ANNUAL RESULTS. 27 February 2018

Transcription

1 ANNUAL RESULTS 27 February 2018

2 Agenda Key Facts and Figures 3 Financial Results FY Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 PSP Swiss Property I Page 2

3 Property Portfolio (December 2017) Portfolio value CHF 7.0 bn Basel 8% Zurich 57% CHF 0.5 bn CHF 4.0 bn Lausanne 5% CHF 0.4 bn Bern 4% CHF 0.3 bn Geneva 11% CHF 0.8 bn Other locations 6% CHF 0.4 bn Development sites and In total, 157 investment properties, plus: projects 9% 4 sites: Residenza Parco Lago, Paradiso; Löwenbräu site, Zurich; Salmenpark, Rheinfelden; Wädenswil site. CHF 0.7 bn 8 projects: Grosspeter Tower, Basel; Rue Saint-Martin, Lausanne; Hardturm-/Förrlibuckstrasse, Zurich; Bahnhofquai/-platz, Zurich; Orion, Zurich; Rue du Marché, Geneva; Spiegel, Köniz; Bahnhof, Rheinfelden. PSP Swiss Property I Page 3

4 Current Market Environment Swiss market environment Improving business sentiment; an increasing number of companies is considering expansion and relocation plans; increasing number of start-ups Office rents stabilising on average at about the current levels; lease incentives remain important; still long lease-up times for larger properties Signs of enhanced demand in Zurich CBD, one of our main markets Low demand in Geneva, causing increasing vacancies Outskirts of main cities, peripheral regions and smaller agglomerations: ongoing pressure on rents and incentives Yield compression for prime assets expected to slow down Economic outlook for Switzerland GDP 0.9% 1.8% Inflation 0.5% Unemployment 3.0% 1 Source: Economist, 2 February PSP Swiss Property I Page 4

5 Main Developments Real estate portfolio Portfolio value CHF 7.0bn (up 2.2% compared with December 2016) Acquisition of prime portfolio from Edmond de Rothschild SA for CHF190m Disposal of Salmenpark II in Rheinfelden for CHF 27.6m In process of selling Av. des Morgines 8/10, Petit-Lancy and Bernerstr. Süd 167/169, Zurich Stabilisation of rent levels across the portfolio Vacancy and rental situation Vacancy rate of 8.2%, of which 1.1%-points due to renovations Of all 2018 maturities (CHF 29.1m), 59% renewed Expected vacancy year-end 2018: 8.5% 1 Financing Passing average interest rate 0.99% on 31 December 2017 Low leverage with an adjusted LTV of 31.2% CHF 680m committed unused credit lines as per today Moody s: Issuer Rating A3 (outlook stable) Fitch: Senior Unsecured Rating A- (outlook stable) 1 Please see footnote on slide 40 PSP Swiss Property I Page 5

6 Agenda Key Facts and Figures 3 Financial Results FY Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 PSP Swiss Property I Page 6

7 Key Figures Consolidated, in CHF m Ebitda excl. -RE % Net income excl. -RE % Net income % Rental income % Per share, in CHF EPS % EPS excl. -RE % NAV % 2 NAV before deferred taxes % 2 Share price % 2 Distribution % 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 included. 2 Compared to year-end Ordinary dividend, proposal to the AGM on 5 April PSP Swiss Property I Page 7

8 Consolidated Income (CHF 1 000) 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 -1.1% (+0.4%, excl. property located at Av. des Morgines 8/10, Petit-Lancy). 2 Of which CHF 43.1m first time adoption of IFRS 13 (fair value treatment). 3 Of which CHF 2.9m VAT-opting-in effect. 4 Of which CHF 3.3m VAT-opting-in effect. 5 Of which CHF 1.5m VAT-opting-in effect. 6 Of which CHF 2.3m VAT-opting-in effect. 7 Of which CHF 2.3m VAT-opting-in effect. PSP Swiss Property I Page 8

9 Consolidated Expenses (CHF 1 000) 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) of CHF 1.2m (non-repeat). PSP Swiss Property I Page 9

10 Consolidated Results (CHF 1 000) 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 included. 2 Of which CHF 21.3m current and CHF 8.4m deferred. 3 Of which CHF 17.5m current and CHF 26.5m deferred. The relatively low deferred taxes relate to the release in Q of deferred capital gain taxes in the Canton of VD in the magnitude of CHF 17m. The underlying tax rate has been reduced from 21.7% to 13.6%. PSP Swiss Property I Page 10

11 Per Share Distribution (in CHF) For business year * Y-t-y growth n.a. 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% 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% 87.5% 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% 3.7% * Ordinary dividend, proposal to the AGM on 5 April ** Payout / EPS excl. -RE (FY 2017: CHF 3.89). *** Payout / share-price year-end (Dec. 2017: CHF 92.35). PSP Swiss Property I Page 11

12 Share Price in CHF ( ) Performance since PSP IPO, (total return: dividends reinvested) PSP SXI RE rebased FTSE/EPRA Developed Europe TR Index 339.9% 162.5% 213.4% Source: Bloomberg, PSP Swiss Property I Page 12

13 Agenda Key Facts and Figures 3 Financial Results FY Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 PSP Swiss Property I Page 13

14 Portfolio and Vacancy Rate 8 12% % 9.3% 9.1% 8.7% 8.3% 8.2% 10% 5 8% % 4% 2% 0 Q Q Q Q Q Real estate portfolio value in CHF bn. Vacancy rate in % (CHF). Vacancy rate excl. properties reclassified to developments: Q4 2016: Lausanne, Rue Saint-Martin 7, 0.4%-points. 0% PSP Swiss Property I Page 14

15 Largest Vacancies (December 2017) Properties Vacancy (sqm)* Vacancy rate Actions taken / Status Salmencenter, Rheinfelden % New leases signed, reducing vacancy to 18% Route des Arsenaux 41, Fribourg % Sale and letting in progress Gurtenbrauerei 10-92, Wabern b. Bern % sqm let starting Q Richtistrasse 5, Wallisellen % SPG Intercity appointed/new marketing-concept Hardturmstrasse 131, 133, 135, Zurich % New leases signed, reducing vacancy to 10% Rue des Bains 31bis, 33, 35, Geneva % Partly under renovation; letting in progress Gerbergasse 5, Zurich % Partly under renovation; strong demand Hardturmstr. 169, 171, 173, 175, Zurich % Letting in progress Wasserwerkstrasse 10, 12, Zurich % Office space fully let as of 2019 Bahnhofplatz 2, Biel/Bienne % Letting in progress Total investment portfolio % * Ranked by rental value (CHF) of the vacancy. Improvement since last Q Deterioration since last Q PSP Swiss Property I Page 15

16 Expiry Profile of Leases (December 2017) (Legal termination option by tenants) 18% 16% 14% 12% 10% 8% 10% 13% 12% 14% 16% 6% 4% 2% 6% 10% 4% 7% 7% 0% NL 1% 1% 59% of the 2018 maturities (CHF 29.1 m) are renewed. 41% of the 2018 maturities are still open. NL: Contracts not limited in time, but subject to notice. PSP Swiss Property I Page 16

17 Changes in Fair Value (December 2017) (CHF m) 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 (Dec. 2017) Nominal Discount Rate Area Minimum Maximum Weighted Ø Zurich 2.6% 5.3% 3.5% Geneva 3.2% 5.3% 3.8% Basel 3.1% 4.0% 3.7% Bern 3.0% 4.7% 3.6% Lausanne 3.1% 4.6% 3.7% Other locations 3.3% 5.6% 4.4% All areas 2.6% 5.6% 3.6%** Weighted Ø discount rate 4.91%* 4.81%* 4.57%* 3.82** 3.62%** * 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 Q1-Q Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 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 3.1 years Negotiation of loans expiring in 2019 started CHF 680 m unused committed credit lines as per today 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 Shareholders equity % - % of total assets 58.7% 57.5% 57.0% 54.9% 54.0% Deferred tax liabilities (net) % of total assets 10.9% 10.9% 11.1% 10.8% 10.7% Interest-bearing debt % - % of total assets 28.1% 28.9% 29.0% 31.9% 33.7% 1 - 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% 1.16% 2 Interest coverage ratio 7.9 x 7.8 x 8.0 x 9.1 x 10.0 x Fixed interest rate > 1 year 77.2% 83.9% 79.7% 96.4% 96.0% Ø fixed-interest period in years Adjusted LTV of 31.2% (31 Dec. 2016: 31.0%): excludes bond and private placement of CHF 275m (31 Dec. 2016: CHF 100m) related to temporary fixed-term deposits. 2 Reflects the average interest rate over the past four quarters. As per 31 Dec. 2017, the passing average rate was 0.99% (31 Dec. 2016: 1.28%). PSP Swiss Property I Page 21

22 Agenda Key Facts and Figures 3 Financial Results FY Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 PSP Swiss Property I Page 22

23 Project Pipeline CHF 360 million to invest going forward 1 7/3/4 1 2 Basel Grosspeter Tower Lausanne Rue Saint Martin CHF 120 m CHF 13 m 3 Zurich Hardturmstrasse/ Förrlibuckstrasse CHF 65 m 2 4 Zurich Bahnhofquai/-platz (stage 2 in planning, stage 3 under review) CHF 55 m CHF 45 m (stages 2 & 3) Paradiso Parco Lago Geneva Rue du Marché CHF 80 m CHF 30 m 7 Zurich Orion (in planning) CHF 130 m sites 8 projects PSP Swiss Property I Page 23

24 Project «Grosspeter Tower» Basel Under construction Completion beginning 2018 Mixed use ( m 2, hotel and office space) Zero-emissions operation ( Swiss Solar Price 2017 ) Investment sum approx. CHF 120 m (thereof CHF m spent at end of 2017) 75% let (hotel, ground floor & 13 office floors) Remaining space is in advanced negotiations PSP Swiss Property I Page 24

25 Project «Grosspeter Tower» Basel (cont.) Available In advanced negotiations Let Available PSP Swiss Property I Page 25

26 Project «Rue du Marché» Geneva Under construction Comprehensive renovation until 2020 Investment sum approx. CHF 30 m (thereof CHF 4.8 m spent at end of 2017) Anchor tenant: citizenm (international operating boutique hotel group) 70% pre-let Strong demand for remaining high street retail space Visualisations PSP Swiss Property I Page 26

27 «Residenza Parco Lago» Paradiso Under construction Completion beginning of 2020, all units to be sold 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 7.2 m spent at end of 2017) We expect 25% of the units to be sold by end of Visualisation PSP Swiss Property I Page 27

28 Project «Bahnhofquai/-platz» Zurich (1/2) Under renovation Total renovation (3 stages, investment sum approx. CHF 100 m) Stage 1: Bahnhofplatz 1, Bahnhofquai 9/11/15 Construction June Investment sum approx. CHF 55 m (thereof CHF 9.6 m spent at end of 2017) In advanced negotiations with anchor tenant CBRE retained as letting agent PSP Swiss Property I Page 28

29 Project «Bahnhofquai/-platz» Zurich (2/2) Under renovation Stage 2: Waisenhausstr. 2/4, Bahnhofquai 7 Construction start 2018 Investment sum approx. CHF 33 m (thereof CHF 4.5 m spent at end of 2017) Anchor tenant secured: Ruby Hotel, opening scheduled for 2021 Remaining space will be let to a restaurant, high demand Visualisation Stage 3: Bahnhofplatz 2 Under review Construction start tbd Investment sum approx. CHF 12 m PSP Swiss Property I Page 29

30 Project «Hardturmstrasse / Förrlibuckstrasse» Zurich Under renovation Completion end of 2018 / beginning of 2019 Total renovation of existing building Investment sum approx. CHF 65 m (thereof CHF 46.6 m spent at end 2017) 75% pre-let In advanced negotiations for letting the remaining space Visualisations PSP Swiss Property I Page 30

31 Project «Hardturmstrasse / Förrlibuckstrasse» Zurich (cont.) Letting split Vacant, 25% Telecommunication, 24% Westhive: next generation Co-working Medtech, 10% Other, 16% IT, 7% Co-working, 5% Energy, 6% Government, 7% PSP Swiss Property I Page 31

32 Project «Orion» Zurich In planning Förrlibuckstr. 178/180, Hardturmstr. 181/183/185 to be replaced by a modern office building Investment sum approx. CHF 130 m (construction ) CBRE appointed as letting agent In discussion with an anchor tenant for 25% of the surface Project «Orion» Project «Hardturmstrasse / Förrlibuckstrasse» PSP Swiss Property I Page 32

33 Project «Orion» Zurich (cont.) Project outline Current situation PSP Swiss Property I Page 33

34 Project «Orion» Zurich, Visualisation (cont.) Visualisations PSP Swiss Property I Page 34

35 Project «Orion» Zurich, Visualisation (cont.) PSP Swiss Property I Page 35

36 Capex and Potential Rental Income Overview (CHF m) expected CAPEX Potential rental income 3 Preletting in % Project Grosspeter Tower, Basel ~ % Project Rue du Marché, Geneva ~ % Project Rue Saint-Martin, Lausanne ~ % Residenza Parco Lago, Paradiso Project Hardturm-/F buckstr., Zurich ~ % Project Bahnhofquai/-platz, Zurich 1, ~ % Project Orion, Zurich ~ 8.5 0% Total development sites ~ thereof committed 46.8 n.a. n.a. Total investment portfolio 55.2 n.a. n.a. 1 Under construction/renovation. 2 In planning. 3 Potential rental income after completion assuming full letting. 4 Of which CHF 10.0 m passing rental income already earned as of 31 Dec PSP Swiss Property I Page 36

37 Agenda Key Facts and Figures 3 Financial Results FY Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 PSP Swiss Property I Page 37

38 Subsequent Events 31 January 2018, increase of existing bond CHF 100 million (from CHF 100 million to CHF 200 million) 0.375%, maturing February 2018, addition of prime property portfolio CHF 190 million investment 9 centrally located & well maintained office buildings (5 in Geneva s banking district, 2 in Lugano, 1 in Lausanne, 1 in Fribourg) Annual rental income CHF 7.1 million PSP Swiss Property I Page 38

39 Agenda Key Facts and Figures 3 Financial Results FY Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 PSP Swiss Property I Page 39

40 Outlook 2018 Consolidated EBITDA (excl. changes in fair value) above CHF 235 m Vacancy rate portfolio (year-end) 8.5% 1 1 We are in the process of selling two properties: Av. des Morgines 8/10, Petit-Lancy and Bernerstr. Süd 167/169, Zurich. A disposal would reduce the full year vacancy guidance by 1.5% to 7%. PSP Swiss Property I Page 40

41 Agenda Key Facts and Figures 3 Financial Results FY Portfolio and Vacancy Rate 14 Capital Structure 20 Development Sites and Projects 23 Subsequent Events 38 Outlook 40 Annex 42 PSP Swiss Property I Page 41

42 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 Martin Heggli, 1977, COO Adrian Murer, 1974, CIO PSP Swiss Property I Page 42

43 Group Overview (31 December 2017) Executive Board (3) Banking, Capital Market Corporate Communications & IR (2) Legal (4) HR (1) Secretariat (1) Real Estate Investments Property Management Finance / Operations Asset Management (4) Zurich Office (16, 14*) Accounting / Treasury (8) Construction (16) Geneva Office (7, 5*) Tax / Controlling (1) Trading (2) Olten Office (10, 6*) Analysis / Reporting (1) Property Marketing (3) Projects / Digitalisation (1) IT (5) Number of employees: 86 * Number of caretakers: 25 PSP Swiss Property I Page 43 Services (1)

44 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 Repositioning of assets to best use Assessing acquisition opportunities and corporate deals PSP Swiss Property I Page 44

45 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 45

46 Shareholder Base (31 December 2017) Largest shareholder Alony Hetz: 12.21% Chase Nominees Ltd.: 6.29% BlackRock, Inc.: 5.86% 1 UBS Fund Management (Switzerland) AG: 3.06% 2 T. Rowe Price Associates, Inc.: 3.04% 3 Number of registered shareholders: Individuals: (9% of registered shares) - Legal entities: 621 (91% of registered shares) Non-registered, 28% CH, 43% 1 As per notification 2 September As per notification 13 July As per notification 8 October Other, 3% France / BeNeLux, 6% UK, 9% Israel, 12% PSP Swiss Property I Page 46

47 Ebitda % 81.8% 82.0% 81.3% 81.5% 85% % % % 65% 60% 50 55% % Ebitda excl. -RE in CHF m. Ebitda margin in %. PSP Swiss Property I Page 47

48 Net Income Components Net income excl. -RE in CHF m. Contribution of -RE in CHF m. PSP Swiss Property I Page 48

49 EPS EPS in CHF. EPS excl. -RE in CHF. PSP Swiss Property I Page 49

50 NAV + Cumulative Dividend per Share NAV per share in CHF. Payout in CHF, cumulative (allocation according to payment date). PSP Swiss Property I Page 50

51 NAV vs. Share Price NAV per share in CHF. Share price in CHF. PSP Swiss Property I Page 51

52 EPRA Performance Measures (CHF or %) EPRA PSP EPRA PSP A. EPS B. NAV C. NNNAV D. topped-up NIY E. Vacancy rate F. Cost ratio G. Like-for-like rental change -1.6 n.a n.a. H. Capex in CHF n.a n.a. 1 Excl. direct vacancy costs. PSP Swiss Property I Page 52

53 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 FY FY Geneva FY FY Basel FY FY Bern FY FY Lausanne FY FY Others FY FY Sites FY n.a. n.a. FY n.a. n.a. Total FY FY PSP Swiss Property I Page 53

54 Rent by Use Other, 11% Gastronomy, 4% Parking, 5% Retail, 17% Office, 62% PSP Swiss Property I Page 54

55 Rent by Type of Tenants Other, 17% Retail, 20% Government, 6% Gastronomy, 8% Services, 19% Financial Services, 9% Technology, 9% Telecommunication, 12% PSP Swiss Property I Page 55

56 Largest Tenants Swisscom, 11% Google, 4% Roche, 2% Swiss Post, 2% Bär & Karrer, 2% Next five largest, 9% Other, 69% PSP Swiss Property I Page 56

57 Ecological Sustainability Organisation Responsibility: 3 employees (1 asset management, 1 constructions, 1 property management) Implementation: constructions, property management, facility management Key environmental key indicators (specific figure/m 2 ) in 2017 (2016) Heating in kwh: (70.55) Electricity in kwh: (22.25) COe 2 output (heating and electricity) in kg: (12.98) Water consumption in m 3 : (0.495) Specific emissions reduced by 40% since launch of sustainability programme in 2010 Since 2015, reporting according to EPRA sbpr EPRA Gold Award, September 2017 PSP Swiss Property I Page 57

58 Portfolio Grid 1-10: Examples of improvements due to investments ( ) PSP Swiss Property I Page 58 Source: Wüest Partner, December 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 Corporate Communications & IR 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