Press Release Ad Hoc
Sustainable Real Estate Switzerland publishes annual report, provides information on planned capital increase and proposal to amend the investment regulations and articles of association
Ad hoc announcement pursuant to Art. 53 LR
- Vacancy rate at its lowest level since the fund was established
- Net income increased by 2.4%
- Distribution increased
- Capital increase planned
- Amendments to the investment regulations and articles of association
Zurich, 25 September 2026: The sustainable real estate fund Sustainable Real Estate Switzerland closed the 2025/26 financial year with a strong result. The distribution will be increased by 4.5% to CHF 2.81 (subject to approval by the General Meeting on 22 October 2026). The quality and sustainability of the portfolio were further improved. A capital increase is planned for November 2026. In addition, in connection with the integration of Sustainable Real Estate AG into the Patrimonium Group (see press release dated 2 June 2026), a fund merger is being considered as a structural and strategic step for the future. At the upcoming General Meeting, the investment regulations and articles of association are to be amended with a view to the subsequent conversion into a contractual investment fund.
In the 2025/26 financial year, rental income increased by 1.6% compared with the previous year. This was due in part to the reletting of the property in Corsier-sur-Vevey, which had not been let during the major refurbishment from August 2024 to July 2025.
As part of the ongoing portfolio optimisation, the properties in Spiez and Hombrechtikon were sold. This generated a capital gain of approximately CHF 1.4 million (after tax), corresponding to CHF 0.42 per share. The proceeds from the sale will be used for acquisitions and the refurbishment of existing properties.
Net income increased by 2.4% to CHF 8.82 million. The attractiveness of the portfolio is reflected in a rental loss rate of 2.80% (previous year: 3.06%), the lowest level since the fund was established.
Net asset value, climate targets and distribution
The net asset value per share increased by 1.0% to CHF 108.52. The market value of the portfolio decreased by 1.8% compared with the previous year to CHF 4.60 million. The sale of the properties in Spiez and Hombrechtikon during the reporting period should be taken into account in this regard. On a like-for-like basis, the market value of the portfolio increased by 1.3%.
All energy and climate targets set for 2025 were achieved, and in some cases significantly exceeded. In 2025, energy intensity decreased by 7.9% compared with the previous year to 69.3 kWh per square metre of energy reference area. CO2e emissions intensity decreased by 15.9% to 9.6 kg/m2.
Income available for distribution increased by 12.5% compared with the previous year. The Board of Directors of Sustainable Real Estate Investments SICAV proposes that the General Meeting approve a distribution of CHF 2.81 per share (previous year: CHF 2.69).
Acquisition of properties in St. Gallen, Dübendorf and Fribourg
In September 2026, purchase agreements were signed for two existing properties in St. Gallen and Dübendorf. Sustainable Real Estate Switzerland was also awarded the contract to acquire a property in Fribourg.
Capital increase
The Board of Directors of Sustainable Real Estate Investments SICAV has resolved to carry out a capital increase of approximately CHF 25 million. The subscription ratio is 14 to 1. The subscription period is expected to run from 9 to 23 November 2026. The subscription price is expected to be announced in the issuance prospectus on 6 November 2026.
Strategic outlook
Further improving the quality of the portfolio through refurbishment measures and the realisation of development potential remains a strategic priority. The portfolio is to be expanded through targeted acquisitions. In the current market environment, the focus is particularly on attractive off-market transactions. At the same time, all properties in the portfolio are regularly reviewed for consistency with the investment strategy. This may result in further portfolio adjustments.
Amendments to the investment regulations and articles of association in view of a possible fund merger
At the General Meeting on 22 October 2026, an amendment to the investment regulations will be proposed to create the possibility for a sub-fund of the SICAV to be converted into a contractual investment fund at a subsequent General Meeting. In particular, this is intended to establish the basis for assessing and, where appropriate, implementing a possible future merger of Sustainable Real Estate Switzerland with another contractual real estate fund. In addition, the financial year-end is to be changed from 30 June to 31 March, resulting in a one-time shortening of the 2026/27 financial year from 1 July 2026 to 31 March 2027, or to nine months. The corresponding amendment to the articles of association will be submitted to the General Meeting for approval. Furthermore, Christoph Syz, CEO of Patrimonium Asset Management AG, will be proposed for election to the Board of Directors of the SICAV. The amendments have already been coordinated with FINMA in advance.
Key figures for Sustainable Real Estate Switzerland
CO2e reduction pathway2
Monitoring of energy and climate targets
1. Distribution: Subject to approval by the General Meeting on 22 October 2026 with regard to the distribution.
2. CO2e reduction pathway: The fund’s CO2e reduction pathway includes not only Scope 1 emissions (from oil and gas heating systems), but also Scope 2 emissions (from electricity and district heating), whereas the Swiss reduction pathway for residential buildings includes only Scope 1 emissions.
Contact
Marco Scheurer
Managing Director
Sustainable Real Estate AG
T +41 58 255 78 80
marco.scheurer@sustainable-real-estate.ch
SUSTAINABLE REAL ESTATE SWITZERLAND
The Sustainable Real Estate Switzerland real estate fund was launched in 2015 and invests throughout Switzerland in properties with a focus on residential use. The portfolio currently comprises 29 existing properties. The fund pursues a sustainable investment policy through an integration approach (consideration of environmental and social issues in investment decisions and throughout the entire life cycle, based on targeted processes and data analyses), climate alignment (compliance with the statutory requirements applicable in Switzerland and achievement of the net-zero target by 2050 at the latest, supported by a binding implementation plan), and the exclusion of certain commercial tenants in accordance with the AMAS self-regulation on transparency and disclosure for sustainability-related collective investment schemes.
SUSTAINABLE REAL ESTATE AG
Sustainable Real Estate AG is the fund provider and asset manager of the Sustainable Real Estate Switzerland real estate fund. The company also acts as a sustainability adviser and distribution partner for European real estate funds. Sustainable Real Estate AG is licensed by FINMA as a manager of collective assets and complies with the AMAS requirements regarding transparency and disclosure for sustainability-related collective investment schemes. The team has been jointly advancing sustainability in real estate for more than 15 years. Sustainable Real Estate AG has developed its own systems for assessing the sustainability of locations and buildings. The company acts as sustainability adviser to real estate funds in seven countries with a volume of more than CHF 1.2 billion. Sustainable Real Estate AG is a subsidiary of Patrimonium Holding AG.
Disclaimer
Full information on the Sustainable Real Estate Switzerland real estate fund can be found in the articles of association, the investment regulations, the prospectus and the respective annual reports, which form the basis for any investment. The articles of association, the investment regulations, the prospectus and the respective annual reports may be obtained free of charge from the fund management company CACEIS (Switzerland) SA, Route de Signy 35, 1260 Nyon, or from the custodian bank, CACEIS Bank, Montrouge, Nyon/Switzerland Branch, Route de Signy 35, 1260 Nyon. All documents are also available at www.swissfunddata.ch.
Investors should make decisions to buy or sell shares in the Sustainable Real Estate Switzerland real estate fund on the basis of their own analysis of the real estate fund and taking into account the benefits and risks associated with these shares. Historical performance figures are no guarantee of current or future results. Any performance data mentioned in this document do not take into account the commissions and costs charged upon the issue and redemption of shares.
Investors are specifically urged to carefully assess their risk profile before entering into any transaction and to inform themselves about the specific risks associated with these shares. Investors are also advised to consult their bank or financial adviser.
Parts of this announcement may constitute advertising for financial instruments within the meaning of Art. 68 FinSA. This announcement and the information contained herein do not constitute an offer to purchase or subscribe for shares in the Sustainable Real Estate Switzerland real estate fund. This announcement constitutes neither a prospectus nor a similar communication within the meaning of the Swiss Federal Act on Financial Services (FinSA). Copies of this announcement may not be sent into or from, or distributed in, jurisdictions where this is prohibited or restricted by law.
The fund is not authorised for investors who qualify as “US Persons” under the United States Securities Act of 1933 or United States tax law. This announcement and the information contained herein may not be brought or transmitted into the United States of America (USA), or distributed or transmitted to “US Persons” (including legal entities) or to publications with general circulation in the USA. Any violation of these restrictions may constitute a breach of US securities laws.
