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Real Estate Investments in Switzerland

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Real Estate Investments in Switzerland June 2021 ExposéReal estate investments in Switzerland Hertipark Brunnen – Living on a former government food storage site Flatiron building in Geneva – Representative 1930s architecture in the city centre Best-selling shopping centre – The Glatt centre: shopping experience of tomorrow Contents 3 A year of COVID-19 Economic recovery and the housing market: solid as a rock 4 “Hertipark” in Brunnen A promising new build now stands on a former government food storage site Editorial Crises are known for accelerating prevailing trends. The Swiss real estate 6 market is mirroring this: besides the challenges, there are many opportuni- Multergasse, St. Gallen ties and trends that we constantly analyse and exploit. Real estate is one A unique residential and commercial of our most valuable assets and stands out through its longevity. The latest building has a new look edition of Exposé therefore features new retail formats with a portrait of the Glatt shopping centre. 8 We are also pleased to report that in the final quarter of 2020, Swiss Life New build in Obergösgen REF (CH) Swiss Properties successfully completed the largest capital increase Self-determined living for all to date for a listed real estate fund in Switzerland at CHF 500 million. generations On a personal note, I am particularly pleased to introduce Marie Seiler to you – the new face of the Exposé, so to speak. She is Head Real Estate Portfolio Management for Third-Party Asset Management and brings a 10 wealth of knowledge and experience to our real estate asset management Kreuzstrasse, Zurich business. Marie Seiler and her team will drive the further expansion of An optimally located commercial our third-party real estate activities in Switzerland. Optimising existing building with historic red-brick charm portfolios in line with ESG criteria is one priority area, as is growth with high-quality properties. I am firmly convinced that the real estate asset class in Switzerland, and within the pan-European network of Swiss Life 12 Asset Managers abroad, will provide you with many sustainable and attrac- Rue Micheli-du-Crest, tive investment solutions. Geneva I wish you a most enjoyable read. The detached residential and commercial building is an eye-catching structure from the 1930s 14 Renato Piffaretti “Glatt” shopping centre Head of Real Estate Switzerland The best-performing shopping centre is always one step ahead of shopping trends Business environment Light at the end of the tunnel and an old real estate saying COVID-19 has been shaping the world and our daily routine for over a year. However, the worst seems to be over now. The economy is recovering, and sentiment is improving. The real estate market remains robust in facing the crisis – and confirms a truism. Gudrun Rolle, Research Analyst Real Estate, Swiss Life Asset Managers, Germany Let's start with a comparison. Spring/ Net initial yields for real estate and development of summer 2020: The world had just experi- Swiss Confederation bonds enced the first lockdown in order to bring 7% the coronavirus under control, and tenta- 6% tive easings were beginning. Overall, how- ever, there was considerable uncertainty 5% about the impact of the lockdown and the 4% pandemic. Spring/summer 2021: Al- 3% though the pandemic is not yet over, we 2% can see ahead more clearly. The Swiss econ- 1% omy has come through the coronavirus crisis relatively lightly. The easing meas- 0% ures in place since March 2021 are leading -1% to a rapid recovery and accelerating mo- -2% mentum in the domestic economy. Con- -3% sumer confidence has returned to pre-cri- sis levels, and the Purchasing Managers’ 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Index (PMI) for industry is close to its his- Interest on 10-yr Swiss Conf. bonds Net initial yield Spread toric highs. In addition, the vaccination Sources: Prof. Studer, University of Basel, until 2004; as of 2005: Wüest Partner, SNB, own calculations rate is gaining speed. Therefore, although some questions remain unanswered, there sis-resistant: it has a fairly low correlation concepts combining both online and is light at the end of the tunnel. with the economic cycle and is quite well bricks-and-mortar options. With regard to The real estate market, on the other hedged in terms of demand, with a high office space, the new home-working dy- hand, never looked really bleak. It remains tenancy ratio of 60%. But the saying “where namic and the resulting uncertain demand robust in both stable and uncertain times, there is light, there is shadow” also seems for space call for closer scrutiny, especially especially against the backdrop of the per- to apply to the real estate market. While concerning non-core properties. For core sistently negative interest rate environ- residential property is in demand, retail properties the old real estate saying “loca- ment. While the crisis has resulted in a space and the hotel industry are currently tion, location, location” remains as valid as shift in investors’ risk profiles, leading to being avoided, as are speculative proper- ever: Prime locations are always sought af- polarisations towards “core” objects, real ties in general – the uncertainties are too ter, regardless of the sector. estate is still perceived as a sound invest- great and the effects of the lockdowns are Going to press: 17 May 2021 ment option and has even widened with a too dramatic. yield gap to government bonds. Retailers in particular are waiting for Within real estate investments, the relief in the form of a restructuring. That Swiss residential market is particularly cri- presents a glimmer of hope, with hybrid Exposé – June 2021 3 Swiss Life Investment Foundation: Real Estate Switzerland investment group Hertipark Brunnen new building: home, work, life Hertipark is a new mixed-use area locat- Schwyz lies just a few minutes away while of home comfort. Some of the apartments ed on a former industrial site, Brunnen the town of Zug is reachable in 30 minutes are offered at a discount. The ground floor Nord, right next to Brunnen train station. by public or private transport. Wonderful has a range of retail, service and office space, The development is on an historical site: day trip destinations around Lake Lucerne which adds vitality to the area. from 1882 to 2004, it was home to seven can also be reached by boat from Brunnen. The development will be completed SBB warehouses run by the federal gov- With the construction of its first in accordance with the certified Minergie ernment as mandatory storage facilities stage, the Brunnen Nord project is taking standard and connected to the district for long-lasting foodstuffs. In 2006, plans shape. Modern apartments will be built on heating network of Agro Energie Schwyz were drawn up for the site’s redevelop- the 8300-metre construction site by the be- AG. A photovoltaic system will be installed ment. The six-storey and classically de- ginning of 2022. There will be 88 modern on the roofs. Electromobility connections signed architecture is based on the belle 1.5 to 5.5-room apartments on the upper are also planned. époque style reminiscent of when Brunnen floors for families, couples and single peo- was first built. ple. The properties impress by virtue of their The village has excellent transport practical floor plans and generous window connections, as it is located directly on fronts. Parquet floors, high-quality finishes the north-south axis. The municipality of and inviting balconies add that extra touch The Hertipark development stands out, inter alia, for its central location next to Brunnen station. Source: Raumgleiter AG 4 Exposé – June 2021 Swiss Life Investment Foundation: Real Estate Switzerland investment group Source: Raumgleiter AG Bright apartments with expansive window fronts and attractive parquet floors are attracting lively interest from residential tenants. Swiss Life Investment Foundation: Geographical distribution Real Estate Switzerland Investment Group Zurich 37.1 % ISIN CH0106150136 Bern 5.6 % Launch date 01.12.2009 Central Switzerland 4.6 %. Portfolio manager Nils Linsi Western Switzerland 4.3 % Northwestern Switzerland 16.5 % Key figures as of 31.03.2021 Eastern Switzerland 7.9 % Market value of real estate CHF 3553.1 Mio. Southern Switzerland 5.3 % Number of properties 240 Lake Geneva 18.7 % Rental rate 97.6 % Borrowing ratio 19.1 % Net asset value (NAV) CHF 2776.0 Mio. Types of use Performance YTD 1.71 % Residential 67.0 % Performance 2020 4.94 % Office 7.3 % Performance 2019 5.36 % Retail 16.6 % Performance 2018 6.06 % Parking 7.6 % Performance since launch 5.63 % p. a. Ancillary use 2.4 % Exposé – June 2021 5 Swiss Life Investment Foundation: Commercial Real Estate Switzerland investment group Complete refurbishment in St. Gallen old town Multergasse, one of the most popular commercial spaces are equipped with both under way with interested parties for the shopping streets in the heart of St. Gallen’s a ventilation and cooling system. The fully retail and office space. old town, has one of the city’s highest foot- fitted and barrier-free washrooms includ- falls. St. Gallen main station, with its regu- ing showers on the 2nd and 3rd floors lar local and long-distance connections, is make a positive impression with modern less than ten minutes away on foot. and high-quality materials. Built in 1965, Multergasse 11, slightly In the course of the renovation, the set back with a small forecourt, underwent former storage rooms in the attic were also comprehensive renovation in 2019/2020. converted into apartments. The outcome The redesign of the façade to fit in with the was four 2.5-room apartments between 50 central area was carried out in close consul- and 60 m, which open onto an atrium.
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