3 Lausen, Furlenbodenstrasse 1/3, 2 790 10 000 12 790 Furlenstrasse 37/37a
Pratteln, Längistrasse 7/15/17 10 3 000 3 010
Miscellaneous projects 1 290 2 440 3 730
Total 10 450 19 770 30 220
Slide 10 Swiss Finance & Property Group Vacancy rate trend 2016-2019
Vacancy rate trend at end of period
9% 8.1% - The vacancy rate declined versus the 8% 7.7% 7.0% level of previous periods 7% 6.3% 6% - Reduction of vacancy rates is pursued 5% 4.4% 4.4% with priority 4% 2.8% 3% 2% 1% 0% Dez 16 Jun 17 Dez 17 Jun 18 Dez 18 Jun 19 Dez 19
Vacancy rates for the target net rental portfolio - The vacancy rate in canton Ticino was Pregassona TI, Via Industria 17/17a 0.7% reduced overall
Chiasso TI, Via Soldini 14 0.6% - Cooperation with professional marketing aimed at leasing the Unterkulm AG, Im Dorf 2-8 0.5% Unterkulm AG property as soon as
Vacallo TI, Via Vicolo Molino Nuovo 1/3 0.4% possible
Ma ssagno TI, Via Martignoni 4/6 0.4%
Übrige 4.5%
0% 1% 2% 3% 4% 5%
Slide 11 Swiss Finance & Property Group Portfolio development Ticino Focusing on reducing vacancy rates and streamlining portfolio
Measures show effects
- The vacancy rate was reduced by 1.3%-points to 15.4% as at the reference date versus 30.06.2019 thanks to the following measures: - Recruitment of an asset manager - The management as well as caretaker have been replaced - A local marketing agency has been commissioned
- More than 100 residential rental agreements were concluded, and 110 apartments were renovated in the last half-year
Reference picture from the portfolio
- Selective divestments should additionally benefit portfolio restructuring à Two properties in Biasca are currently in the divestment process
Slide 12 Swiss Finance & Property Group Dietlikon commercial site Former Piatti site
Dietlikon, Riedmühlestrasse 12-18
– Rental area 21 549 m2 – Number of units 33 commercial 14 office, 11 storage 2 miscellaneous 213 parking spaces – Year of construction 1951/1956/1972/1997 – Entry 01.10.2018 – Vacancy at entry 50.4% – Vacancy 31.12.2019 2.5% – Gross yield 5.9% – Market value CHF 28 650 000
Slide 13 Swiss Finance & Property Group Portfolio structure as at 31 December 2019
Target net rental income by type of use
90% 85.1% 80% 70% 60% 50% 40% 30% 20% 7.3% 5.9% 10% 1.7% 0% Residential Commercial etc. Parkings Office
Heating medium GEAK classification
Oil 53.3% 42.0% 51.8% GEAK C or better 47.8% Gas 31.3% 33.5% 47.7% GEAK D or worse Renewable energies 10.1% 50.5% (Geothermie etc.) 8.6%
GEAK C in 2021 District heating 5.3% 2018 2019 2018 2019 6.1% 1.7%
0% 10% 20% 30% 40% 50% 60% 0% 10% 20% 30% 40% 50% 60%
Slide 14 Swiss Finance & Property Group Sustainability development
Like-for-like development GEAK from 2015 20 17 17 - Like4Like six properties have been 15 15 energetically renovated since 2015 15 14 12 11 11 - Like4Like did not change from 2018 to 10 9 9 2019, as properties purchased after 2015 were renovated
5
0 2015 2016 2017 2018 2019 GEAK C or better GEAK D or worse
2 Developmnent of CO2 consumption renovated properties (m /a) from 2015
600 537 499 - A total of 11 properties have 500 been renovated since 2015 398 400 342 - The CO2 consumption per 293 279 300 square meter and year was reduced by approx. 50%. 200
100
0 2015 2016 2017 2018 2019 2020
Slide 15 Swiss Finance & Property Group Portfolio statistics
Portfolio statistics 31.12.2019 30.06.2019 31.12.2018 30.06.2018
Number of properties 91 85 76 71
Market value CHF 1 053 987 000 1 013 114 000 927 136 000 857 146 000
Number of shares 6 597 346 6 597 346 6 597 346 6 597 346
Gross yield 4.3% 4.4% 4.5% 4.5%
Real discount rate 3.1% 3.2% 3.2% 3.3%
Nominal discount rate 3.6% 3.7% 3.7% 3.8%
Vacancy rate as at 7.0% 8.1% 7.7% 6.3% reference date Vacancy rate as at 8.5% 8.7% 7.8% 6.3% reporting period
- Expansion of the portfolio by 15 properties - Increase in market value by 13.7% compared to level of 31 December 2018
Slide 16 Swiss Finance & Property Group 3. Financials Financials
Increased – Income increased to CHF 39.54 million income (financial year 2018: CHF 36.11 million)
Realise profit – Realised profit climbed by 12.74% to CHF 25.94 million (financial year 2018: CHF 23.01 million)
Net fund assets – Net fund assets edged up by 0.82% to CHF 786.80 million (financial year 2018: CHF 780.42 million)
Debt financing – The debt financing ratio amounts to 22.99%
Slide 18 Swiss Finance & Property Group Income statement
in TCHF 1 Jan to 1 Jan to Δ Δ in % INCOME 31 Dec. 2019 31 Dec. 2018 Expected net rentals 43’669 37’411 6’258 16.73% - Income increased through Loss on receivables -468 -381 -87 22.98% Vacancies -3’657 -2’930 -727 24.82% acquisitions in financial year Rental reduction -205 -57 -148 259.36% 2019 Total rental income 39’339 34’044 5’295 15.55% Miscellaneous income 200 37 163 442.79% - The divestment of Neuenhof Negative interest -2 -19 17 -87.25% resulted in a realised capital Purchases into current net income on issue of units - 2’045 -2’045 -100.00% Total income 39’536 # 36’107 3’430 9.50% gain of TCHF 4 308
EXPENSES Mortgage interest and interest from mortgage-backed liabilities -787 -469 -319 68.04% Other interest payable -33 -4 -29 723.97% Ground rent payments - - - Maintenance and repairs -4’242 -3’776 -466 12.34% Property management -2’710 -1’870 -841 44.97% Administrative expenses -90 - -90 Taxes and levies -1’681 -1’042 -638 61.25% Estimate and audit costs -292 -290 -2 0.63% Regulatory remuneration to: - fund manager -6’202 -4’233 -1’968 46.50% - depositary bank -234 -206 -28 13.48% - real estate manager -1’349 -1’153 -196 17.01% Other expenses -280 -213 -67 31.19% Total expenses -17’901 -13’257 -4’644 35.03%
Net income 21’636 # 22’850 -1’214 -5.31% Realised capital gains and losses 4’308 156 4’152 2669.68% Realised profit 25’943 23’005 2’938 12.77% Unrealised capital gains and losses, including liquidation tax 4’189 -3’559 7’748 -217.71% Total income 30’133 19’446 10’687 54.96%
Slide 19 Swiss Finance & Property Group Portfolio key figures
31.12.19 31.12.18 Δ Trend in market value in 2019 CHF mn Market value as at 31.12.2018 927.14 Market value of properties CHF mn 1,053.99 927.14 126.85 + Acquisition of 9 properties and a 121.59 consolidation Debt financing ratio % 12.87 10.12 22.99 + Investments 10.45 NAV (end of reporting period) per share CHF 119.26 118.29 0.97 - Disposals -17.00 Dividend per share CHF 3.50 3.60 -0.10 + Valuation effects 11.81 Dividend yield % 2.40 2.73 -0.33 Market value as at 31.12.2018 1,053.99 Payout ratio % 106.73 103.94 2.79
Investment yield % 3.99 2.88 1.10
Return on equity (ROE) % 3.86 2.49 1.37
Net fund assets CHF mn 780.42 6.38 786.80 TER (GAV) % 0.81 0.70 0.11
Rent default rate % 9.45 8.85 0.60
- The investment yield amounts to 3.99% - Net asset value increased by CHF 6.38 million - Market value of the total portfolio grew by CHF 126.85 million
Slide 20 Swiss Finance & Property Group 4. Take-aways Key take-aways
Portfolio quality – Thanks to high-grade acquisitions, portfolio quality as well as profitability have improved further.
– With the acquisition in Versoix, the first property in Western Switzerland was purchased.
Projects – Project volumes for 2019 were executed according to plan. – The major Zofingen and Lausen projects are proceeding according to plan, and planning for Pratteln has begun.
Vacancy rates – Vacancy rates were reduced significantly as at the reference date. Leasing activities increased noticeably in the second half-year.
– Measures taken in Ticino are paying off, but are also cost-intensive.
– Vacancies could accentuate due to economic prospects.
Dividend – The dividend amounting to CHF 3.50/share is regarded as sustainable, with a payout of < 100%.
Diversification – With 91 properties throughout Switzerland, this is a well diversified residential portfolio.
– In times of economic uncertainty, an average rental price of CHF 182/m2 in the residential sector minimizes risk.
Slide 22 Swiss Finance & Property Group Notes Transaction details Acquisitions 2019 (1/17) Felben-Wellhausen TG, Hauptstrasse 61/63
Residential property, GEAK C
– Rental area 802 m2 – Number of units 15 apartments 14 parking spaces – Year of construction 1953, 2017 – Renovations 2017 – Entry 01.03.2019 – Gross yield 4.1% – Market value CHF 5 513 000 – Purchase price CHF 5 200 000
Slide 25 Swiss Finance & Property Group Acquisitions 2019 (2/17) Lausen BL, Furlenbodenstrasse 1/3, Furlenstrasse 37/37a
Building land
– Total area 5 242 m2 – Number of units 52 apartment, 52 parking spaces – Entry 11.03.2019 – Start of construction August 2019 – Occupancy 1st half 2021 – Market value CHF 4 697 000 – Purchase price CHF 3 250 000 – Gross yield after completion 4.1%
Slide 26 Swiss Finance & Property Group Acquisitions 2019 (3/17) Lausen BL, Hofmattstrasse 33/35
Residential property, GEAK E, consolidation
– Rental area 1 182 m2 – Number of units 16 apartments 12 parking spaces – Year of construction 1974 – Renovations 2015 – Entry 01.04.2019 – Gross yield 5.0% – Market value CHF 5 226 000 – Purchase price CHF 5 250 000
Slide 27 Swiss Finance & Property Group Acquisitions 2019 (4/17) Aesch BL, Im Gwidem 2/4/6
Residential property, GEAK C
– Rental area 2 126 m2 – Number of units 24 apartments 4 storage 24 parking spaces – Year of construction 1974 – Renovations 1999 – Entry 30.04.2019 – Gross yield 4.2% – Market value CHF 10 320 000 – Purchase price CHF 10 000 000
Slide 28 Swiss Finance & Property Group Acquisitions 2019 (5/17) Aarau AG, Erzgrubenweg 3-9/27-33/35-41
Residential property, GEAK C
– Rental area 1 200 m2 – Number of units 24 apartments 10 parking spaces – Year of construction 1959, 1960 – Renovations 2014 – Entry 01.05.2019 – Gross yield 3.8% – Market value CHF 10 340 000 – Purchase price CHF 9 800 000
Slide 29 Swiss Finance & Property Group Acquisitions 2019 (6/17) Basel BS, Luzernerring 148
Residential property, GEAK D, consolidation
– Rental area 877 m2 – Number of units 17 apartments – Year of construction 1971 – Renovations 2015 – Entry 01.05.2019 – Gross yield 3.7% – Market value CHF 4 600 000 – Purchase price CHF 4 500 000
Slide 30 Swiss Finance & Property Group Acquisitions 2019 (7/17) Liestal BL, Ostenbergstrasse 9/11
Residential property, GEAK B
– Rental area 1 758 m2 – Number of units 22 apartments 28 parking spaces – Year of construction 2015 – Renovations – – Entry 09.05.2019 – Gross yield 3.7% – Market value CHF 13 670 000 – Purchase price CHF 13 675 000
Slide 31 Swiss Finance & Property Group Acquisitions 2019 (8/17) Oftringen AG, Staufergutstrasse 2/4
Residential property, GEAK C
– Rental area 1 236 m2 – Number of units 20 apartments 23 parking spaces – Year of construction 1966 – Renovations 2016 – Entry 21.05.2019 – Gross yield 4.5% – Market value CHF 5 451 000 – Purchase price CHF 5 325 000
Slide 32 Swiss Finance & Property Group Acquisitions 2019 (9/17) Versoix GE, Rue des Boucheries 8, Rte de Suisse 21
Residential and commercial property, GEAK C
– Rental area 598 m2 – Number of units 13 apartments 1 restaurant – Year of construction 1650 – Renovations 2007 – Entry 23.05.2019 – Gross yield 4.6% – Market value CHF 6 382 000 – Purchase price CHF 6 425 000
Slide 33 Swiss Finance & Property Group Acquisitions 2019 (10/17) Olten SO, Neuhardstrasse 9/11
Residential and commercial property, GEAK C
– Rental area 2 603 m2 – Number of units 39 apartments 4 retail 2 storage – Year of construction 1955 – Renovations – – Entry 01.06.2019 – Gross yield 4.6% – Market value CHF 9 966 000 – Purchase price CHF 9 400 000
Slide 34 Swiss Finance & Property Group Acquisitions 2019 (11/17) Binningen BL, Bündtenmattstrasse 38
Residential property, GEAK B
– Rental area 901 m2 – Number of units 21 apartments 1 office 16 parking spaces 1 storage – Year of construction 1999, 20018 – Renovations 2018 – Entry 15.07.2019 – Gross yield 4.2% – Market value CHF 8 270 000 – Purchase price CHF 8 000 000
Slide 35 Swiss Finance & Property Group Acquisitions 2019 (12/17) Felben-Wellhausen, Hauptstrasse 26 a-c
Residential property, GEAK C
– Rental area 1 812 m2 – Number of units 26 apartments 39 parking spaces – Year of construction 1979 – Renovations 2008 – Entry 26.08.2019 – Gross yield 4.3% – Market value CHF 10 290 000 – Purchase price CHF 10 100 000
Slide 36 Swiss Finance & Property Group Acquisitions 2019 (13/17) Rickenbach bei Wil, Wilenstrasse 23 (partial block purchase)
Commercial property, condominiums
– Rental area 568 m2 – Number of units 4 office 17 parking spaces – Year of construction 1995 – Renovations – – Entry 01.11.2019 – Gross yield 6.2% – Market value CHF 1 450 000
– Purchase price CHF 1 540 860 (incl. VAT)
Slide 37 Swiss Finance & Property Group Acquisitions 2019 (14/17) St. Gallen, Teufenerstrasse 72, Melonenstrasse 9
Residential and commercial property, GEAK C
– Rental area 1 083 m2 – Number of units 14 apartments 1 retail 1 commercial 4 parking spaces – Year of construction 1920 – Renovations 1994 – Entry 01.11.2019 – Gross yield 4.7% – Market value CHF 3 580 000 – Purchase price CHF 3 580 000
Slide 38 Swiss Finance & Property Group Acquisitions 2019 (15/17) Näfels, Alte Bahnhofstrasse 5, Bahnhofstrasse 18
Residential and commercial property, GEAK C
– Rental area 1 321 m2 – Number of units 16 apartments 1 retail 27 parking spaces – Year of construction 2019 – Renovations – – Entry 01.11.2019 – Gross yield 4.3% – Market value CHF 8 190 000 – Purchase price CHF 8 190 000
Slide 39 Swiss Finance & Property Group Acquisitions 2019 (16/17) Speicher, Hauptstrasse 42
Residential and commercial property, GEAK B
– Rental area 938 m2 – Number of units 10 apartments 1 office 1 storage 15 parking spaces – Year of construction 2018 – Renovations – – Entry 01.11.2019 – Gross yield 4.3% – Market value CHF 5 170 000 – Purchase price CHF 5 170 000
Slide 40 Swiss Finance & Property Group Acquisitions 2019 (17/17) Chur, Saluferstrasse 12, Ringstrasse 205
Residential property, GEAK C
– Rental area 1 775 m2 – Number of units 21 apartments 37 parking spaces – Year of construction 1989, 1999 – Renovations – – Entry 01.01.2020 – Gross yield 4.2% – Market value CHF 8 950 000 – Purchase price CHF 8 800 000
Slide 41 Swiss Finance & Property Group Project details Ongoing building projects (1/2) Zofingen AG, Mühlemattstrasse 6/8, Gotthelfstrasse 3
Refurbishment project, GEAK C
– 62 apartments / 2 commercial / 44 parking spaces – Site area 4 786 m2 – Start of construction 3rd quarter 2019 – Completion 2nd quarter 2020 Before After – Investment volume CHF 6 700 000 – Gross yield after renovation 4.0% – Net yield after renovation 3.4% – Market value prior renovation CHF 14 210 000 – Market value after renovation CHF 22 189 000 – GEAK after refurbishment C
Exterior view
Slide 43 Swiss Finance & Property Group Ongoing building projects (2/2) Lausen BL, Furlenbodenstr. 1/3, Furlenstr. 37/37a
New building project, GEAK B
– Rental area 5 242 m2 – Number of units 52 apartments, 52 parking spaces – Year of construction 3rd quarter 2019 – Occupancy 1st half 2021 – Gross yield after completion 4.2% – Market value after completion CHF 24 150 000 – Construction costs CHF 17 000 000 – Purchase price building land CHF 3 250 000
Visualisation
Slide 44 Swiss Finance & Property Group Completed building projects (1/3) Oberglatt ZH, Bahnhofstrasse 25/29
Refurbishment project, GEAK C
– 35 apartments (40 after refurbishment) / 59 parking spaces – Site area 3 812 m2 – Start of construction 3rd quarter 2018 – Completion 2nd quarter 2019 – Investment volume CHF 7 000 000 – Gross yield after renovation 3.6% – Net yield after renovation 3.2% – Market value before renovation CHF 13 430 000 – Market value after renovation CHF 23 200 000
Slide 45 Swiss Finance & Property Group Completed building projects (2/3) Rümlang ZH, Bahnhofstrasse 21
Refurbishment project, GEAK C
– 12 apartments / 8 parking spaces – Site area 1 057 m2 – Start of construction 3rd quarter 2018 – Completion 2nd quarter 2019 – Investment volume CHF 2 000 000 – Gross yield after renovation 4.5% – Net yield after renovation 4.1% – Market value before renovation CHF 5 083 000 – Market value after renovation CHF 7 367 000
Slide 46 Swiss Finance & Property Group Completed building projects (3/3) Münchenstein BL, Therwilerstrasse 17
Refurbishment project, GEAK C
– 14 apartments / 2 storage / 11 parking spaces – Site area 861 m2 – Start of construction 3rd quarter 2019 – Completion 4th quarter 2019 – Investment volume CHF 1 640 000 – Gross yield after renovation 3.8% – Net yield after renovation 3.3% – Market value before renovation CHF 4 245 000 – Market value after renovation CHF 5 679 000
Slide 47 Swiss Finance & Property Group Portfolio information Quality of property and location as at 31 December 2019
Slide 49 Swiss Finance & Property Group Market value distribution per region as at 31 December 2019
Region Market value Market value in CHF in % 1 Zurich 313 079 000 29.7%
2 Eastern Switzerland 105 761 000 10.0%
3 Central Switzerland 11 500 000 1.1%
4 North-western Switzerland 351 963 000 33.4%
5 Bern 22 586 000 2.1%
6 Southern Switzerland 242 716 000 23.0%
7 Lake Geneva 6 382 000 0.6%
8 Western Switzerland – – Total 1 053 987 000 100.0%
Slide 50 Swiss Finance & Property Group Trend in net asset value
CHF 160
CHF 140
20.65 24.45 24.45 28.05 28.05 14.30 17.15 19.82 20.65 CHF 120 10.63 11.30 5.43 5.85 5.85 8.33 2.17 118.78 116.84 118.29 117.09 119.26 113.29 112.92 114.32 116.18 109.10 110.95 CHF 100 104.87 106.27 107.80 107.37 100.82 103.00 104.07 104.27 CHF 80
CHF 60
CHF 40
CHF 20
CHF 0
31 Dec 201030 Jun 201131 Dec 201130 Jun 201231 Dec 201230 Jun 201331 Dec 201330 Jun 201431 Dec 201430 Jun 201531 Dec 201530 Jun 201931 Dec 201630 Jun 201731 Dec 201730 Jun 201831 Dec 201830 Jun 201931 Dec 2019
- Cumulative dividends totalled CHF 28.05/share as at 31 December 2019, the NAV is CHF 119.26/share - Dividend from 2019 operating result CHF 3.50/share in total
Slide 51 Swiss Finance & Property Group Direct properties Switzerland Real estate funds
SF Sustainable SF Retail SF Commercial Property Fund Properties Fund Properties Fund
AuM CHF 1,053.9 million CHF 762.2 million CHF 321.1 million as at 31.12.2019
Investment focus The fund invests in residential properties The fund invests in real estate with retail The fund invests in properties that focus that are within one kilometre of a station. trade floor space for everyday goods, on the industrial, logistics, commercial Properties to be acquired must meet the including ancillary areas required for and retail sectors. internal standards on sustainability and operating purposes and parking spaces. energy efficiency. If not, the building's energy efficiency will be increased within five to seven years at most (target Cat. C of the cantonal building energy certificate).
Gross yield 4.32% 5.71% 6.53% as at 31.12.2019 at portfolio level
Launch 27 December 2010 6 August 2015 13 December 2016
Bloomberg Code SFPF SW SFR SW SFC SW
Listing SIX Swiss Exchange SIX Swiss Exchange SIX Swiss Exchange 17 November 2014 3 October 2017 24 November 2017
Securities 12 079 125 / CH0120791253 28 508 745 / CH0285087455 34 479 969 / CH0344799694 number/ISIN
Slide 52 Swiss Finance & Property Group Address (operations site)
Swiss Finance & Property Group Seefeldstrasse 275 CH-8008 Zurich T +41 43 344 61 31 F +41 43 344 61 30 [email protected] www.sfp.ch www.sfurban.ch www.sfp-ast.ch
Slide 53 Swiss Finance & Property Group Disclaimer
The information in this document is confidential and may not be disclosed in or outside Switzerland to any other person without prior approval of Swiss Finance & Property AG and/or its affiliates. This document does not constitute an issue and/or an issue prospectus pursuant to Art. 652a and Art. 1156 of the Swiss Code of Obligations as well as Art. 27 et seqq. of the Swiss Listing Rules of SIX Swiss Exchange, a prospectus, simplified prospectus or a Key Investor Information Document (KIID) according to the Swiss Federal Act on Collective Investment Schemes or a financial research according to the Directives on the Independence of Financial Research of the Swiss Banking Association. The solely binding documents for an investment decision are available from Swiss Finance & Property AG and/or its affiliates. This document is a product of Swiss Finance & Property AG and/or its affiliated companies. The information and data contained in this document have been obtained from sources believed to be reliable. Swiss Finance & Property AG and/or its affiliates do not guarantee, represent or warrant, expressly or impliedly, that the information and data in this document are accurate, complete or up to date. All expressions of opinion are subject to change without notice by Swiss Finance & Property AG and/or its affiliates. Swiss Finance & Property AG and/or its affiliates accept no liability, including any liability for incidental or consequential damages, arising out of information and data contained in this document and/or the use of this document. Any proposed terms in this document are indicative only and remain subject to a separate contract. Nothing in this document shall constitute or form part of any legal agreement, or any offer to sell or the solicitation of any offer to buy any securities or other financial instruments or to engage in any transaction. Investments in securities or other financial instruments should only be undertaken following a thorough study of the relevant prospectuses, regulations, the basic legal information that these regulations contain and other relevant documents. Investments in securities or other financial instruments can involve significant risks and the value of securities or other financial instruments may rise or fall. No assurance can be given that the investment objective of any investment will be achieved or that substantial losses will not be suffered. Past performance does not guarantee or indicate current or future performance or earnings. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming shares or interests in securities or other financial instruments. Swiss Finance & Property AG and/or its affiliates do not provide legal, accounting or tax advice. Investors in securities or other financial instruments are advised to engage legal, tax and accounting professionals prior to entering into any investments, transactions or other actions mentioned in this document. Swiss Finance & Property AG and/or its affiliates may from time to time have positions in, and buy or sell, securities and for other financial instruments identical or related to those mentioned in this document and may possess or have access to non-public information relating to matters referred to in this document which Swiss Finance & Property AG and/or its affiliates do not intend to disclose. No person shall be treated as a client of Swiss Finance & Property AG and/or its affiliates, or be entitled to the protections afforded to clients of Swiss Finance & Property AG and/or its affiliates, solely by virtue of having received this document. Neither this document nor any copy thereof may be sent to or taken into the United States or distributed in the United States or to any US persons or to any other state or territory where such distribution is contradictory to local law or regulation. Any eventual legal relationship resulting from the use of this document is governed by Swiss law. The place of jurisdiction is Zurich, Switzerland. The recipient of this publication and the investor in any financial instrument mentioned herein, respectively, undertakes to keep this publication and its content strictly confidential and not to further distribute it or make it publicly available and to comply with applicable Swiss laws, regulations and rules including but not limited to the Swiss Financial Market Supervisory FINMA guidelines.
© Copyright 2003 – 2020, Swiss Finance & Property AG and/or its affiliates. All rights reserved.
Slide 54 Swiss Finance & Property Group