Swiss Real Estate Funds At a Glance
STREETBOX IMMOFONDS LA FONCIERE IMMO HELVETIC FIR CS REF SIAT SOLVALOR 61 SWISSCANTO IFCA UBS DIRECT RESIDENTIAL SWISSINVEST REAL PROCIMMO UBS FONCIPARS SCHRODER IMMOPLUS SF SUSTAINABLE PROPERTY CS REF LIVINGPLUS UBS SWISS ANFOS UBS SWISS SIMA BONHOTE IMMOBILIER ROTHSCHILD RE SWISS REALSTONE POLYMEN FONDS CS 1A IMMO PK SWISSCANTO COMMERCIAL PATRIMONIUM CS REF GREEN PROPERTY RESIDENTIA UBS DIRECT URBAN CS REF INTERNATIONAL UBS SWISSREAL CS REF LOGISTICSPLUS CS REF INTERSWISS CS REF GLOBAL CS REF HOSPITALITY Agios and Disagio of the Swiss Real Estate Funds Average of listed funds 1 : 33.1% 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 - Agio / Disagio 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 31.3% Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 2
STREETBOX IMMOFONDS LA FONCIERE IMMO HELVETIC FIR CS REF SIAT SOLVALOR 61 SWISSCANTO IFCA UBS DIRECT RESIDENTIAL SWISSINVEST REAL PROCIMMO UBS FONCIPARS SCHRODER IMMOPLUS SF SUSTAINABLE PROPERTY CS REF LIVINGPLUS UBS SWISS ANFOS UBS SWISS SIMA BONHOTE IMMOBILIER ROTHSCHILD RE SWISS REALSTONE POLYMEN FONDS CS 1A IMMO PK SWISSCANTO COMMERCIAL PATRIMONIUM CS REF GREEN PROPERTY RESIDENTIA UBS DIRECT URBAN CS REF INTERNATIONAL UBS SWISSREAL CS REF LOGISTICSPLUS CS REF INTERSWISS CS REF GLOBAL CS REF HOSPITALITY Agios and Disagio of the Swiss Real Estate Funds Month-on-month and year-to-date change 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 - -1 28.04.17 (Agio: 33.1%) 31.03.17 (Agio: 32.6%) 30.12.16 (Agio: 27.) Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 3
Agios and Disagio of the Swiss Real Estate Funds Close Link between Agios and Longterm Interest Rates Weighted agio / disagio in % (listed and unlisted funds) 3 30.04.2017 31.03.1994 2 31.12.2016 31.12.2015 31.03.2007 1 30.06.1994 31.12.2008-30.09.1990 31.03.1993 10 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
Agios and Disagio of the Swiss Real Estate Funds Development since 1990 4 Agio / disagio Interest rate 9% 3 8% 3 7% 2 6% 2 1 4% 1 3% 2% 1% - -1 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016-1% Agio / disagio 10 year CHF swap rate Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 5
Agio Development since november 2008 Development of Commercial and Residential Real Estate Funds 4 4 3 3 2 2 1 1 - Jul 08Jan 09Jul 09Jan 10Jul 10Jan 11Jul 11Jan 12Jul 12Jan 13Jul 13Jan 14Jul 14Jan 15Jul 15Jan 16Jul 16Jan 17 SXI Real Estate Funds Commercial Real Estate Funds Residential Real Estate Funds Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds 6
Average Monthly Turnover of Swiss Real Estate Funds Between may 2016 and april 2017 in mn CHF UBS SWISS SIMA CS REF LIVING PLUS CS REF SIAT CS REF INTERNATIONAL UBS SWISS ANFOS CS 1A IMMO PK CS REF GREEN PROPERTY CS REF INTERSWISS UBS SW SWISSREAL SWISSCANTO IFCA IMMOFONDS ROTHSCHILD RE SWISS UBS FONCIPARS SCHRODER IMMOPLUS SOLVL 61 PRT LA FONCIERE BONHOTE IMMOBILIER CS REF HOSPITALITY REALSTONE SWISSINVEST REAL FIR Immo Helvetic PROCIMMO SF SUSTAINABLE PROPERTY PATRIMONIUM CH RE UBS DIRECT RESIDENTIAL CS REF GLOBAL UBS DIRECT URBAN SWISSCANTO COMMERCIAL CS REF LOGISTICSPLUS RESIDENTIA STREETBOX RE POLYMEN FONDS 0 10 20 30 40 50 60 70 80 90 CS 1a Immo PK, CS REF International, CS REF LogisticsPlus: OTC-trading Source: Credit Suisse AG, Datastream 7
CS REF INTERSWISS UBS SWISSREAL CS REF GLOBAL CS REF INTERNATIONAL CS 1A IMMO PK CS REF LOGISTICSPLUS CS REF HOSPITALITY PROCIMMO STREETBOX UBS SWISS SIMA IMMOFONDS CS REF GREEN PROPERTY IMMO HELVETIC CS REF SIAT SWISSCANTO COMMERCIAL UBS SWISS ANFOS UBS FONCIPARS SWISSINVEST REAL REALSTONE SCHRODER IMMOPLUS RESIDENTIA CS REF LIVINGPLUS SF SUSTAINABLE PROPERTY SWISSCANTO IFCA ROTHSCHILD RE SWISS UBS DIRECT RESIDENTIAL BONHOTE IMMOBILIER POLYMEN FONDS FIR PATRIMONIUM SOLVALOR 61 UBS DIRECT URBAN 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
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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
CS REF HOSPITALITY IMMO HELVETIC CS 1A IMMO PK IMMOFONDS SWISSINVEST REAL CS REF GREEN PROPERTY SF SUSTAINABLE PROPERTY CS REF LIVINGPLUS CS REF PROPERTYPLUS CS REF INTERSWISS CS REF LOGISTICSPLUS SOLVALOR 61 CS REF SIAT FIR ROTHSCHILD RE SWISS SCHRODER IMMOPLUS LA FONCIERE UBS DIRECT RESIDENTIAL SWISSCANTO IFCA UBS FONCIPARS UBS SW SWISSREAL UBS SWISS ANFOS UBS SWISS SIMA REALSTONE BONHOTE IMMOBILIER CS REF INTERNATIONAL UBS DIRECT URBAN STREETBOX SWISSCANTO COMMERCIAL PATRIMONIUM PROCIMMO POLYMEN FONDS RESIDENTIA CS REF GLOBAL Comparison of Total Expense Ratios (TER REF GAV) Fund Operating Expenses of Swiss Real Estate Funds 1.2 TER REF GAV 1.0 0.7 0.5 0.2 0.0 Source: Credit Suisse AG, last annual report of the funds 10
CS 1A IMMO PK IMMO HELVETIC SOLVALOR 61 SF SUSTAINABLE PROPERTY CS REF LOGISTICSPLUS SWISSINVEST REAL CS REF LIVINGPLUS CS REF GREEN PROPERTY IMMOFONDS CS REF PROPERTYPLUS CS REF HOSPITALITY CS REF SIAT UBS DIRECT URBAN UBS DIRECT RESIDENTIAL FIR CS REF INTERSWISS CS REF INTERNATIONAL UBS FONCIPARS SWISSCANTO COMMERCIAL UBS SWISS ANFOS UBS SW SWISSREAL SWISSCANTO IFCA SCHRODER IMMOPLUS ROTHSCHILD RE SWISS LA FONCIERE BONHOTE IMMOBILIER UBS SWISS SIMA PATRIMONIUM REALSTONE CS REF GLOBAL PROCIMMO STREETBOX RESIDENTIA POLYMEN FONDS Comparison of Total Expense Ratios (TER REF NAV) Fund Operating Expenses of Swiss Real Estate Funds 2.0 TER REF NAV 1.7 1.5 1.2 1.0 0.7 0.5 0.2 0.0 Extrapolations for those funds which have not yet published TER REF (NAV). Source: Credit Suisse AG, last annual report of the funds 11
UBS DIRECT URBAN CS 1A IMMO PK CS REF SIAT CS REF LOGISTICSPLUS CS REF INTERNATIONAL FIR UBS FONCIPARS SF SUSTAINABLE PROPERTY SWISSINVEST REAL CS REF LIVINGPLUS UBS DIRECT RESIDENTIAL CS REF GREEN PROPERTY RESIDENTIA CS REF PROPERTYPLUS UBS SWISS ANFOS SWISSCANTO IFCA UBS SWISS SIMA LA FONCIERE IMMOFONDS SWISSCANTO COMMERCIAL BONHOTE IMMOBILIER SCHRODER IMMOPLUS IMMO HELVETIC CS REF GLOBAL CS REF INTERSWISS UBS SW SWISSREAL ROTHSCHILD RE SWISS PATRIMONIUM POLYMEN FONDS PROCIMMO CS REF HOSPITALITY STREETBOX REALSTONE Third-party borrowings In % of aggregate market value 5 4 4 3 3 2 2 1 1 Source: Credit Suisse AG, last annual report of the funds 12
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 (%) (GAV) in mn CHF 4 capitalization focus ownership 5 30.04.2017 p.a. ann. (prov.) in mn CHF UBS SWISS SIMA CH0014420878 112.00 111.00 100.90 9.8% 6.2% 8.8% 85.9 30.4% 2.9% 0.82% 83.8 7'787.0 Mixed Indirect CS 1A IMMO PK 1,3 CH0008443035 1500.00 1530.00 1360.00 0. 5.7% 5.7% 1200.9 24.9% 3. 0.56% 28.6 3'959.0 Mixed Direct CS REF SIAT CH0012913700 204.90 206.00 186.00 7. 7. 9.4% 141.7 44.6% 2.6% 0.72% 38.6 3'163.4 Residential Indirect CS REF LIVINGPLUS CH0031069328 137.00 147.40 129.50 1.2% 4.4% 9.9% 103.3 32.7% 2.4% 0.66% 59.8 2'857.0 Residential Direct CS REF INTERNATIONAL 2,3 CH0019685111 1200.00 1270.00 1135.00 5.2% 8.3% 9.4% 1026.7 16.9% 3.6% 0.8 33.3 2'535.5 International Indirect UBS SWISS ANFOS CH0014420829 69.50 72.25 63.30 5.1% 5.3% 10.3% 52.5 32. 2.6% 0.82% 30.9 2'313.9 Residential Indirect CS REF GREEN PROPERTY CH0100778445 132.90 139.00 122.00 3.8% 6.3% 10.4% 109.7 21.2% 2.8% 0.64% 26.7 2'257.8 Sustainability Direct CS REF INTERSWISS CH0002769351 204.50 216.80 193.60 4.7% 2.7% 10.9% 184.9 10.6% 4. 0.68% 22.5 1'696.0 Commercial Indirect SWISSCANTO IFCA CH0037430946 144.90 148.00 127.10 8.9% 7.4% 8.2% 102.2 41.8% 2.4% 0.81% 21.1 1'527.9 Residential Indirect IMMOFONDS CH0009778769 475.00 475.00 419.00 8. 7.1% 9. 300.9 57.9% 2.8% 0.62% 15.5 1'529.0 Residential Indirect UBS SW SWISSREAL CH0014420886 68.25 73.45 66.10 5.1% 3.6% 10.3% 60.0 13.7% 3.9% 0.82% 22.3 1'561.5 Commercial Indirect LA FONCIERE CH0002782263 1115.00 1123.00 1005.00 6.3% 8.4% 10.3% 722.6 54.3% 1.9% 0.8 11.5 1'379.4 Residential Mixte SCHRODER IMMOPLUS CH0007251413 1379.00 1428.00 1238.00 6.4% 7. 10.3% 1037.0 33. 2. 0.8 13.9 1'323.8 Commercial Indirect UBS FONCIPARS CH0014420852 95.90 98.00 86.60 8.2% 7.9% 11.3% 71.7 33.7% 2.7% 0.82% 14.3 1'230.0 Residential Indirect FIR CH0014586710 193.80 196.90 170.50 8.2% 9.2% 9.2% 130.5 48.6% 2. 0.7 9.4 1'247.0 Residential Direct SOLVALOR 61 CH0002785456 270.00 273.00 242.60 5.8% 5.8% 7.8% 189.6 42.4% 1.9% 0.71% 13.3 1'216.6 Residential Direct IMMO HELVETIC CH0002770102 245.00 249.60 217.60 5.4% 8.6% 7.9% 164.6 48.8% 2.7% 0.53% 8.9 980.0 Residential Indirect ROTHSCHILD RE SWISS CH0124238004 140.60 141.50 126.00 6.8% 5.8% 8.7% 110.5 27.3% 2.2% 0.76% 14.4 939.6 Residential Direct SWISSINVEST REAL CH0026168846 181.00 185.80 165.00 4.3% 9. 8.7% 129.0 40.3% 2. 0.63% 9.5 877.2 Residential Indirect BONHOTE IMMOBILIER CH0026725611 149.50 152.00 138.60 3.6% 6. 9.7% 115.2 29.8% 2.1% 0.8 10.4 890.5 Residential Direct REALSTONE CH0039415010 154.00 156.00 138.00 5.2% 6. 9.2% 121.1 27.2% 2. 0.83% 10.0 849.1 Residential Direct CS REF HOSPITALITY CH0118768057 94.15 98.50 91.50 1.3% 0. 8.7% 96.0-2. 3.2% 0.5 10.3 824.2 Hospitality Direct PROCIMMO CH0033624211 175.20 179.00 150.50 8.8% 8.8% 7.8% 130.1 34.7% 3. 0.94% 8.7 846.0 Commercial Direct PATRIMONIUM CH0034995214 155.00 155.60 145.10 1.1% 9.3% 125.7 23.3% 1.9% 0.9 6.1 638.9 Residential Direct UBS DIRECT RESIDENTIAL CH0026465366 18.20 18.50 16.90 0.8% 9.6% 12.9 40.9% 2.2% 0.8 6.0 604.1 Residential Direct SF SUSTAINABLE PROPERTY CH0120791253 148.00 148.40 122.60 10.9% 0. 111.5 32.8% 2. 0.64% 6.3 523.1 Residential Direct SWISSCANTO COMMERCIAL CH0111959190 126.50 140.50 120.00 3.1% 0. 101.9 24.1% 2.6% 0.89% 3.9 453.3 Mixed Direct UBS DIRECT URBAN CH0192940390 13.15 13.60 12.25 5. 0. 11.2 17.2% 1.9% 0.86% 4.0 378.7 Mixed Direct CS REF LOGISTICSPLUS 2 CH0245633950 116.00 118.50 106.50 12.1% 0. 102.3 13.4% 3.3% 0.7 3.6 348.0 Logistics Direct POLYMEN FONDS CH0107006550 151.00 151.00 130.00 6.7% 0. 118.7 27.2% 2.2% 1.0 2.2 337.8 Residential Direct CS REF GLOBAL CH0139851676 92.80 105.70 92.00 2.8% 1.2% 9.6% 94.3-1.6% 3.6% 1.13% 4.7 214.4 International Indirect STREETBOX CH0037237630 447.50 456.00 396.75 0. 253.4 76.6% 2.9% 0.87% 2.5 183.1 self storage Direct RESIDENTIA CH0100612339 134.00 133.00 124.70 3.8% 6.9% 6. 113.1 18. 2.4% 1.06% 2.8 160.9 Residential Direct SXI REAL ESTATE FUNDS 3 CH0009947406 6.2% 6.2% 7.1% 33.1% 2.7% 0.7 493.4 40'393.7 1 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
INTERSHOP N INVESTIS N HIAG IMMOBILIEN AG ALLREAL N MOBIMO N WARTECK N SWISS PRIME SITE N BFW LIEGENSCHAFTEN N VARIA US PROP N SWISS FINANCE & PROPERTY ZUG ESTATE AG PSP N PLAZZA N PAX N Premium/Discount of Real Estate Investment Companies Average Discount: 18.9% 7 6 5 4 3 2 1-1 -2 Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 14
Historical Development of Premiums and Agios Swiss Real Estate Investment Companies vs. Real Estate Funds 4 Premium/Agio in % 3 2 1-1 -2-3 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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
SWISS PRIME SITE N INTERSHOP N MOBIMO N PSP N SWISS FINANCE & PROPERTY WARTECK N ALLREAL N BFW LIEGENSCHAFTEN N HIAG IMMOBILIEN AG PAX N PLAZZA N ZUG ESTATE AG VARIA US PROP N INVESTIS N 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
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) 30.04.2017 p.a. ann. (prov.) mn CHF SWISS PRIME SITE N CH0008038389 86.25 90.65 78.45 7.9% 7.9% 13.8% 72.36 19.2% 4.3% 291.9 6'165.1 PSP N CH0018294154 89.20 98.70 84.30 5.3% 5.7% 15. 88.84 0.4% 3.7% 148.5 3'591.9 ALLREAL N CH0008837566 171.20 171.50 132.00 17. 8.4% 15. 127.36 34.4% 3.4% 39.9 1'774.1 MOBIMO N CH0011108872 267.50 272.50 217.00 9.1% 8. 12.4% 205.95 29.9% 3.7% 46.6 1'663.4 INTERSHOP I CH0273774791 479.25 509.50 429.00-0.3% 13.6% 12.4% 305.76 56.7% 4.2% 15.5 637.4 ZUG ESTATE AG CH0148052126 1750.00 1785.00 1570.00 7.3% 8.7% 1607.63 8.9% 1.2% 2.6 380.3 HIAG IMMOBILIEN AG CH0239518779 122.90 123.40 92.20 20.9% 0. 89.55 37.2% 2.8% 2.6 346.0 PLAZZA N CH0284142913 230.50 245.00 207.00 2.7% 0. 253.61-9.1% 1.3% 3.2 289.1 WARTECK N CH0002619481 1934.00 1949.00 1812.00 4.4% 5.2% 7.6% 1499.80 29. 3. 2.2 261.4 SWISS FINANCE & PROPERTY CH0032816131 98.30 101.50 80.00 12.2% 0. 6.8% 88.73 10.8% 3.7% 1.7 202.4 BFW LIEGENSCHAFTEN N CH0018206117 45.50 46.00 37.15 19.1% 10. 38.34 18.7% 3. 2.0 213.5 INVESTIS CH0325094297 60.50 61.95 55.00 6.6% 0. 0. 41.43 46. n.a. 7.5 169.4 VARIA US PROP N CH0305285295 36.00 40.50 35.10 0. 0. 0. 31.62 13.8% n.a. n.a. 107.7 PAX N CH0002178348 1615.00 1630.00 1285.00 15.8% 11.3% 15.7% 1800.10-10.3% 1. 1.4 84.4 ZUEBLIN IMM N CH0312309682 23.20 23.20 17.60 20. -37.1% 52.9% 40.56-42.8% 0. 1.3 48.2 SXI REAL ESTATE SHARES CH0042660313 8.4% 7.4% 11.1% 18.9% 3.7% 566.9 15'934.1 1 monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies 17
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 ulrich.braun@credit-suisse.com Phone +41 44 332 58 08 christian.braun@credit-suisse.com Phone +41 44 333 44 00 18
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