H1 RESULTS. 18 August 2017

Transcription

1 H1 RESULTS 18 August 2017

2 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 2

3 Property Portfolio (June 2017) Portfolio value CHF 6.9 bn Basel 8% Zurich 58% CHF 0.5 bn CHF 4.0 bn Lausanne 5% CHF 0.3 bn Bern 4% CHF 0.3 bn Geneva 11% CHF 0.7 bn Other locations 6% CHF 0.4 bn In total, 160 investment properties, plus: 4 sites: Salmenpark, Rheinfelden; Residenza Parco Lago, Paradiso; Löwenbräu site, Zurich; Wädenswil site. 6 projects: Grosspeter Tower, Basel; Rue du Marché, Geneva; Rue Saint-Martin, Lausanne; Hardturm-/Förrlibuckstrasse, Zurich; Bahnhofquai/-platz, Zurich; Orion, Zurich. Development sites and projects 9% CHF 0.6 bn PSP Swiss Property I Page 3

4 Current Market Environment Swiss market environment Global macroeconomic and political uncertainties are limiting factors for the Swiss economy in general; impact on the real estate market is visible Office rents stabilising on average at about the current levels; lease incentives remain important; long lease-up times for larger properties Some signs of enhanced demand in Zurich CBD, one of our main markets Limited demand in Geneva, causing increasing vacancies Outskirts of main cities, peripheral regions and smaller agglomerations: pressure on rents and incentives Yield compression for prime assets expected to slow down, despite unabated investors demand supported by the low interest environment Economic outlook for Switzerland GDP 1.4% 1.6% Inflation 0.5% Unemployment 3.2% 1 Source: Consensus forecast The Economist, 25 th July PSP Swiss Property I Page 4

5 Main Developments Real estate portfolio Portfolio value CHF 6.9bn (up 0.8% compared with December 2016) Stabilisation of rent levels across the portfolio Vacancy and rental situation Vacancy rate of 8.7%, of which 0.6%-points due to renovations Of all 2017 maturities (CHF 31.4m), 80% renewed Expected vacancy year-end 2017: new 8.5% (from 9%) Financing Passing average interest rate 1.23% on 30 June 2017 Low leverage with a LTV of 33.6% CHF 710m committed unused credit lines as per mid August Moody s: Issuer Rating A3 (outlook stable) Fitch: Senior Unsecured Rating A- (outlook stable) PSP Swiss Property I Page 5

6 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 6

7 Key Figures Consolidated, in CHF m H H Ebitda excl. -RE % Net income excl. -RE % Net income % Rental income % Per share, in CHF H H EPS % EPS excl. -RE % NAV % 2 NAV before deferred taxes % 2 Share price % 2 Distribution Excl. -RE: excluding net changes in fair value of the real estate investments, realised income on sales of investment properties and all of the related taxes. Income from the sale of properties which were developed by the Company itself is, however, is included. 2 Compared to year-end Ordinary dividend paid on 11 April PSP Swiss Property I Page 7

8 Consolidated Income (CHF 1 000) H H Rental income % 1 Valuation gains Property sales (condominiums) Property sales (investment properties) Income from associated companies Capitalised own services Other income Total operating income % 1 Like-for-like rental change -2.1% (+0.7%, excl. property located at Av. des Morgines 8/10 in Petit-Lancy). 2 Of which CHF 3.3m VAT-opting-in effect. 3 Of which CHF 1.5m VAT-opting-in effect. 4 Of which CHF 2.3m VAT-opting-in effect. 5 Of which CHF 1.8m VAT-opting-in effect. 6 Of which CHF 1.9m VAT-opting-in effect. PSP Swiss Property I Page 8

9 Consolidated Expenses (CHF 1 000) H H Properties operating expenses % Properties maintenance/renovation % Personnel expenses % Fees to subcontractors General and administrative expenses % Impairment properties Depreciation Total operating expenses % 1 Positive P&L impact of CHF 1.1m property tax refunds in Geneva (non-repeat). 2 Positive P&L impact (IAS 19 revised, defined benefit pension plans), CHF 1.2m (non-repeat). 3 Increase mainly due to the fulfilment of the contract of former CIO, CHF 0.7m. 4 Incl. CHF 1.2m, contract settlement of former CIO. PSP Swiss Property I Page 9

10 Consolidated Results (CHF 1 000) H H Profit before financial expenses % Net financial expenses % Profit before taxes % Taxes Net income % Net income excl. -RE % 1 Excl. -RE: excluding net changes in fair value of the real estate investments, realised income on sales of investment properties and all of the related taxes. Income from the sale of properties which were developed by the Company itself is, however, is included. 2 Of which CHF 11.4m current and CHF 2.7m deferred. 3 Of which CHF 10.2m current and CHF 14.6m deferred. PSP Swiss Property I Page 10

11 Per Share Distribution (in CHF) For business year * Y-t-y growth 25.0% 20.0% 10.0% 20.0% 6.0% 4.8% 9.1% 4.2% 8.0% 3.7% 7.1% 6.7% 1.6% 0.0% 1.5% 1.5% Payout ratio** 45.5% 52.1% 57.0% 53.6% 71.2% 76.9% 78.0% 86.3% 85.0% 82.7% 84.8% 86.5% 88.9% 85.8% 88.1% 93.8% 89.1% Payout yield*** 2.6% 3.9% 4.0% 3.8% 4.0% 3.7% 3.1% 4.2% 4.7% 4.6% 3.7% 3.8% 3.7% 4.3% 3.8% 3.8% 3.8% * Ordinary dividend, paid on 11 April ** Payout / EPS excl. -RE (FY 2016: CHF 3.76). *** Payout / share-price year-end (Dec. 2016: CHF 88.00). PSP Swiss Property I Page 11

12 Share Price in CHF ( ) Performance since (dividends reinvested) PSP SXI RE rebased FTSE/EPRA 333.3% 171.8% 298.6% Source: Bloomberg, PSP Swiss Property I Page 12

13 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 13

14 Portfolio and Vacancy Rate % 12% % 9.1% 9.4% 9.7% 9.3% 9.1% 8.7% 10% 8% % 4% 2% 0 Q Q Q Q Q Q % Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). Vacancy rate excl. properties reclassified to developments: Q3 2016: Zurich, Hardturmstr. 181, 183, 185 / Förrlibuckstr. 178/180 (project Orion ), 0.8%-points; Geneva, Rue du Marché 40; 1.2%-points. Q4 2016: Lausanne, Rue Saint-Martin 7, 0.4%-points. PSP Swiss Property I Page 14

15 Largest vacancies (June 2017) Properties Vacancy (sqm)* Vacancy rate Actions taken / Status Av. des Morgines 8/10, Petit-Lancy % New marketing / letting concept; CBRE appointed Salmencenter, Rheinfelden % New lettings in Q2; letting in progress Hardturmstrasse 131, 133, 135, Zurich % Letting in progress Gurtenbrauerei 10-92, Wabern b. Bern % Revised marketing efforts Route des Arsenaux 41, Fribourg % Sales and letting in progress Richtistrasse 5, Wallisellen % Letting in progress Bahnhofplatz 2, Biel/Bienne % New lettings in Q2; letting in progress Bernerstrasse Süd 167/169, Zurich % Letting in progress Wasserwerkstrasse 10, 12, Zurich % New lettings in Q2; letting in progress Gerbergasse 5, Zurich % Partly under renovation Total investment portfolio % * Ranked by rental value (CHF) of the vacancy. Out of top 10 largest vacancies since Q1 2017: Cours de Rive 13, 15 / Helv. 25 in Geneva and Gutenbergstrasse 1/9 in Zurich. New in top 10 largest vacancies since Q1 2017: Wasserwerkstrasse 10,12 in Zurich and Gerbergasse 5 in Zurich. Improvement since last Q Deterioration since last Q PSP Swiss Property I Page 15

16 Expiry Profile of Leases (June 2017) (Legal termination option by tenants) 16% 14% 12% 13% 14% 13% 10% 8% 10% 11% 11% 6% 4% 2% 0% 7% 6% 5% 5% 4% 0% NL 57% of the Q3-Q maturities (CHF 14.6 m) are renewed. 43% of the Q3-Q maturities are still open. 80% of all 2017 maturities (CHF 31.4 m) are renewed as per end of June NL: Contracts not limited in time, but subject to notice. PSP Swiss Property I Page 16

17 Changes in Fair Value (June 2017) (CHF m) H Existing portfolio Acquisitions / first-time valuation Total net changes in fair value From the acquisition of a single property (Locarno, Via Respini 7/9, spa development project). 2 Of which CHF 43.1 m from first time adoption IFRS From the acquisition of a single property (Geneva/Cologny, Port Noir, spa development project). 4 From the acquisition of a single property (Basle, Peter Merian-Str. 88/90). 5 From the acquisition of a single property (Urdorf, Heinrich-Stutz-Str. 23/25). 6 From the acquisition of a single property (Zurich, Hardturmstr. 101, 103, 105 / Förrlibuckstr. 30). PSP Swiss Property I Page 17

18 Changes in Fair Value: Discount Rates (June 2017) Nominal Discount Rate Area Minimum Maximum Weighted Ø Zurich 2.7% 5.3% 3.6% Geneva 3.4% 5.3% 4.0% Basel 3.3% 4.0% 3.8% Bern 3.0% 4.8% 3.7% Lausanne 3.2% 4.7% 3.9% Other locations 3.4% 5.6% 4.6% All areas 2.7% 5.6% 3.7%** H Weighted Ø discount rate 4.91%* 4.81%* 4.57%* 3.82** 3.73%** * Nominal discount rate includes 1.0% annual inflation. ** Nominal discount rate includes 0.5% annual inflation. Valuation done by Wüest Partner. PSP Swiss Property I Page 18

19 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 19

20 Debt Diversified and stable lender portfolio 10 domestic banks and 1 syndicated loan (with 14 Swiss Cantonal banks) High visibility on debt maturity profile Average loan maturity of 3.4 years CHF 710m unused committed credit lines as per mid August Rating Moody s: Issuer Rating A3 (outlook stable) Fitch: Senior Unsecured Rating A- (outlook stable) PSP Swiss Property I Page 20

21 Capital Structure Money values in CHF m H Shareholders equity % - % of total assets 58.7% 57.5% 57.0% 54.9% 53.8% Deferred tax liabilities (net) % of total assets 10.9% 10.9% 11.1% 10.8% 11.0% Interest-bearing debt % - % of total assets 28.1% 28.9% 29.0% 31.9% 33.6% - Loans, unsecured Bonds % long-term 86.4% 100.0% 87.3% 100.0% 100% Net financial expenses Ø interest rate 1.95% 1.76% 1.70% 1.42% 1.32% 1 Interest coverage ratio 7.9 x 7.8 x 8.0 x 9.1 x 8.8 x Fixed interest rate > 1 year 77.2% 83.9% 79.7% 96.4% 92.9% Ø fixed-interest period in years Reflects the average interest rate over the past four quarters. As per 30 June 2017, the passing average rate was 1.23% (31 Dec. 2016: 1.28%). PSP Swiss Property I Page 21

22 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 22

23 Project «Grosspeter Tower» Basel Under construction (since Nov. 2014, completion end of 2017) Mixed use ( m 2, hotel and office space) Zero-emissions operation Investment sum approx. CHF 120 m (thereof CHF 95.0 m spent at end of H1 2017) As per mid August, 70% let (hotel and offices) 30%-points of unlet commercial area in advanced negotiations More details on Visualisation PSP Swiss Property I Page 23

24 Project «Grosspeter Tower» Basel (cont.) Available 30%-points in advanced negotiations Let Available PSP Swiss Property I Page 24

25 Project «Rue du Marché» Geneva Under construction Comprehensive renovation Investment sum approx. CHF 30 m (thereof CHF 3.8 m spent at end of H1 2017) Signed head-of terms with an international hotel operator Visualisation PSP Swiss Property I Page 25

26 «Residenza Parco Lago» Paradiso Under construction (since March 2017, completion end of 2019) Conversion of existing site (former brewery) New building with mixed use (approx m 2 ): mainly residential units & some office and retail area Investment sum approx. CHF 80 m (thereof CHF 5.0 m spent at end of H1 2017) Visualisation PSP Swiss Property I Page 26

27 «Salmenpark» Rheinfelden Conversion of existing site (former brewery) and new buildings Mixed use: office and retail area, seniors residence & residential area (completed year-end 2016) As per 30 June 2017: - 78% of the commercial area and 30 (of 36) apartments let; further 15%-points of commercial area in advanced negotiations (of 113) condominiums sold (Q4 2015: 13, FY 2016: 76, H1 2017: 11) More details on PSP Swiss Property I Page 27

28 Project «Bahnhofquai/-platz» Zurich Under renovation/review (since Q2 2014) Total renovation (3 stages, overall inv. sum approx. CHF 96 m), in particular infrastructure and technical installations Discussions with the City authorities (building protection) successfully terminated Stage 1: property Bahnhofplatz 1, Bahnhofquai 9/11/15 - Construction June Investment sum (now) approx. CHF 51 m (thereof CHF 7.4 m spent at end of H1 2017) - As per 30 June 2017: 17% pre-let - CBRE retained as letting agent Stage 2: properties Waisenhausstr. 2/4 and Bahnhofquai 7 - Project approved by the City Historical Building Committee in May Construction start tbd (building permission request to be submitted in spring 2018) - Investment sum approx. CHF 33 m (thereof CHF 2.9 m spent at end of H1 2017) Stage 3: property Bahnhofplatz 2 - Under review - Construction start tbd - Investment sum approx. CHF 12 m PSP Swiss Property I Page 28

29 Project «Hardturmstrasse / Förrlibuckstrasse» Zurich Under renovation (since Q1 2015, completion end of 2018) Total renovation of existing building, in particular building structure and technical installations Investment sum approx. CHF 60 m (thereof CHF 36.1 m spent at end H1 2017) As per mid August 2017: 60% pre-let In advanced letting negotiations for further 15% More details on: Visualisations PSP Swiss Property I Page 29

30 Project «Hardturmstrasse / Förrlibuckstrasse» Zurich (cont.) Letting split Vacant, 40% Telecommunication, 24% Layout example Information Technology, 10% Other, 11% Medtech, 2% Government, 7% Energy, 6% PSP Swiss Property I Page 30

31 Project «Orion» Zurich In planning Förrlibuckstr. 178/180 & Hardturmstr to be replaced by a modern office building Investment sum approx. CHF 120 m (construction ) CBRE appointed as letting agent Project «Orion» Project «Hardturmstrasse / Förrlibuckstrasse» PSP Swiss Property I Page 31

32 Project «Orion» Zurich (cont.) Project outline Current situation PSP Swiss Property I Page 32

33 Project «Orion» Zurich, Visualisations (cont.) PSP Swiss Property I Page 33

34 Capex and Potential Rental Income Overview (CHF m) CAPEX expected Potential rental income 3 Project Grosspeter Tower, Basel ~ 5.5 Project Rue du Marché, Geneva ~ 5.5 Project Rue Saint-Martin, Lausanne ~ 1.5 Residenza Parco Lago, Paradiso Project Hardturm-/F buckstrasse, Zurich ~ 7.5 Project Bahnhofquai/-platz, Zurich 1, ~ 10.0 Project Orion, Zurich ~ 8.0 Total development sites ~ 38.0 thereof committed 29.1 n.a. n.a. Total investment portfolio n.a. 1 Under construction/renovation. 2 In planning. 3 Potential rental income after completion assuming full letting. PSP Swiss Property I Page 34

35 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 35

36 Subsequent Events 24 July 2017, increase of existing private placement CHF 50 million (from CHF 100 million to CHF 150 million) 0.045%, maturing August 2017, sale residential project Salmenpark II, Rheinfelden Sales proceeds CHF 27.6 million Positive impact on FY17 EBITDA guidance (new: > CHF 240 m; from: CHF 225 m) PSP Swiss Property I Page 36

37 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 37

38 Outlook 2017 Consolidated EBITDA (w/o RE) > CHF 240 m Vacancy rate portfolio (year-end) 8.5% PSP Swiss Property I Page 38

39 Agenda Key Facts and Figures 3 Financial Results H Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 36 Outlook 38 Annex 40 PSP Swiss Property I Page 39

40 Board of Directors and Executive Board Board of Directors Luciano Gabriel, 1953, Chairman Corinne Denzler, 1966, Member Adrian Dudle, 1965, Member Peter Forstmoser, 1943, Member Nathan Hetz, 1952, Member Josef Stadler, 1963, Member Aviram Wertheim, 1958, Member Executive Board Giacomo Balzarini, 1968, CEO/CFO Adrian Murer, 1974, CIO Martin Heggli, 1977, COO PSP Swiss Property I Page 40

41 Group Overview (1 July 2017) Executive Board (3) Banking, Capital Market Investor Relations / Communications (2) Legal (3) HR (1) Secretariat (1) Real Estate Investments Property Management Finance / Operations Asset Management (3) Zurich Office (17, 13*) Accounting / Treasury (8) Construction (15) Geneva Office (8, 5*) Tax / Controlling (1) Trading (2) Olten Office (9, 6*) Analysis / Reporting (1) Property Marketing (3) Projects / Digitalisation (1) IT (5) Total number of employees: 84 Total number of caretakers: 24* PSP Swiss Property I Page 41 Services (1)

42 PSP Strategy Strategy Switzerland only Commercial properties only Acquisitions to be justified by price and operational logic Risk-conscious financing policy Priority Optimising profitability of existing portfolio Ensuring long-term attractiveness of assets Organic growth Sites development (all former breweries) Repositioning of assets to best use Assessing acquisition opportunities and corporate deals PSP Swiss Property I Page 42

43 Why Investing in PSP? Company Premium portfolio with limited downside risk Transparent business model Pure Swiss play Properties with further optimisation potential Financial flexibility to take advantage of market opportunities Acquisition/integration experience Sustainability (economic, ecological, social) Share Liquid stock Attractive payout yield Broadly diversified shareholder structure PSP Swiss Property I Page 43

44 Shareholder Base Largest shareholders (30 June 2017) Alony Hetz: 12.21% BlackRock, Inc.: 5.08% 1 T. Rowe Price Associates, Inc.: 3.04% 2 Number of registered shareholders: Individuals: (10% of registered shares) - Legal entities: 605 (10% of registered shares) Non-registered, 34% CH, 42% 1 As per notification 13 December As per notification 8 October Other, 3% France / BeNeLux, 6% UK, 3% Israel, 12% PSP Swiss Property I Page 44

45 Ebitda % 82.0% 81.3% 81.8% 81.1% 85% % % % 65% 60% % H H % Ebitda excl. -RE in CHF m. Ebitda margin in %. PSP Swiss Property I Page 45

46 Net Income Components H H Net income excl. -RE in CHF m. Contribution of -RE in CHF m. PSP Swiss Property I Page 46

47 EPS H H EPS in CHF. EPS excl. -RE in CHF. PSP Swiss Property I Page 47

48 NAV + Cumulative Dividend per Share H1 17 NAV per share in CHF. Payout in CHF, cumulative (allocation according to payment date). PSP Swiss Property I Page 48

49 NAV vs. Share Price H H NAV per share in CHF. Share price in CHF. PSP Swiss Property I Page 49

50 EPRA Performance Measures 2016 H H (CHF or %) EPRA PSP EPRA PSP EPRA PSP A. EPS B. NAV C. NNNAV D. Net initial yield E. Vacancy rate F. Cost ratio G. Like-for-like rental change n.a n.a n.a. H. Capex in CHF n.a n.a n.a. 1 Excl. direct vacancy costs. PSP Swiss Property I Page 50

51 Portfolio Key Figures Numbers of properties Rental income in CHF m Revaluation in CHF m Value in CHF m Net yield in % Vacancy in % Zurich H FY Geneva H FY Basel H FY Bern H FY Lausanne H FY Others H FY Sites H n.a. n.a. FY n.a. n.a. Total H FY PSP Swiss Property I Page 51

52 Portfolio Value by Area Development sites and projects, 9% Other locations, 6% Lausanne, 5% Bern, 4% Basel, 8% Zurich, 58% Geneva, 11% PSP Swiss Property I Page 52

53 Rent by Use Other, 11% Gastronomy, 4% Parking, 6% Retail, 17% Office, 62% PSP Swiss Property I Page 53

54 Rent by Type of Tenants Other, 17% Retail, 20% Government, 6% Gastronomy, 8% Services, 18% Financial Services, 9% Technology, 10% Telecommunication, 12% PSP Swiss Property I Page 54

55 Largest Tenants Swisscom, 10% Google, 5% Roche, 2% Swiss Post, 2% Bär & Karrer, 2% Next five largest, 9% Other, 69% PSP Swiss Property I Page 55

56 Sustainability Ecological sustainability Energy consumption (kwh) Water consumption (m 3 ) COe 2 (heating and electricity) output (t resp. kg) Economic sustainability Long-term oriented business model and investment policy Quality- and value-oriented portfolio management Long-term oriented and balanced financing policy Social sustainability (main stakeholders) Employees Clients and suppliers Public PSP Swiss Property I Page 56

57 Ecological Sustainability Organisation Responsibility: 3 employees (1 asset mgmt, 1 construction services, 1 property management) Implementation: construction services, property management, facility management Environmental key figures (specific figure/m 2 ) in 2016 (2015) Heating in kwh: (69.8) Electricity in kwh: (23.7) COe 2 output (heating and electricity) in kg: (15.68) Water consumption in m 3 : (0.50) Specific emissions reduced > 30% since launch of sustainability programme in 2010 Since 2015, reporting according to EPRA sbpr EPRA Gold Award, September 2016 PSP Swiss Property I Page 57

58 Portfolio Grid 1-11: Examples of improvements due to investments ( ) PSP Swiss Property I Page 58 Source: Wüest Partner, June 2017.

59 Zurich Area Bahnhofplatz 9 Bahnhofstr. 66 Bahnhofstr. 81 = Investment properties = Sites and development projects Bahnhofstr. 10 Zurich Seefeldstr. 123 Bahnhofstr. 39 Uraniastr. 9 Brandschenkestr. 90 PSP Swiss Property I Page 59 Bahnhofstr. 28a

60 Geneva Area Rue Richard-Wagner 6 Place du Molard 7 Geneva Rue des Bains 31/33/35 Cours de Rive 13/15 Av. des Morgines 8/10 Rue de la Fontaine 5 = Investment properties = Development project Rue de la Gabelle 6 Rue de la Corraterie 24/26 PSP Swiss Property I Page 60

61 Basel Area Marktplatz 30/30a Freie Strasse 38 Barfüsserplatz 10 St. Alban-Anlage 46 Basel Peter Merian-Str. 88/90 Steinentorberg 8/12 = Investment properties = Development project Grosspeterstr. 18/20 Kirschgartenstr. 12/14 Dornacherstr. 210 PSP Swiss Property I Page 61

62 Bern Area Bollwerk 15 Zeughausgasse 26/28 Laupenstrasse 18/18a Bern Kramgasse 49 Seilerstrasse 8 = Investment properties Kramgasse 78 Eigerstrasse 2 Spitalgasse 9 PSP Swiss Property I Page 62

63 Lausanne Area Rue de Sébeillon 2 Rue du Pont 22 Avenue de Sévelin 54 Lausanne = Investment properties = Development project Rue Saint Martin 7 Avenue de Sévelin 40 Place Saint-François 5 Avenue de Cour 135 Place Saint-François 15 PSP Swiss Property I Page 63

64 Contacts Giacomo Balzarini CEO Phone +41 (0) Mobile +41 (0) Vasco Cecchini CCO Phone +41 (0) Mobile +41 (0) PSP Swiss Property I Page 64

65 Disclaimer None of the information in this presentation constitutes an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. None of the securities of the Company referred to in this presentation have been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or under the applicable securities laws of any state or other jurisdiction of the United States. PSP Swiss Property I Page 65