Swiss Real Estate Funds At a Glance. Credit Suisse Asset Management (Switzerland) AG Global Real Estate - Switzerland December 2017

Transcription

1 Swiss Real Estate Funds At a Glance Credit Suisse Asset Management (Switzerland) AG

2 STREETBOX LA FONCIERE IMMOFONDS CS REF SIAT SOLVALOR 61 FIR UBS FONCIPARS IMMO HELVETIC CS REF LIVINGPLUS SWISSINVEST REAL PROCIMMO SCHRODER IMMOPLUS SWISSCANTO IFCA UBS DIRECT RESIDENTIAL BONHOTE IMMOBILIER UBS SWISS SIMA ROTHSCHILD RE SWISS UBS SWISS ANFOS PATRIMONIUM REALSTONE CS 1A IMMO PK CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL CS REF LOGISTICSPLUS VALRES SWISS RESIDENTIAL SF RETAIL PROPERTIES RESIDENTIA UBS DIRECT URBAN UBS SWISSREAL POLYMEN FONDS CS REF INTERSWISS SWISSCANTO COMMERCIAL REALSTONE DEVELOPMENT SF COMMERCIAL PROPERTIES CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Real Estate Funds Average of listed funds 1 : 28.3% Agio / Disagio 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 27. Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 2

3 STREETBOX LA FONCIERE IMMOFONDS CS REF SIAT SOLVALOR 61 FIR UBS FONCIPARS IMMO HELVETIC CS REF LIVINGPLUS SWISSINVEST REAL PROCIMMO SCHRODER IMMOPLUS SWISSCANTO IFCA UBS DIRECT RESIDENTIAL BONHOTE IMMOBILIER UBS SWISS SIMA ROTHSCHILD RE SWISS UBS SWISS ANFOS PATRIMONIUM REALSTONE CS 1A IMMO PK CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL CS REF LOGISTICSPLUS VALRES SWISS RESIDENTIAL SF RETAIL PROPERTIES RESIDENTIA UBS DIRECT URBAN UBS SWISSREAL CS REF INTERSWISS REALSTONE DEVELOPMENT SF COMMERCIAL PROPERTIES CS REF HOSPITALITY CS REF GLOBAL Agios and Disagio of the Swiss Real Estate Funds Month-on-month and year-to-date change (Agio: 28.3%) (Agio: 22.1%) (Agio: 27.) Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 3

4 Agios and Disagio of the Swiss Real Estate Funds Close Link between Agios and Longterm Interest Rates 3 2 Weighted agio / disagio in % (listed and unlisted funds) year CHF swap rate in % -1-1% 1% 3% 7% 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.). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 4

5 Agios and Disagio of the Swiss Real Estate Funds Development since Agio / disagio Interest rate 9% 3 8% 3 7% 2 6% 2 1 4% 1 3% 2% 1% % Agio / disagio 10 year CHF swap rate Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 5

6 Agio Development since December 2008 Development of Commercial and Residential Real Estate Funds Jul 08Jan 09Jul 09Jan 10Jul 10Jan 11Jul 11Jan 12Jul 12Jan 13Jul 13Jan 14Jul 14Jan 15Jul 15Jan 16Jul 16Jan 17Jul 17 SXI Real Estate Funds Commercial Real Estate Funds Residential Real Estate Funds Last data point: Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 6

7 Average Monthly Turnover of Swiss Real Estate Funds Between January 2017 and in mn CHF UBS SWISS SIMA CS REF LIVING PLUS CS REF SIAT CS 1A IMMO PK CS REF GREEN PROPERTY CS REF INTERNATIONAL REALSTONE DEVEL. UBS SWISS ANFOS UBS SW SWISSREAL CS REF INTERSWISS SWISSCANTO IFCA IMMOFONDS SCHRODER IMMOPLUS UBS FONCIPARS ROTHSCHILD RE SWISS SOLVL 61 PRT LA FONCIERE FIR REALSTONE BONHOTE IMMOBILIER SWISSINVEST REAL IMMO HELVETIC PROCIMMO CS REF HOSPITALITY PATRIMONIUM CH RE SF SUSTAINABLE PROPERTY UBS DIRECT RESIDENTIAL SWISSCANTO COMMERCIAL UBS DIRECT URBAN CS REF GLOBAL CS REF LOGISTICSPLUS POLYMEN FONDS RESIDENTIA CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading Source: Credit Suisse AG, Datastream 7

8 CS REF INTERSWISS CS REF GLOBAL UBS SWISSREAL STREETBOX CS 1A IMMO PK CS REF INTERNATIONAL SF RETAIL PROPERTIES CS REF HOSPITALITY CS REF LOGISTICSPLUS IMMOFONDS PROCIMMO UBS SWISS SIMA SWISSCANTO COMMERCIAL IMMO HELVETIC CS REF GREEN PROPERTY UBS SWISS ANFOS CS REF SIAT SWISSINVEST REAL SCHRODER IMMOPLUS REALSTONE SF SUSTAINABLE PROPERTY UBS FONCIPARS SWISSCANTO IFCA CS REF LIVINGPLUS UBS DIRECT RESIDENTIAL ROTHSCHILD RE SWISS RESIDENTIA FIR POLYMEN FONDS BONHOTE IMMOBILIER PATRIMONIUM UBS DIRECT URBAN LA FONCIERE SOLVALOR 61 VALRES SWISS RESIDENTIAL REALSTONE DEVELOPMENT SF COMMERCIAL PROPERTIES Distribution Yield of Swiss Real Estate Funds Distribution per Share Compared to the Share Price 4% Direct property ownership Indirect property ownership Average SXI Real Estate Funds 3% 2% 1% Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance. Source: Credit Suisse AG, Datastream, last annual report of the funds 8

9 Distribution Yield of Swiss Real Estate Funds Compared to 10 Year Swiss Government Benchmark Bond 6% 4% 3% 2% 1% -1% Yield Gap Distribution Yield Swiss Real Estate Funds Yield on 10 Year Swiss Government Benchmark Bond Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future performance Source: Credit Suisse AG, Datastream, last annual report of the funds 9

10 CS REF HOSPITALITY IMMO HELVETIC CS 1A IMMO PK IMMOFONDS SWISSINVEST REAL CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF LIVINGPLUS CS REF INTERSWISS CS REF LOGISTICSPLUS SOLVALOR 61 CS REF SIAT ROTHSCHILD RE SWISS FIR SCHRODER IMMOPLUS VALRES SWISS RESIDENTIAL LA FONCIERE SWISSCANTO IFCA UBS SWISS ANFOS UBS DIRECT URBAN UBS DIRECT RESIDENTIAL BONHOTE IMMOBILIER UBS FONCIPARS UBS SW SWISSREAL UBS SWISS SIMA CS REF INTERNATIONAL PATRIMONIUM REALSTONE SWISSCANTO COMMERCIAL PROCIMMO SF COMMERCIAL STREETBOX POLYMEN FONDS SF RETAIL PROPERTIES RESIDENTIA CS REF GLOBAL REALSTONE DEVEL. Comparison of Total Expense Ratios (TER REF GAV) Fund Operating Expenses of Swiss Real Estate Funds 1.2 TER REF GAV Source: Credit Suisse AG, last annual report of the funds 10

11 CS 1A IMMO PK SOLVALOR 61 IMMO HELVETIC SWISSINVEST REAL CS REF LIVINGPLUS CS REF SIAT FIR SF SUSTAINABLE PROPERTY CS REF LOGISTICSPLUS CS REF GREEN PROPERTY UBS DIRECT RESIDENTIAL UBS DIRECT URBAN CS REF HOSPITALITY LA FONCIERE UBS FONCIPARS UBS SWISS ANFOS IMMOFONDS SWISSCANTO IFCA CS REF INTERSWISS BONHOTE IMMOBILIER SWISSCANTO COMMERCIAL SCHRODER IMMOPLUS ROTHSCHILD RE SWISS CS REF INTERNATIONAL UBS SWISS SIMA STREETBOX UBS SW SWISSREAL SF RETAIL PROPERTIES PROCIMMO PATRIMONIUM REALSTONE RESIDENTIA POLYMEN FONDS CS REF GLOBAL VALRES SWISS RESIDENTIAL REALSTONE DEVEL. Comparison of Total Expense Ratios (TER REF MV) Fund Operating Expenses of Swiss Real Estate Funds 2.0 TER REF MV Extrapolations for those funds which have not yet published TER REF (NAV). Source: Credit Suisse AG, last annual report of the funds 11

12 SOLVALOR 61 CS 1A IMMO PK UBS DIRECT URBAN CS REF SIAT CS REF LOGISTICSPLUS SF SUSTAINABLE PROPERTY CS REF INTERNATIONAL UBS FONCIPARS CS REF LIVINGPLUS SWISSINVEST REAL FIR CS REF GREEN PROPERTY SF COMMERCIAL PROPERTIES SWISSCANTO IFCA UBS SWISS SIMA LA FONCIERE UBS SWISS ANFOS UBS DIRECT RESIDENTIAL SWISSCANTO COMMERCIAL IMMOFONDS RESIDENTIA IMMO HELVETIC BONHOTE IMMOBILIER CS REF GLOBAL CS REF INTERSWISS PATRIMONIUM UBS SW SWISSREAL SCHRODER IMMOPLUS PROCIMMO POLYMEN FONDS ROTHSCHILD RE SWISS REALSTONE CS REF HOSPITALITY STREETBOX REALSTONE DEVEL. VALRES SWISS RESIDENTIAL Third-party borrowings In % of aggregate market value Source: Credit Suisse AG, last annual report of the funds 12

13 Swiss Real Estate Funds at a Glance Name ISIN Price 52 week Performance Vola. NAV Agio Distribution TER REF Turnover Total market Investment Property high low YTD -5 y 3 years per unit yield (%) (MV) in mn CHF 4 capitalization focus ownership p.a. ann. (prov.) in mn CHF UBS SWISS SIMA CH % 5.3% 9.1% % 2.9% 0.93% '787.0 Mixed Indirect CS 1A IMMO PK 1,3 CH % % % 3.6% 0.49% '827.1 Mixed Direct CS REF SIAT CH % % % '126.3 Residential Indirect CS REF LIVINGPLUS CH % % 2.3% 0.63% '948.8 Residential Direct CS REF INTERNATIONAL 2,3 CH % 9.4% % 3.6% 0.92% '651.7 International Indirect CS REF GREEN PROPERTY CH % 6.6% 10.9% % '464.5 Sustainability Direct UBS SWISS ANFOS CH % 4.7% 11.2% % 2.7% '354.5 Residential Indirect CS REF INTERSWISS CH % 3.6% % % '697.7 Commercial Indirect UBS SW SWISSREAL CH % % 3.9% '641.6 Commercial Indirect SWISSCANTO IFCA CH % 5.2% 8.8% % 2.4% 0.86% '460.4 Residential Indirect IMMOFONDS CH % % % '426.0 Residential Indirect LA FONCIERE CH % 7.9% 10.3% % 1.9% '338.5 Residential Mixte FIR CH % 7.1% 10.3% % 2.2% '324.5 Residential Mixte SCHRODER IMMOPLUS CH % 7.9% 9.2% % 2.6% '314.2 Commercial Indirect UBS FONCIPARS CH % 8.4% 13.4% % 2.7% 0.83% '282.6 Residential Direct SOLVALOR 61 CH % 4.4% 9.1% % 0.53% '221.1 Residential Direct ROTHSCHILD RE SWISS CH % % 0.91% '086.0 Residential Direct IMMO HELVETIC CH % 6.9% 9.6% % 2.8% 0.54% Residential Indirect REALSTONE CH % 6.4% 9.6% % Residential Direct BONHOTE IMMOBILIER CH % 11.3% % 0.89% Residential Direct PROCIMMO CH % 8.3% 10.6% % 3.1% 1.03% Commercial Direct SWISSINVEST REAL CH % % % 2.6% 0.61% Residential Indirect CS REF HOSPITALITY CH % % 3.2% 0.78% Hospitality Direct REALSTONE DEVELOPMENT CH % Residential Direct SF SUSTAINABLE PROPERTY CH % % 2.6% 0.71% Residential Direct PATRIMONIUM CH % 9.3% % % Residential Direct SF RETAIL PROPERTIES CH % Commercial Indirect UBS DIRECT RESIDENTIAL CH % % Residential Direct SWISSCANTO COMMERCIAL CH % 9.3% % 2.9% 0.89% Mixed Direct POLYMEN FONDS CH % % 2.2% 1.29% Residential Direct UBS DIRECT URBAN CH % % 1.9% Mixed Direct CS REF LOGISTICSPLUS 2 CH % % 3.2% 0.72% Logistics Direct VALRES SWISS RESIDENTIAL CH % 1.2% 1.51% Residential Direct SF COMMERCIAL PROPERTIES CH % Commercial Indirect RESIDENTIA CH % 7.7% % 1.22% Residential Direct CS REF GLOBAL CH % 9.2% % 1.47% International Indirect STREETBOX CH % 3.6% 0.99% self storage Direct SXI REAL ESTATE FUNDS BROAD 3 CH % 5.8% 8.1% 28.2% 2.6% 0.83% ' 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). Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 13

14 INTERSHOP N INVESTIS N HIAG IMMOBILIEN AG WARTECK N ALLREAL N SWISS PRIME SITE N MOBIMO N BFW LIEGENSCHAFTEN N PSP N ZUG ESTATE AG SWISS FINANCE & PROPERTY PLAZZA N Premium/Discount of Real Estate Investment Companies Average Discount: 21.1% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 14

15 Historical Development of Premiums and Agios Swiss Real Estate Investment Companies vs. Real Estate Funds 4 Premium/Agio in % Premium/Discount of Real Estate Investment Companies Agio/Disagio of Real Estate Funds Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 15

16 SWISS PRIME SITE N INTERSHOP N MOBIMO N SWISS FINANCE & PROPERTY INVESTIS N PSP N ALLREAL N WARTECK N BFW LIEGENSCHAFTEN N HIAG IMMOBILIEN AG PLAZZA N ZUG ESTATE AG Distribution Yield of Real Estate Investment Companies Distribution per Share Compared to the Share Price 4% 3% 2% 1% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 16

17 Swiss Real Estate Investment Companies at a Glance Name ISIN Price 52 week Performance Vola. NAV Premium Distribution Turnover Market capihigh low YTD -5y 3 years per share yield (%) mn CHF 1 talization (FF) p.a. ann. (prov.) mn CHF SWISS PRIME SITE N CH % 8.4% 13.8% % 4.1% '433.1 PSP N CH % 14.6% % '718.7 ALLREAL N CH % 7.3% 14.6% % '346.8 MOBIMO N CH % 8.2% % 3.8% '626.1 INTERSHOP I CH % % 4.1% ZUG ESTATE AG CH % % HIAG IMMOBILIEN AG CH % % PLAZZA N CH % % WARTECK N CH % 6.2% 7.7% % SWISS FINANCE & PROPERTY CH % % % 3.8% BFW LIEGENSCHAFTEN N CH % % INVESTIS CH % % 3.8% SXI REAL ESTATE SHARES BROAD CH % 7.4% % 3.7% ' monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 17

18 Real Estate Your contact partner If you have any questions about real estate investments... we'll give you the answers. Ulrich Braun Real Estate Strategies & Advisory Managing Director Christian Braun, CIIA Real Estate Strategies & Advisory Vice President Phone Phone

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