Zurich, 20 November 2024
Ad hoc announcement pursuant to Art. 53 LR

Swiss Life REF (CH) ESG Swiss Properties: successful 2023/2024 financial year with growth and dividend increase

The exchange-listed real estate fund Swiss Life REF (CH) ESG Swiss Properties integrated a portfolio of 47 newly acquired properties in the 2023/2024 financial year. Rental income increased by 4.5% on a like-for-like basis (between 30 September 2024 to 30 September 2023). The net asset value per unit remains at CHF 113.73, with a distribution of CHF 2.70.

The real estate portfolio, which is diversified throughout Switzerland, contains a total of 201 existing properties with a market value of CHF 3206 million (as at 30 September 2024). The market value of real estate held during the entire reporting period increased by 0.4% (net), after deducting the investments made. The net asset value per unit (before distribution) therefore remained stable at CHF 113.73 (2022/2023: CHF 113.73).

Fund continues to grow, net income again increases
A successful capital increase of around CHF 610 million enabled the fund to acquire an attractive portfolio of 47 properties in cities and well-connected suburbs with a market value of around CHF 701 million from Swiss Life Ltd. By contrast, seven properties were sold during the 2023/2024 financial year, resulting in net capital gains totalling CHF 7.2 million (after deducting taxes and selling costs). The vacancy rate remained at a low level of 1.6% (2022/2023: 1.5%). The borrowing ratio fell to 22.11% as at 30 September 2024 (2022/2023: 26.05%) as a result of the sales and the equity increase.

The fund’s net income increased to CHF 57.0 million and, together with the profit from the sales, there was a realised gain of CHF 64.2 million, of which CHF 58.3 million or CHF 2.70 per unit will be distributed to investors (previous year CHF 2.60). The ex date for the dividend is 27 November 2024. It will be paid on 29 November 2024. The yield on distribution based on the exchange price is therefore 2.28% (as at 30 September 2024) and 2.37% based on the net asset value (NAV).

Thanks to the advantageous combination of a staggered fee structure and the fund growing, the fund operating expense rate (TER_REF GAV) was reduced further to 0.70% (2022/2023: 0.74%; SXI Real Estate Funds Broad 2023 [SWIIT]: 0.73%).

Further information on the fund is available at the following link.
 

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 30 June 2024 assets under management for third-party clients amount to CHF 116.7 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 262.2 billion. Swiss Life Asset Managers is a leading institutional real estate investor in Europe¹. Of the assets totalling CHF 262.2 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 June 2024 thus came to CHF 108.5 billion.

Swiss Life Asset Managers employs more than 2200 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 #1 IPE Top 150 Real Estate Investment Managers 2023 Ranking Europe, #2 INREV Fund Manager Survey 2024

Disclaimer
This announcement has been prepared with the greatest of care and to the best of our knowledge and belief. However, we do not accept any liability for losses which may arise from making use of this information. This publication is not intended as a solicitation or recommendation to acquire or sell investment instruments but is intended for information purposes only. Prior to subscribing for 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. They can be obtained free of charge in electronic or printed form from the fund management company, Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich.

Historical performance is not an indicator of current or future performance. The performance data do not take into account commissions and costs incurred when issuing and redeeming 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. Funds of Swiss Life Asset Managers 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 for professional and institutional clients. More information at www.swisslife-am.com. Source: Swiss Life Asset Managers (unless otherwise stated). All rights reserved. Contact: info@swisslife-am.com.