Zurich, 28 May 2025
Ad hoc announcement pursuant to Art. 53 LR
Swiss Life REF (CH) ESG Swiss Properties: solid returns in the first half of 2024/25
- Realised profit of CHF 30.3 million and net income of CHF 27.4 million achieved
- Net asset value (NAV) CHF 112.37
- No major sales or capital increases planned at present
Swiss Life REF (CH) ESG Swiss Properties generated a total realised profit of CHF 30.3 million and net income of CHF 27.4 million in the first half of 2024/25. Both the return on equity (ROE) and the return on invested capital (ROIC) were above the previous year’s values as at 30 September 2024 and 31 March 2024. The TER fell from 0.70% to 0.68% of the gross asset value. The NAV as at 31 March 2025 was CHF 112.37 per unit (NAV as at 30 September CHF 2024 113.73, before distribution of CHF 2.70). During the half-year period, the fund sold a total of five properties with a market value of around CHF 60 million. Gross sales prices were on average around 5% above the latest market values, and around CHF 2.9 million in realised capital gains were credited to the income statement (net). There was no revaluation of properties for the half-year.
The residential portfolio purchased in July 2024, which had a net profitability around 0.4 percentage points higher than the existing portfolio by the end of the half-year of 31 March 2025, with comparable vacancies (2.3% versus 2.2%), made also a positive contribution to the result.
The result was adversely affected by the default of a large, long-standing tenant on Löwenstrasse in Zurich. The space affected has already been let again from October 2025. However, the income statement was adversely affected by an extraordinary del credere expense, which accounts for the entire loss up to the end of the financial year as at the end of September. This expense is largely responsible for the short-term rise in the rental loss rate to 3.8%.
Outlook
The second half of the year will focus on the further optimisation of current income and expenses. No major sales are currently planned, nor is a capital increase planned.
The half-year report and further information on the fund are available on our
website.
Fund information
| Name: |
Swiss Life REF (CH) ESG Swiss Properties |
| ISIN / security no. of fund: |
CH0293784861 / 29378486 |
| Income: |
Distributing |
| Legal form: |
Contractual real estate fund |
| Fund domicile: |
Switzerland |
| Circle of investors: |
Non-qualified and qualified investors |
| Fund management and administrator: |
Swiss Life Asset Management Ltd |
| Portfolio management: |
Swiss Life Asset Management Ltd |
| Custodian bank: |
UBS Switzerland AG, Zurich |
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 2024 assets under management for third-party clients amount to CHF 124.7 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 272.3 billion. Swiss Life Asset Managers is a leading institutional real estate investor in Europe1. Of the assets totalling CHF 272.3 billion, CHF 87.7 billion is invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling CHF 20.8 billion in value. Total real estate assets under management and administration at the end of December 2024 thus came to CHF 108.4 billion.
Swiss Life Asset Managers employs more than 2300 people in Europe.
A financially self-determined life
Swiss Life enables people to lead a financially 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 future in a financially self-determined manner.
1 #2 IPE Top 150 Real Estate Investment Managers 2024 Ranking Europe, #2 INREV Fund Manager Survey 2024
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.
