Swiss Real Estate Funds At a Glance. Real Estate Asset Management, SDRP 2 30 May 2014

Transcription

1 Swiss Real Estate Funds At a Glance Real Estate Asset Management, SDRP 2 30 May 2014

2 Agios and Disagio of the Swiss Real Estate Funds Average of listed funds 1 : 16.9% 1 if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 15.7% Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds Real Estate Asset Management, SDRP 2 30 May

3 Agios and Disagio of the Swiss Real Estate Funds Month-on-month and year-to-date change Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds Real Estate Asset Management, SDRP 2 30 May

4 Agios and Disagio of the Swiss Real Estate Funds Close Link between Agios and Longterm Interest Rates 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 Real Estate Asset Management, SDRP 2 30 May

5 Agios and Disagio of the Swiss Real Estate Funds Development since 1990 Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds Real Estate Asset Management, SDRP 2 30 May

6 Agio Development since October 2008 Development of Commercial and Residential Real Estate Funds Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds Real Estate Asset Management, SDRP 2 30 May

7 Average Monthly Turnover of Swiss Real Estate Funds Between June 2013 and May 2014 in mn CHF CS 1a Immo PK, CS REF International: OTC-trading Source: Credit Suisse AG, Datastream Real Estate Asset Management, SDRP 2 30 May

8 Distribution Yield of Swiss Real Estate Funds Distribution per Share Compared to the Share Price 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 Real Estate Asset Management, SDRP 2 30 May

9 Distribution Yield of Swiss Real Estate Funds Compared to 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 Real Estate Asset Management, SDRP 2 30 May

10 Comparison of Total Expense Ratios (TER REF ) Fund Operating Expenses of Swiss Real Estate Funds Source: Credit Suisse AG, last annual report of the funds Real Estate Asset Management, SDRP 2 30 May

11 Third-party borrowings In % of aggregate market value Source: Credit Suisse AG, last annual report of the funds Real Estate Asset Management, SDRP 2 30 May

12 Swiss Real Estate Funds at a Glance Name ISIN Price 52 week Performance NAV Agio Distribution TER Turnover Total market Investment Property high low YTD -5 y per unit yield (%) in mn CHF 4 capitalization focus ownership p.a. (prov.) in mn CHF UBS SWISS SIMA CH % 6.9% % 3.4% 0.89% '167.6 Mixed Indirect CS 1A IMMO PK 1,3 CH % 7.7% % 3.8% 0.58% '589.5 Mixed Direct CS REF LIVINGPLUS CH % 4.5% % 2.5% 0.67% '435.1 Residential Direct UBS SWISS ANFOS CH % 7.0% % 3.1% 0.89% '173.0 Residential Indirect CS REF INTERNATIONAL 2,3 CH % 4.5% % 4.0% 0.95% '112.9 International Indirect CS REF SIAT CH % 5.8% % 3.2% 0.75% '107.2 Residential Indirect CS REF INTERSWISS CH % 4.4% % 4.2% 0.69% '493.4 Commercial Indirect IMMOFONDS CH % 5.5% % 3.5% 0.65% '232.0 Residential Indirect SWISSCANTO IFCA CH % 4.0% % 2.9% 0.96% '204.2 Residential Indirect UBS SW SWISSREAL CH % 7.1% % 4.1% 0.89% '200.0 Commercial Indirect CS REF PROPERTYPLUS CH % 5.5% % 3.2% 0.68% '132.9 Commercial Direct LA FONCIERE CH % 7.8% % 2.5% 0.82% '028.7 Residential Mixte SCHRODER IMMOPLUS CH % 7.2% % 3.0% 0.82% '014.7 Commercial Indirect FIR CH % 9.2% % 2.6% 0.73% Residential Mixte CS REF HOSPITALITY CH % % 2.3% 0.56% Hospitality Direct UBS FONCIPARS CH % 6.9% % 3.0% 0.88% Residential Indirect SOLVALOR 61 CH % 0.3% % 2.7% 0.75% Residential Direct CS REF GREEN PROPERTY CH % % 2.6% 0.67% Sustainability Direct SWISSINVEST REAL CH % 8.1% % 3.3% 0.65% Residential Indirect BONHOTE IMMOBILIER CH % 5.2% % 2.5% 0.91% Residential Direct IMMO HELVETIC CH % 5.9% % 3.4% 0.54% Residential Indirect PROCIMMO CH % 6.4% % 4.0% 1.05% Commercial Direct UBS DIRECT RESIDENTIAL CH % % 2.4% 0.90% Residential Direct REALSTONE CH % % 3.1% 0.97% Residential Direct ROTHSCHILD RE SWISS CH % % 2.8% 0.71% Mixed Direct PATRIMONIUM CH % % 2.5% 0.90% Residential Direct CS REF GLOBAL CH % % 3.8% 1.17% International Indirect ROTHSCHILD RE HELVETIA CH % % 2.5% 0.63% Residential Direct RESIDENTIA CH % % 3.2% 1.10% Residential Direct SXI REAL ESTATE FUNDS 3 CH % 5.8% 16.9% 3.1% 0.81% ' 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 is 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 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 Real Estate Asset Management, SDRP 2 30 May

13 Premium/Discount of Real Estate Investment Companies Average Discount: 4.3% Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies Real Estate Asset Management, SDRP 2 30 May

14 Distribution Yield of Real Estate Investment Companies Distribution per Share Compared to the Share Price Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies Real Estate Asset Management, SDRP 2 30 May

15 Swiss Real Estate Investment Companies at a Glance Name ISIN Price 52 week Performance NAV Premium Distribution Turnover Market capihigh low YTD -5y per share yield (%) mn CHF 1 talization (FF) p.a. (prov.) mn CHF SWISS PRIME SITE N CH % 13.0% % 5.0% '356.2 PSP N CH % 13.5% % 4.0% '269.7 ALLREAL N CH % 3.8% % 4.5% '268.3 MOBIMO N CH % 9.9% % 5.0% '173.7 INTERSHOP I CH % 10.3% % 5.8% ZUG ESTATE AG CH % % 1.4% HIAG IMMOBILIEN AG CH % 0.0% WARTECK N CH % 6.1% % 3.9% SWISS FINANCE & PROPERTY CH % 8.6% % 3.7% BFW LIEGENSCHAFTEN N CH % 12.0% % 4.2% ZUEBLIN IMM N CH % -16.1% % 0.0% PAX N CH % 9.7% % 1.6% SXI REAL ESTATE SHARES CH % 10.4% 4.3% 4.4% ' monthly turnover average of the last 12 months Source: Credit Suisse AG, Datastream, last annual and semi-annual reports of the companies Real Estate Asset Management, SDRP 2 30 May

16 Real Estate Asset Management Your contact partners If you have any questions about real estate investments... we'll give you the answers. Ulrich Braun Real Estate Strategies & Advisory Director Fabian Linke Real Estate Strategies & Advisory Vice President Phone Tel Real Estate Asset Management, SDRP 2 30 May

17 Disclaimer This document was produced by Credit Suisse AG and/or its affiliates (hereafter referred to as "CS") with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses that might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. Unless otherwise indicated, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. In particular, it is recommended that the recipient check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of CS. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Historical returns and financial market scenarios are no guarantee of present and future performance. Performance data do not take into account any commissions and costs charged for issue and redemption. Furthermore, there is no guarantee that the performance realized will reach or surpass that of the relevant benchmark index. Copyright 2014 CREDIT SUISSE AG and/or its affiliates. All rights reserved. Real Estate Asset Management, SDRP 2 30 May