Realstone Swiss Property Fund - Swiss Finance & Property AG
Realstone Swiss Property Fund - Swiss Finance & Property AG
Realstone Swiss Property Fund - Swiss Finance & Property AG
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<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
<strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
<strong>Swiss</strong> Residential <strong>Property</strong> <strong>Fund</strong><br />
IPO on February the 1st 2010<br />
January the 29th 2010
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Table of content<br />
1. <strong>Realstone</strong> SA, organisation and structure<br />
2. <strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
3. <strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong> IPO<br />
4. Sustainable real estate: Smart Metering<br />
5. Conclusion
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
1. Organisation and structure
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
1.1. <strong>Realstone</strong> SA<br />
• <strong>Swiss</strong> <strong>Fund</strong> Management company<br />
• Created in 2004, supervised by FINMA<br />
• Located in Lausanne<br />
• Independence<br />
• Integrated real estate and financial skills<br />
• Awareness for sustainable development
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
<strong>Realstone</strong> SA<br />
Board of Directors<br />
Esteban Garcia Charles de Bavier Christian Niels Hannes Ehrensperger<br />
Chairman Lawyer - Co-Chairman Real Estate Agent Architect<br />
Management<br />
Thierry Wacker Pierre Menoux Sandra Pelichet<br />
CFO Real Estate Director Legal Director<br />
A. Gingins Ph. Frossard<br />
C. Felber M. Michaud<br />
F. Meile H.-J. Ackermann
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
1.2. <strong>Fund</strong>s<br />
• <strong>Realstone</strong> Equity Asian <strong>Property</strong> - 2005<br />
• <strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong> - 2008<br />
• <strong>Realstone</strong> Development <strong>Fund</strong> (green) - 2010
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
2. <strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
<strong>Swiss</strong> Residential <strong>Property</strong> <strong>Fund</strong>
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
2.1. Presentation<br />
• <strong>Swiss</strong> <strong>Fund</strong> open to private and institutional investors<br />
• Invested in <strong>Swiss</strong> residential properties<br />
• 88% residential<br />
• 8% commercial<br />
• 4% parking<br />
• Invested throughout Switzerland<br />
• 1/3 <strong>Swiss</strong> German<br />
• 2/3 <strong>Swiss</strong> French
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
<strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> today<br />
• > CHF 200 million invested in various buildings<br />
• Performance: > 12% after 18 months<br />
• around 4% vacancy rate<br />
• Debt ratio +/- 45% -> 30%<br />
• Objectives<br />
• Approx. CHF 90 million spreaded over 10 years<br />
• Average interest rate 2.9%<br />
• IPO on the <strong>Swiss</strong> Stock Exchange (SIX) on February the 1st 2010<br />
• Total fund assets reaching CHF 500 million in 2013
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
2.2 <strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong> Structure<br />
Auditors<br />
PWC<br />
Investor<br />
<strong>Fund</strong> Manager<br />
<strong>Realstone</strong> SA<br />
<strong>Realstone</strong> <strong>Swiss</strong><br />
<strong>Property</strong><br />
Custodian Bank<br />
BCV<br />
Experts approved<br />
by FINMA<br />
Real Estate<br />
Agencies
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
2.3. Selection Criteria<br />
Situation Quality of property<br />
1. Accessibility<br />
2. Quality of infrastructure<br />
3. Demographics<br />
4. Employment trend<br />
5. Community appeal<br />
6. Tax rate<br />
7. Dynamics of the building market<br />
8. Appeal of neighbouring properties<br />
9. Market liquidity<br />
10. Vacancy risk<br />
11. Level and trend of property values<br />
(Wuest & Partner)<br />
1. Profitability<br />
2. Actual vacancy rate<br />
3. Level of rents and rental reserves<br />
4. Construction quality<br />
5. Maintenance works<br />
6. Level of rental expenses<br />
7. Lease system<br />
8. Ecology<br />
(<strong>Realstone</strong>)
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
2.4. Selection Process<br />
1000<br />
100<br />
20<br />
CHF 10 bilion properties visited and<br />
analysed each year<br />
CHF 1 bilion properties evaluated<br />
CHF 200 million acquired
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
2.5. Investment Strategy<br />
Downtown 50%<br />
Suburb 30%<br />
Opportunistic 20%<br />
VD 44%<br />
<strong>AG</strong> 29%<br />
NE 20%<br />
GE 4%<br />
FR 1%
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
L’Esplanade - La Chaux-de-Fonds<br />
• Builded in 1997<br />
• Subsidized building<br />
• 1‘000 inhabitants<br />
• 300 appartments<br />
• 262 parkings<br />
• 5‘000 sqm commercial<br />
• Total acquisition cost 36,7 million<br />
• Rental value 3,9 million<br />
• Gross yield 10.62%
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
L’Esplanade - Developments<br />
• Improvement of the quality of life<br />
• Opening of a grocery store, a bakery,<br />
and a Tea-Room<br />
• Building of a day nurcery<br />
• New corporate identity<br />
• Integration and visibility in the economical<br />
and sports cercles<br />
• Optimisation of the energy consumption<br />
of the area
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
2.6. Taxes<br />
• The fund is the direct owner of the buildings<br />
• The <strong>Fund</strong> is responsible for the taxes<br />
• In exchange get a 50% tax discount<br />
• The shareholder pays no tax<br />
• No withholding tax<br />
• No income tax<br />
• No wealth tax
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
3. <strong>Realstone</strong> <strong>Swiss</strong> <strong>Property</strong> IPO
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
3.1. Expanding real estate securitization<br />
SBI-Bonds<br />
SPI-Stocks<br />
Real Estate Securities<br />
Insured Real Estate<br />
DCF - Real Estate<br />
30<br />
290<br />
864<br />
0 750 1'500 2'250 3'000<br />
1600<br />
Capitalization CHF bilion<br />
2500
48.00<br />
43.00<br />
38.00<br />
33.00<br />
28.00<br />
23.00<br />
18.00<br />
13.00<br />
8.00<br />
3.00<br />
-2.00<br />
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
3.2 Potential of Premium (Agio)<br />
DREF<br />
Procimmo<br />
Bonhôte-Immobilier<br />
UBS SW SWISSREAL<br />
SCHRODER ImmoPlus<br />
UBS FONCIPARS<br />
CS REF <strong>Property</strong> Plus<br />
UBS SWISS SIMA<br />
FIR<br />
Average<br />
<strong>Swiss</strong>invest REAL<br />
Agio:Difference expressed in % between the price of stock<br />
exchange and the net asset value (NAV) on 31.12.2009.<br />
UBS SWISS ANFOS<br />
CS REF LivingPlus<br />
Immo Helvetic<br />
CS REF Interswiss<br />
LA FONCIERE (FOC)<br />
IMMOFONDS<br />
CS REF SIAT<br />
<strong>Swiss</strong>canto Ifca<br />
SOLVALOR 61<br />
Agio %
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
3.3. Performance RSP from 01.07.08 to 30.09.09<br />
Performance RSP 12%, SIX 9.81%
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
One of our fundamental value<br />
The sustainable development:<br />
Respect the economic, ecological and social aspects<br />
of the housing environment.
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Nachhaltige Immobilien:<br />
«Smart Metering»<br />
EIn Zusammenarbeit mit dem Industiellen Betrieb der Stadt Lausanne
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Verantwortung des Vermieter<br />
Feststellung<br />
• Zu hohe Nebenkosten für den Mieter sowie Vermieter<br />
• Akute Zunahme (x3) der CO2-Taxe<br />
• Anpassung des Mietrechtes - (Aufteilung Mieter/Vermieter)<br />
Aktion<br />
• Das Konsumentenverhalten beeinflussen<br />
• Eine realisierbare Lösung, welche das ökologische, wirtschaftliche<br />
und soziale Wohnungswesen respektiert, aufweisen
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Resultate für den Mieter<br />
Elektrizität<br />
Heizung<br />
Wasser
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Resultate für den Vermieter<br />
Nebenkosten<br />
Nebenkosten<br />
Miete Miete<br />
Markt<br />
15%
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Eine Antwort<br />
Der «Smart Metering».<br />
• USA: Der Präsident Obama hat sich entschlossen 3.4 Milliarden USD<br />
in den «Smart Metering» zu investieren<br />
• Italien: 31 Millionen Zähler sind installiert<br />
• Frankreich: Investitionen in Höhe von 5 Millarden Euro vorgesehen<br />
• Und für die Schweiz ?
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Ziel des Projektes<br />
• Energetische Effizienz: Konsumreduzierung beim Mieter une Vermieter<br />
von bis zu 15%<br />
• Pilotenprojekt realisiert auf eine Gruppe von Immobilien (200<br />
Wohnungen), welcher von <strong>Realstone</strong>, auf dem Netz des Industriellen<br />
Betriebes der Stadt Lausanne, bestimmt wurde
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Der «Smart Metering»<br />
Portal<br />
Endansicht im Gebäude<br />
Installierung<br />
Kunde<br />
ERF Lieferant / Verteiler<br />
Plattform Smart Metering<br />
Kommunikation<br />
Zähler<br />
Elek. ¦ Gas ¦ Wasser ¦ Heiz.
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Der «Smart Metering»
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Die Produkte «Smart metering»<br />
Beispiel mit IMMOLABEL<br />
Zusammenstellung der Etikettenbilanz:<br />
�Indexzahl des Wärmenaufwandes IWA<br />
�Indexzahl Klima – CO2<br />
�Indexzahl Energie (termisch u. elektrisch)<br />
�Indekator Wasser<br />
�Indekator Elektrizität<br />
�Indekator Bewohner<br />
�Auswirkung u. Potenzial
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Planung «Smart Metering»<br />
November 2009, offiziele Lancierung des Pilotenprojektes<br />
März 2010 :<br />
• Technische Installation im ersten Gebäude<br />
• Einrichtung der Plattform «Smart Metering»<br />
• Validierung der Indikatoren mit <strong>Realstone</strong> SA<br />
• Einrichtung des Portals<br />
Juni 2010 :<br />
• Installation auf den bestimmten Gebäuden<br />
• Erste Erfahrungs-Rückmeldungen
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Feststellung<br />
«Die kostengünstigste Energie ist<br />
jene, die wir nicht konsumieren!»
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
IPO on February the 1st 2010<br />
We thank you for your attention<br />
and we wish you an excellent continuation.
<strong>Swiss</strong> <strong>Property</strong> <strong>Fund</strong><br />
Disclaimer<br />
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exclusivement, et ne sont pas contraignant juridiquement. En aucun cas<br />
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résultats à venir.<br />
• Les informations contenues dans les sites ne peuvent pas être<br />
considérées comme des conseils d'ordre juridique, fiscal ou autre. Nous<br />
vous conseillons vivement de vous informer selon votre situation propre<br />
et de solliciter les conseils adéquats avant de prendre des décisions en<br />
matière d'investissement.
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