Annual Report 2011-2012

Portfolio Switzerland

Portfolio development

The letting activities performed well. Vacancy rates were reduced in all properties with vacancies. In Zollikofen in particular a number of rental contracts were extended and new tenants were found. As a result the portfolio vacancy rate fell from 11.4% to 5.3%. Züblin was also able to agree improved terms on the rental contracts extended in Zurich. These positive developments reflect the results of the successful renovation projects, which are also behind the 4.5% increase in the value of the Swiss property portfolio. The last two major renovation projects in Switzerland are currently ongoing in Berne and Zollikofen. They are due to be completed at the end of the financial year 2012/2013.

Market development

In spite of the slowdown in the growth rate of the Swiss economy the rental market for office properties remained robust. Demand for energy-efficient properties is growing strongly. As a result the company expects a continued gradual decline in vacancy rates in prime locations, particularly in Geneva and Zurich.

The strong rental market, continued record low interest rates, and the undiminished demand for real estate led to a further rise in real estate prices.

This is stimulating an upturn in construction activity, which should feed through to a normalization in the rate of property price inflation in the coming years.

Portfolio overview

Portfolio overview
CHF/EUR in million 31.3.2012 31.3.2011
     
Market value in CHF 370.4 337.6
Market value in EUR 307.5 259.6
Annual rental income in CHF * 16.5 15.9
Annual rental income in EUR * 13.7 12.3
Vacancy rate 5.3% 11.4%

* without renovation projects

Major tenants

Major tenants
Tenant Sector   % share of annual rental income
    Portfolio Switzerland Total
       
Baker & McKenzie, Zurich Law firm 17.8% 4.6%
Etat de Genève, Geneva Public services 16.4% 4.2%
SBB AG, Berne Transportation 8.6% 2.2%
Roland Berger, Zurich Consulting 7.4% 1.9%
Tax Partner, Zurich Tax cunsulting 5.3% 1.4%
Total   55.5% 14.3%

Lease contract analysis CHF in million

Lease contract analysis
CHF in million
Prop. No. City, address Property certificates Züblin EMS Date of acquisition Year of construction/ renovation Annual rental income CHF 1000 Vacancy (CHF) % Ownership Discount rate % Plot size m2 Office m2 Retail m2 Trade/ logistics m2 Other space m2 Total usable space m2 Vacancy m2 Vacancy (m2) % No. of parking spaces
1 Baden, Rütistrasse 3/3a   1.3.2000 1961 2011/12 840 12.5 4.40 1 172 3 280 404 1 175 4 859 386 7.9 7
2 Egg, Gewerbestrasse 12/12a M in Planning 1.4.2000 1982/87 2011/12 876 15.1 4.60 4 894 3 561 528 1 642 5 731 1 025 17.9 93
3 Zurich, Hardturmstrasse 76   20.3.2000 1967 2010 862 2.1 4.10 1 100 2 822 882 3 704 223 6.0 25
4 Zurich, Talstrasse 80   6.4.2004 1949 2010 1 567 0.0 3.80 574 2 603 526 3 129 0.0 9
5 Zurich, Talstrasse 82   1.1.2000 1950 1 918 0.0 3.80 817 2 473 690 379 3 542 0.0 1
6 Zurich, Holbeinstrasse 22/30 M 1.7.2008 1961/72 2010 4 315 0.0 3.50 1 660 5 524 280 5 804 0.0 46
  Total region of Zurich         10 379 2.8     10 217 20 263 1 094 528 4 884 26 768 1 634 6.1 181
                                     
  Region of Berne                                  
7 Zollikofen, Industriestrasse 1   21.12.1998 1991/ 2011/12 3 319 15.8 / 4.50 4 942 12 667 1 022 12 148 25 837 5 725 22.2 312
                                     
  Region of Geneva                                  
8 Geneva, Boulevard Carl-Vogt 17/19 M 1.9.1999 1963 2010 2 787 0.0 / 4.20 2 066 7 056 532 7 588 0.0 60
                                     
  Total Swiss portfolio         16 484 5.3     17 225 39 986 1 094 1 550 17 564 60 193 7 359 12.2 553
                                     
                                     
  Renovation project                                  
9 Berne, Morgenstrasse 136 M in Planning 1.6.2000 1991 2012 4.70 2 740 5 832 1 600   893 8 325 83

Ownership of 100%

Condominium ownership

Leasehold

M Minergie

DGNB Deutsche Gesellschaft für Nachhaltiges Bauen

HQE Haute qualité environnementale

BREEAM BRE environmental assessment method

Energie-Monitoring-Systems (EMS) existing

Energie-Monitoring-Systems (EMS) in planning

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Annual Report 2011-2012

Annual Report 2011-2012 (8.16 MB)