increased income and low vacancy rate in the first half of the 2023/2024 year. Capital increase of around CHF 610 million pla

Zurich, 29 May 2024
Ad hoc announcement pursuant to Art. 53 LR


Swiss Life REF (CH) ESG Swiss Properties: increased income and low vacancy rate in the first half of the 2023/2024 year. Capital increase of around CHF 610 million planned for July 2024.


Swiss Life REF (CH) ESG Swiss Properties invests in residential properties in Swiss cities and their suburbs as well as in centrally located commercial premises. At the half-year mark on 31 March 2024, the fund had 157 properties with a market value of around CHF 2505 million.

Half-year results as at 31 March 2024
In the first half-year, net income of CHF 21.31 million or CHF 1.32 per unit was generated. In addition, the sale of three properties in Lausanne and one property in Zurich realised a capital gain of CHF 3.39 million. The net asset value was CHF 1820 million or CHF 112.34 per unit.

On a like-for-like basis, the target rental income as at 31 March 2024 was 2.0% higher than at 30 September 2023. The vacancy rate was maintained at the already low level of 1.3%. The fund operating expenses rate GAV (TER_REF GAV) fell by 4 basis points compared to the same period in the previous year to 0.70%. 

Since its launch in November 2015, the Swiss Life REF (CH) ESG Swiss Properties has posted an annualised performance of 5.92% based on its exchange price, which is 1.33% higher than the reference index (SXI Real Estate Funds TR Index: 4.59%).

Capital increase in July 2024
A capital increase of around CHF 610 million is planned for July 2024. The aim of the capital increase is to acquire a real estate portfolio worth around CHF 700 million that will make a positive contribution to the net income of the Swiss Life REF (CH) ESG Swiss Properties. The portfolio will be acquired from Swiss Life Ltd, subject to approval by FINMA, and will mainly consist of residential properties in well-connected suburbs. As well as being used to purchase the portfolio, the capital raised will be invested in the renovation and densification of existing residential buildings. In addition, the borrowing ratio will be reduced.

The issue will take place on a commission (“best-effort”) basis as part of a public subscription offer in Switzerland. Three (3) subscription rights entitle the holder to purchase one (1) new unit. The subscription period for the issue is scheduled to run from 2 July until 12 noon CET on 12 July 2024. In total, a maximum of 5 400 000 new units will be issued. Any unsubscribed units will not be issued, which may reduce the amount of the issue. The actual number of new units to be issued is to be announced on 16 July 2024, with payment under subscription planned for 17 July 2024. The issue price is expected to be announced on 19 June 2024 and is based on the net asset value as at 31 March 2024 plus the purchase of current income and the incurred issuing commission of 1.5% (of which 0.5% will be allocated as incidental costs to the benefit of the fund).

You can find the half-year report and a factsheet on the capital increase on our website.

Fund information

The issue at a glance

Information
Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch

Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch

www.swisslife-am.com

Swiss Life Asset Managers
Swiss Life Asset Managers has more than 165 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg, the UK, Italy and the Nordic countries.

As at 31 December 2023 assets under management for third-party clients amount to CHF 111.8 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 255.7 billion. Swiss Life Asset Managers is a leading real estate manager in Europe¹. Of the assets totalling CHF 255.7 billion, CHF 85.4 billion is invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling CHF 21.2 billion in value. Total real estate assets under management and administration at the end of December 2023 thus came to CHF 106.7 billion.

Swiss Life Asset Managers employs more than 2200 people in Europe.

Self-determined Life
Swiss Life enables people to lead a self-determined life and look to the future with confidence. Swiss Life Asset Managers pursues the same goal: We think long-term and act responsibly. We use our knowledge and experience to develop future-oriented investment solutions. This is how we support our customers in achieving their long-term investment objectives, which in turn also take account of their client’s needs so they can plan their financial future in a self-determined manner.

¹ INREV Fund Manager Survey 2023 (AuM as of 31.12.2022)

Disclaimer
This announcement has been produced with the greatest possible care and to the best of our knowledge and belief. However, we do not accept any liability for losses resulting from the use of this information. This publication is not intended as a solicitation or recommendation to buy or sell investment instruments, but only serves to provide information. Prior to subscribing or acquiring fund units on the stock exchange, investors should obtain and carefully read the detailed information on the fund contained in the regulatory documentation (prospectus with integrated fund contract, PRIIPs KID and the latest annual and semi-annual reports) that serve as the sole legal basis for the purchase of fund units. These may be ordered free of charge in electronic or printed form from the fund management company, Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich.

Past performance is no indication of current or future performance The performance data do not include commissions and costs incurred when issuing and redeeming fund units. Both Swiss Life Ltd and the other members of the Swiss Life Group are entitled to positions in this fund and to purchase and/or sell them. Swiss Life Asset Managers’ funds may not be offered for sale or sold in the US or on behalf of US citizens or US persons residing in the US. “Swiss Life Asset Managers” is the brand for the asset management activities of the Swiss Life Group. More information is available at www.swisslife-am.com. Source: Swiss Life Asset Managers (unless stated otherwise). All rights reserved. Contact: info@swisslife-am.com.