The founding of Swiss Prime Site in 1999 by the Credit Suisse Pension Fund, Siemens Pension Fund and Winterthur Life (today: AXA) laid the foundation for the current real estate portfolio. The value of the real estate holdings grew through acquisitions and significant self-development projects to roughly CHF 3.8 billion (2008) within less than ten years. With the acquisition of the Jelmoli properties in 2009, the Company more than doubled its real estate portfolio. Additional key projects considerably boosted the level of quality and size of the real estate portfolio. Another spurt in growth followed with the acquisition of the three real estate-related services providers Tertianum (2013), SENIOcare (2015) and BOAS Senior Care (2016). The fair value of the real estate held by Swiss Prime Site Immobilien amounted around CHF 12 billion as at mid-2020.
The real estate portfolio of Swiss Prime Site Immobilien boasts a high level of quality of property and location, without exception. According to Wüest Partner, roughly 80% of the Group’s properties rank in the quadrants with the highest quality based on the overall market. The majority of properties (77%) are located in German-speaking Switzerland. In this context, canton Zurich and particularly Zurich City account for the lion’s share in this region with 43%. Another region in the spotlight is Geneva (21%).
Swiss Prime Site Immobillien has focused its portfolio of high-quality, value-retaining properties situated in prime locations primarily on commercial and services businesses and their needs. Of the total 1.6 million square metres of available floor space, 45% are leased as office and 26% as retail properties at present. The real estate portfolio’s maturity profile is long term and thus attractive. Roughly 20% of net rental income is generated with rental agreements with a term of ten years or more. Another 35% of the portfolio is subject to renewed leasing at terms of between four and nine years.