immo!nvest – Die Plattform für Standorte und Immobilien

Category: Business

  • Dormakaba expands in the healthcare sector

    Dormakaba expands in the healthcare sector

    Dormakaba is focussing on further growth in the healthcare sector. The provider of access solutions has reported an increased number of orders from the healthcare sector for the 2025/2026 financial year. According to a press release, dormakaba has secured projects in Norway, Germany and the USA as part of its market entry strategy.

    The Rümlang-based company, which operates worldwide in the field of locking technology, offers solutions for doors, including locks, door fittings, door automation, access control systems and mechanical locking systems, which are reportedly sold in 130 countries.

    In Norway, dormakaba has received an order for 5500 doors as part of the new New Aker hospital project. In the USA, entrance systems are being modernised and maintained and other services provided on behalf of two organisations in the healthcare sector. And in Germany, dormakaba has received an order from the m&i clinic group Enzensberg, which includes access solutions for 4500 doors. The total order volume is in the low double-digit million range.

    “These latest project successes demonstrate the growing demand for secure, efficient and innovative access solutions,” said dormakaba CEO Till Reuter. “These orders further strengthen our position in the healthcare sector and support our growth in this sector.”

  • Consumer confidence collapses

    Consumer confidence collapses

    The decline is abrupt. In January and February 2026, the index was still at around – 30 points, slightly above the previous year’s level. The slump in March to – 43 points is therefore one of the sharpest monthly declines in recent years. The turnaround came quickly and affected several areas simultaneously.

    Where sentiment has tipped the most
    Three of the four SECO sub-indices are clearly below the level of March 2025. Expectations regarding economic development have slumped the most. The expected financial situation of households and the willingness to make major purchases have also fallen significantly. Only the view of the past financial situation remained stable compared to the previous year.

    Geopolitics as a mood killer
    The war in Iran and the associated rise in oil prices are seen as the main triggers. Inflation expectations jumped sharply in March: from 98.3 to 121.4 points. At the same time, unemployment expectations rose. Both are having a direct and noticeable impact on household confidence.

    What this means for consumption
    Falling consumer sentiment is not just a statistical signal. It shows that households are postponing major expenditure and opting for security. For the retail trade, real estate market and construction industry, this means less stimulus from domestic consumption, at least in the short term. Trading Economics expects a gradual recovery to around – 34 points by mid-2026 and – 26 points by 2028.

    Whether sentiment recovers depends heavily on the geopolitical situation and price trends. The Swiss economy has been robust so far, but consumer confidence is a leading indicator. If the buying mood remains subdued, the growth figures usually follow with a delay.

  • No longer a bonus, but mandatory

    No longer a bonus, but mandatory

    From ESG label to strategic reality
    Sustainability in the real estate industry has had its noisy years behind it. After gaining a certain reputation as a differentiating feature, it has now taken its place as a strategic core issue in the form of ESG criteria. However, this is precisely why the topic is in danger of becoming quiet between reporting obligations and day-to-day business. What becomes the norm disappears from the limelight. But routine is no protective shield. Especially not in an industry that thinks in decades but often makes decisions in years.

    Because while sustainability is being discarded as a done deal in many places, the structural challenges remain. Real estate thinks in cycles of 30, 40 or more years. Net zero by 2050 is therefore not a distant vision, but a real planning horizon. This also means that a large proportion of today’s existing properties can only be properly renovated or completely refurbished once.

    Uncertainty as the new planning reality
    The current geopolitical situation, volatile markets and unclear framework conditions are currently making it difficult to draw up reliable climate reduction paths. In practice, this often leads to decisions being postponed or reduced to the most favorable short-term solution. However, those who persist in linear thinking are limiting themselves in the long term. Climate protection roadmaps, gray energy, life cycle costs and climate risks must be an integral part of every decision in order to achieve climate neutrality in an economically viable way. And not at some point, but now.

    In practice, it is becoming clear that portfolio holders are taking an increasingly differentiated approach to sustainability. In addition to traditional CSR approaches, a clearly risk-oriented approach is becoming established. The focus is on reliable data on condition, consumption and emissions as well as building-specific risk profiles, which are incorporated into the portfolio strategy as control parameters. This makes sustainability a strategic decision-making factor that goes beyond reporting. The location in particular is taking center stage: Real estate must not only be efficient, but also resilient to heat, water, extreme events and social tensions. Those who systematically assess these risks can take targeted action. Everyone else reacts to the consequences later.

  • Hydropower project on the Grimsel enters the implementation phase

    Hydropower project on the Grimsel enters the implementation phase

    According to a press release, the Board of Directors of Kraftwerke Oberhasli AG (KWO), based in Innertkirchen, has approved an investment of 300 million Swiss francs in the construction of the new Grimsel 4 pumped-storage power station. The plant will enable the water from the two reservoirs, Räterichsboden and Grimsel, to be used to ensure grid stability. The concession and planning permission have already been granted.

    Grimsel 4 consists of an underground power station between the two lakes. Two reversible pump-turbines, each with a discharge capacity of 35 cubic metres per second and an installed capacity of 84 megawatts, pump water up into Lake Grimsel as required or use it to drive the turbines as it flows into Lake Räterichsboden. The water tunnel between the two lakes is around 1,200 metres long and has a diameter of 6 metres. The access tunnel to the power station is around 1,800 metres long.

    Construction will begin in June and is scheduled for completion in February 2032. Excavation work for the power station will commence in early 2028.

    KWO was founded in 1925. It currently operates 13 hydroelectric power stations and eight reservoirs. BKW holds a 50 per cent stake in the company. The municipal utilities of Basel (IWB), Bern (ewb) and Zurich (ewz) share the remaining half equally.

  • Municipal energy supplier is systematically expanding its infrastructure and district heating network

    Municipal energy supplier is systematically expanding its infrastructure and district heating network

    The Zurich City Electricity Works generated turnover of 1.44 billion Swiss francs in 2025, according to a statement from ewz. This represents an increase of CHF 11 million year-on-year. Operating expenses rose by CHF 64 million to CHF 1.02 billion over the same period. This was driven by the integration of the district heating network of Entsorgung Recycling Zürich (ERZ-Fernwärme) and additional energy procurement. A profit of CHF 303 million was reported, compared with CHF 391 million in the previous year.

    “This strong result is primarily attributable to energy sales on the open market, a profit from the marketing of wind power production abroad and the targeted use of funds,” ewz Director Benedikt Loepfe is quoted as saying in the statement. “The successful integration of district heating, involving over 100 additional employees, impressively demonstrates our company’s adaptability.”

    In the reporting year, ewz also invested CHF 244 million in networks, power stations and shareholdings. That is CHF 48 million more than in the previous year, the energy supplier writes. “Capital requirements will rise massively over the next ten years so that the necessary investments of over CHF 3 billion can be made,” explains Loepfe. “ewz’s current strong financial position enables us to make these investments in the future of energy and security of supply in the coming years using our own funds.” CHF 80 million of this year’s profit will be transferred to the city.

  • Trust company expands offering with industry software for construction SMEs

    Trust company expands offering with industry software for construction SMEs

    Gewerbe-Treuhand AG, based in Lucerne, is expanding its range of industry software. According to a press release, the company is now offering AbaBau software from Abacus Business Solutions AG for SMEs in the ancillary construction industry.

    The company in Thalwil ZH is a subsidiary of Abacus Research AG. It develops this specialised software with an expert team of 80 employees.

    As an Abacus partner, Gewerbe-Treuhand not only organises the distribution of the construction software, but also supports the SMEs that use it with the practical and process-optimising introduction and implementation in practice.

    Companies using the software also have the option of calling in their fiduciary partner in the event of staff shortages or temporary substitutions for administrative tasks, according to the press release.

    Gewerbe-Treuhand is already a sales partner of Abacus Research AG in 2019. The new partnership with Abacus Business Solutions builds on this collaboration.

  • New foundation to bring SMEs forward

    New foundation to bring SMEs forward

    Lucerne performs solidly in national competitiveness rankings. In terms of innovative strength, however, the canton ranks at the bottom. Those who fail to address this shortfall risk losing out in the competition between locations in the long term. This finding is the starting point for the planned Lucerne Innovation Foundation and for the special credit that the cantonal government is now applying for.

    The foundation as the linchpin
    The new foundation is not intended to create a parallel structure, but rather to coordinate existing partner organizations and better network their offerings. The focus is on companies in the early stages of development. In other words, where the need is greatest and resources are scarcest. In addition to coordination, the foundation can also co-finance specific implementation projects such as feasibility studies. The foundation board should consist of at least five members, and a four-year performance agreement ensures planning security.

    24 million with a clear earmarking
    One million of the requested 24 million francs will flow into the foundation’s capital. The remaining CHF 23 million is earmarked for the foundation’s services in the years 2026 to 2029. Lucerne is thus positioning itself as a canton that does not wait for federal funding, but acts itself. In addition to national programs such as those of Innosuisse, which support SME innovation throughout Switzerland.

    Part of a larger reorganization
    The foundation is embedded in the canton’s broader location promotion package. In January 2026, the cantonal council approved a package of measures worth around CHF 300 million per year. This was in response to the OECD minimum taxation, which reduces previous tax advantages. The Lucerne innovation contribution alone comprises CHF 110 to 160 million per year for companies that invest in research and development. The Lucerne Innovation Foundation is therefore not an individual measure, but part of a coordinated offensive.

    Referendum in September
    The Cantonal Council has already approved the overarching Location Promotion Act. However, the voters have the final say. The vote is scheduled for September 2026, with entry into force in October 2026. However, the foundation can already be established on the basis of the current legal foundations. The go-ahead does not have to wait for the referendum.

  • Owner-occupied rental value not until 2029

    Owner-occupied rental value not until 2029

    In the fall of 2025, the Swiss population voted clearly in favor of abolishing the imputed rental value. The fictitious rental income that homeowners have had to declare as taxable income for decades, even though not a single franc flows in, has thus become politically obsolete. However, it took the Federal Council until the end of March 2026 to set a date for its entry into force and it ended up in 2029.

    Mountain cantons put the brakes on
    After the vote, Federal Councillor and Finance Minister Karin Keller-Sutter still mentioned 2028 as the earliest possible date. The mountain cantons, including Valais, pushed for 2030, as they need time to introduce a new tax on second homes to compensate for their tax losses. The year 2029 is the result of this trial of strength.

    70 million franc hole
    The canton of Valais alone is expecting tax losses of over 70 million francs as a result of the reform. The new property tax for second homes is intended to close this gap. But its implementation is complex. Cadastral values are outdated and the definition of second homes for private use is unclear. The question of whether the municipalities or the canton will levy the new tax is still open.

    Homeowners are outraged
    The Valais homeowners’ association campaigned strongly for the abolition of the tax during the referendum campaign. Association director Reinhard Meichtry commented on the Federal Council’s decision, saying that he initially believed it was an April Fool’s joke and that the decision was “absolutely unacceptable”. Meichtry announced that he would apply to the Federal Council for a rejection and also doubted the seriousness of the communicated tax loss figures.

    What applies now
    The current system will remain unchanged until the end of 2028. Owners continue to declare the imputed rental value and can deduct mortgage interest and maintenance costs. Anyone planning major renovations or mortgage adjustments should make strategic use of this transition phase, as most of these deductions will no longer apply when the system changes in 2029.

  • The energy sector remains stable despite structural change

    The energy sector remains stable despite structural change

    According to a press release, Primeo Energie AG achieved a generally positive result in 2025. The Basel-Landschaft-based energy supplier, headquartered in Münchenstein, generated turnover of 1.8 billion Swiss francs. This is 392 million less than in the previous year. Profit rose from 91 million to 109 million Swiss francs.

    The Energy Solutions division made a significant contribution to this profit growth. In France, Primeo Energie acquired 120,000 new private customers. The Swiss electricity business returned to a slight profit for the first time in years.

    In the Grid and Services division, Primeo Energie is feeling the impact of the decline in electricity consumption in industry and private households, as well as the rise in decentralised self-generation. Consequently, less electricity was transmitted.

    The Heating and Industrial Solutions division was expanded with new and extended district heating networks, for example in the Lower Wiggertal, Muttenz, Aesch and the Birstal. However, the mild weather put pressure on sales.

    The Production division remained stable thanks to diversification into hydro, solar and wind power and its presence across six countries.

    In 2025, Primeo Energie divested itself of activities lacking critical mass or with low profitability. These included wind farms in Norway and the electric mobility division in Switzerland.

    In the current year, the company intends to expand its electricity business in Switzerland and its activities abroad.

  • Insurance group strategically expands its property business

    Insurance group strategically expands its property business

    According to a press release, the Vaudoise Insurance Group, based in Lausanne, has acquired a majority stake in Procimmo Group AG of Renens and now holds 92.27 per cent of the voting rights. Vaudoise Insurance has held a 20 per cent stake in the Procimmo Group since 2021 through its subsidiary Vaudoise Asset Management AG.

    With the acquisition of Procimmo and that of Berninvest AG in 2017, Vaudoise has been able to further expand its real estate activities and, in the words of Jean-Daniel Laffely, CEO of the Vaudoise Group, become one of the key players in investment solutions. “This allows us to further expand an already strong growth area: real estate asset management for third parties,” Jean-Daniel Laffely is quoted as saying.

    Procimmo sees potential for the group’s further development in the “support of an institutional investor that shares its values”; in particular, the subsidiary Procimmo SA stands to benefit from Vaudoise’s “solidity and long-term vision”. According to Arno Kneubühler, CEO of Procimmo SA, Vaudoise is regarded as “the best owner after almost five years of partnership”. Vaudoise’s community roots and values guarantee stability and a sustainable vision. At the same time, Procimmo has the freedom to develop further “as an external platform with its own philosophy and leadership”.

    The closing of the sale is scheduled for early July 2026, subject to prior approval from the relevant authorities.

  • Zurich is still going strong, but for how much longer?

    Zurich is still going strong, but for how much longer?

    The Zurich financial centre employs over 102,000 full-time positions at the end of 2024, 44,000 of which are in the banks alone. With a gross value added of CHF 32.8 billion, the sector generates more than one sixth of Zurich’s total economic output. The banks also cover around 30 per cent of the financing requirements of companies and households throughout Switzerland. These are not just abstract figures, they are the economic basis of an entire metropolitan region.

    Half the city’s coffers from one sector
    The study conducted by management consultants Oliver Wyman on behalf of the Zurich Banking Association makes one figure particularly clear. Around half of corporate taxes in the city of Zurich come from banks and insurance companies. With 10 per cent of jobs, they generate 16 per cent of value added, which is far above average productivity. Zürcher Kantonalbank also distributed a record amount to the canton and municipalities for 2025.

    Fewer banks, more jobs
    The number of banks operating in the Zurich region has fallen from 94 to 78 since 2015. Despite this, employment has risen steadily, with above-average growth since 2017. Bank-related service providers such as fintechs, asset managers and consulting firms have created jobs where traditional institutional structures have been dismantled. The sector is consolidating, but not shrinking.

    Regulation as a sticking point
    CBA Managing Director Christian Bretscher poses the crucial question. What happens if the framework conditions gradually deteriorate? He calls the planned increased capital requirements for UBS “incomprehensible”. The association is calling for targeted banking regulation with a sense of proportion, not blanket tightening that could force internationally active institutions out of Zurich. Swiss banks already contribute 5 per cent to national GDP and directly employ around 158,000 people.

    What is at stake
    The Zurich financial centre is in direct competition with London, Singapore and Frankfurt. Special regulatory burdens or tax deteriorations affect not only the banks, but the entire city economy. Anyone who draws 50 per cent of corporate taxes from a single sector has an interest in ensuring that this sector remains, grows and invests. This is not a lobby statement, this is arithmetic.

  • UBS halts payouts, investors wait up to three years

    UBS halts payouts, investors wait up to three years

    Since 25 March 2026, UBS Real Estate has suspended the redemption and issue of units of the UBS Euroinvest Immobilien fund. The liquid assets are no longer sufficient to fulfil investors’ redemption requests. The fund manages net assets of around 400 million euros, invests primarily in European office properties and already had several properties in the process of being sold. According to the German Investment Code, the suspension applies for up to 36 months.

    Three closures in three months
    The UBS fund is the first commercial property fund to close between 2008 and 2012 since the major fund crisis. Previously, two funds specialising in residential property had already closed. Wertgrund WohnSelect D in January and Fokus Wohnen Deutschland in February 2026 due to high redemption requests, faltering property sales and a lack of liquidity.

    Ten billion withdrawn
    Since January 2025, investors have withdrawn a net total of around ten billion euros from open-ended German property funds. Rising interest rates, weak transaction markets and ongoing property devaluations have eroded confidence. Property sales often take longer than six months due to restrictive bank financing, which puts a structural strain on liquidity. The rating agency Scope expects further cash outflows in 2026.

    Bafin doubts the risk class
    Bafin boss Mark Branson issued a public warning in March 2026. Small funds in particular could not rule out further closures. The supervisory authority also fundamentally doubts the previous risk classification of these products. What was sold to investors for years as a conservative, liquid investment turned out to be much more cumbersome than expected during the crisis.

    What investors need to check now
    Anyone invested in such funds should closely monitor liquidity reports and sales processes for the properties held. A redemption stop particularly affects those who are dependent on their capital in the short term. Anyone wishing to make a new investment should carefully check the fund size, property quality and holding periods. The crisis clearly shows that openness is not a sign of quality if the market for the properties behind it remains closed.

  • The dirtiest business on the Swiss property market

    The dirtiest business on the Swiss property market

    In the Swiss Mittelland region, one owner initially turned down the offer. The offer was far above the market price and he was suspicious of the buyer. A day later, the same man turned up at the door with cash, a mid-six-figure sum as a “deposit”. The owner became weak. The trail of this deal led directly into the milieu of a suspected Lucerne money laundering travel agency and to people with close links to an Albanian cocaine boss who has been in custody in Albania since autumn 2024.

    The pattern is always the same
    CH Media recently documented dubious property transactions from several cantons. The pattern repeats itself. Owners are approached directly, the purchase offers are massively inflated and the time pressure is enormous. Those who agree often find that the new owners immediately leave the property empty or sell it on at a much higher price. One flat in central Switzerland stands empty for over a year after such a deal, redeemed to an anonymous property company, the owner apparently in a position to leave an investment of over a million francs lying idle.

    Illicit labour as a second money channel
    It is not only drug money that flows into properties. Illicit money from the construction sector also ends up there. The pattern is ingenious. A criminal entrepreneur receives one million francs for a new building through the bank in the normal way. Thanks to illegal labour, the project only costs him 700,000 francs. He “hides” the remaining 300,000 francs with false invoices from bogus companies that issue fictitious receipts in return for a commission of around five per cent. These companies do not keep any accounts and are usually already bankrupt by the time the authorities enquire. The result is a profit of CHF 300,000 at the expense of the general public and construction workers.

    The market remains silent, the price rises
    It is estimated that over a third of all money laundering cases worldwide are related to property transactions. Switzerland is considered particularly attractive internationally because the market is stable and regulation has long been patchy. Lawyer Fabian Teichmann, a money laundering expert, puts it in a nutshell: “If you’re smart, you’d rather buy four properties for five million each than one for 20 million. It’s less conspicuous.” The direct side effect is overpriced purchases that drive up prices for everyone.

    The law is following suit, slowly
    On 26 September 2025, the Swiss parliament passed a revision of the Anti-Money Laundering Act. Real estate agents are now also subject to due diligence obligations and must join a recognised self-regulatory organisation. The catch with this law is that transactions of less than five million francs remain outside the scope of the obligation. Entry into force is planned for the second half of 2026. Anyone who buys four properties worth four million each today will remain under the radar for the time being.

  • Major project to boost rail capacity in the Zurich area in the long term

    Major project to boost rail capacity in the Zurich area in the long term

    According to a press release, SBB has begun work on upgrading the line between Zurich and Winterthur to four tracks throughout. As part of the ‘MehrSpur Zurich-Winterthur’ project, SBB is constructing a new tunnel, upgrading several stations and carrying out further improvements.

    SBB and the construction firms involved have now started work on upgrading the stations at Wallisellen, Dietlikon, Bassersdorf and Winterthur Töss. This includes widening platforms, constructing new and modified underpasses, and building footbridges and bridges. Work in Bassersdorf is due to be completed by 2030, in Wallisellen and Dietlikon by 2031, and in Töss by 2034.

    The Brütten Tunnel is set to be 9 kilometres long. Tunnel boring is scheduled to begin in 2029, with the tunnel due to open in 2037.

    The expansion is expected to cost a total of 3.3 billion Swiss francs. This major project, together with other initiatives such as the expansion of Zurich Stadelhofen station, is set to significantly improve rail services in the Greater Zurich area.

  • Confidence in Swiss property is growing

    Confidence in Swiss property is growing

    According to a press release from EY Switzerland, 98 per cent of property investors continue to view the Swiss property market as attractive. The Zurich-based audit and advisory firm reports this in its latest “Property Investment Market Trend Barometer”. Last year, only 93 per cent expressed a positive interest.

    For the study, EY surveyed 96 experts and investors who have been actively involved in the Swiss property market in recent years. Of those surveyed, 35 per cent of investors rated the Swiss market as “very attractive” last year; in the new survey, this figure had risen to 46 per cent. Nine out of ten respondents believe that new-build activity can be significantly boosted by simplified, digitalised planning permissions. Three-quarters see digitalisation as a driving force, yet only 16 per cent already use artificial intelligence for their business operations.

    Residential property remains in vogue in the top nine centres (Basel, Bern, Geneva, Lausanne, Lugano, Lucerne, St Gallen, Zurich and Zug), whilst demand is lower in rural areas. Demand for office and logistics properties has risen in the centres. Office properties in particular are in greater demand, with a ratio of 58 per cent to 48 per cent (2025). In the logistics sector, the trend remained virtually unchanged: 51 per cent to 52 per cent (2025).

    “Geopolitical uncertainties – such as US tariffs, international trade conflicts, the war in Ukraine or global financial market risks – are having an increasing impact on the Swiss property market as exogenous disruptive factors, particularly in centres with a strong international focus,” says Daniel Zaugg, Sector Leader Real Estate, Construction & Building Materials at EY in Switzerland, quoted in the press release. “These effects are reinforcing existing trends towards regional polarisation by widening the gap between highly internationalised markets such as Geneva and Zurich and more domestically oriented regions. Nevertheless, Switzerland remains a politically and economically stable location overall – and in uncertain times even positions itself as a ‘safe haven’ for capital.”

  • Start of construction marks an important step for renewable electricity generation

    Start of construction marks an important step for renewable electricity generation

    According to a press release, Kraftwerk Meiental AG celebrated the start of construction of the Meiental power station in the municipality of Wassen with an official ground-breaking ceremony on 11 March. The actual construction work began back in September. Work is currently underway on the penstock and the new power station control centre.

    The power station utilises water from the Meienreuss. This is collected at an altitude of 1,317 metres and channelled through a 3,250-metre-long penstock to the new hydroelectric power station, which is situated at an altitude of 1,100 metres in Fedenbrügg. With a capacity of 10 megawatts, the power station is expected to generate around 34 gigawatt-hours of electricity per year. It is scheduled to come into operation at the end of 2028.

    A total of 40 million Swiss francs is being invested. The canton of Uri and the municipality of Wassen anticipate additional tax revenue, whilst the canton and the Corporation of Uri expect water rights fees of half a million Swiss francs per year. “We are utilising our local hydropower, strengthening regional value creation and, at the same time, making an important contribution to a climate-friendly energy supply,” Uri State Councillor and Director of Public Works Hermann Epp is quoted as saying in the press release.

    Kraftwerk Meiental AG is owned by the cantonal energy supplier energieUri AG, the canton and the Corporation of Uri, as well as the municipality of Wassen.

  • Weather conditions and impairment charges are weighing on business performance

    Weather conditions and impairment charges are weighing on business performance

    According to a press release, BKW generated revenue of CHF 4,543.6 million in 2025. In the previous year, the figure stood at CHF 4,772.3 million, representing a decline of 4.8 per cent. The decline in operating profit before interest and taxes was significantly more pronounced. In 2025, BKW posted a profit of CHF 561.0 million, compared with CHF 789.9 million the previous year. Net operating profit fell from CHF 550.4 million the previous year to CHF 351.1 million in 2025.

    BKW attributes the decline partly to a value adjustment on its stake in the Wilhelmshaven coal-fired power station on the North Sea coast of Lower Saxony. This adjustment amounts to CHF 113.7 million at the operating profit level and CHF 90.9 million at the net profit level. BKW holds a 33 per cent stake in the power station.

    Secondly, the weather-related decline in electricity generation from hydro and wind power weighed on the result in the Energy Solutions business segment. Even before the impairment charge, this was down 18.6 per cent on the previous year. The result of the Power Grid business segment, at CHF 130.6 million, was 7.0 per cent below that of the previous year.

    In contrast, the result of the Infrastructure & Buildings business segment rose significantly by 40.6 per cent to CHF 80.0 million. Revenue for the business segment remained constant at CHF 1.98 billion.

    BKW expects earnings of between CHF 650 million and CHF 750 million for 2026.

  • Graubünden builds bigger, more expensive, longer

    Graubünden builds bigger, more expensive, longer

    128 construction sites do not mean relief, but concentration. Instead of many small interventions, the focus in 2026 will be on complex infrastructure projects that require more manpower, longer construction times and higher budgets. Traffic light systems will be used at 67 of the 128 construction sites to guide traffic through in an orderly fashion. The Graubünden Civil Engineering Office has set clear priorities.

    La Punt freed from through traffic
    The largest project is the La Punt bypass in the Engadin. In future, a 584-metre-long tunnel will run under the village center and a 55-metre-long bridge will cross the Inn. The total costs amount to 80 million Swiss francs and the construction period is eight years until 2033. After the ground-breaking ceremony in September 2025, the preliminary cuts in the Arvins area will be made in 2026. It is a relief for La Punt and a leap in quality for the Engadin.

    New tunnel for the Surselva
    Between Disentis and Curaglia, a new 500-metre-long tunnel will replace the dilapidated Las Ruinas tunnel and its two galleries. The work will take three years and traffic will remain in operation throughout the construction period. As the new tunnel runs directly next to the existing one in some places, night-time closures are unavoidable. An intervention that requires consideration, but is necessary.

    malix five years of work before completion
    On the Julierstrasse between Chur and Malix, the signs are pointing to the finale. The section lies in a landslide area and has been stabilized, widened and straightened over five years. The final work should be completed by July. As a visible sign of the new start, the section will be given a cycle lane. A project that was born out of necessity and ends up as a modern stretch of road.

    infrastructure as an investment
    Graubünden’s 2026 construction season shows that infrastructure is not a matter of course. Operating 1360 kilometers of cantonal roads through alpine terrain, landslide areas and flood zones requires continuous investment. Fewer construction sites, larger projects – this is not a cost-cutting exercise, but a strategic decision for sustainable quality.

  • Rent cap eats its own children

    Rent cap eats its own children

    Since the Housing Protection Ordinance came into force in Basel-Stadt in May 2022, planning applications for rental apartments have plummeted by 76 percent. in 2024, only 151 new-build apartments were completed in the city canton, less than a quarter of the long-term average. While Zurich recorded a 20 percent increase in building applications in the same period, construction activity in Basel effectively came to a standstill.

    No renovation, buildings fall into disrepair
    Regulation not only slows down new construction, it also paralyzes the renewal of existing buildings. Craft businesses are complaining about a lack of orders; individual companies are looking for work 40 kilometers away in Fricktal. Necessary energy-efficient renovations are not being carried out and properties are falling into disrepair. This ultimately affects the tenants themselves and thwarts any claim to climate protection.

    Geneva 40 years of regulation, 40 years behind
    Geneva has had one of the strictest tenant protection laws in Switzerland since 1983. The result is sobering. 83.5 percent of residential buildings over 40 years old have never been comprehensively modernized, compared to 47.6 percent in Basel and 41.3 percent in Zurich. New tenants in Geneva pay an average of 30 percent more per square meter than existing tenants. Strict tenant protection therefore primarily protects those who already have an affordable apartment. Not those who are looking for one.

    The real problem, too little supply
    If you want to reduce rents, you have to increase supply. This means faster approval procedures, more densification, more replacement new builds and extensions and fewer objections. The Zurich Cantonal Council has already drawn up two counter-proposals that focus on better framework conditions rather than bans. This is the right direction.

    What Zurich needs to decide
    The housing market in the canton of Zurich is under pressure, that is real. But a rent cap does not solve the problem, it exacerbates it. Basel and Geneva are not a theory, but a living warning. On June 14, Zurich has the choice of learning from its mistakes or repeating them.

  • Who pays, who lives, who benefits?

    Who pays, who lives, who benefits?

    The SOSDA framework developed by Zimraum and Stratcraft records the social performance of residential real estate along nine key figures in three scopes: tenants, neighborhood and society. The data pool comprises 30 portfolios with around 68,500 apartments from 17 owners. These include pension funds, investment foundations, listed funds and non-profit housing developers. A database that allows comparisons to be made for the first time.

    Affordability is holding up better than expected
    78 percent of the apartments in the data pool are considered affordable according to the SOSDA definition. The net rent accounts for less than a third of the monthly taxable median income in the respective municipality. Even in the new-build segment, this figure is 58 percent. In institutional portfolios, 48 percent of new-build apartments reach this threshold. This contradicts the widespread view that new construction and affordability are fundamentally mutually exclusive.

    High satisfaction, solid management quality
    Tenant satisfaction is remarkably high. 90 percent of respondents are somewhat to very satisfied with their apartment. 83 percent also give their property management good marks. The residential environment is also impressive. 85 percent are satisfied with their neighborhood, 77 percent rate the neighborhood conditions positively. Quality is obviously not a product of chance in the Swiss housing market.

    Family apartments remain under-occupied
    When it comes to occupancy efficiency, the benchmark reveals a structural weakness. Only 58 percent of apartments fulfill the “room minus 1” rule. For family apartments with four or more rooms, this proportion drops to 41 percent. Although non-profit portfolios perform slightly better than institutional portfolios when it comes to family apartments, the difference remains small. This is a clear area for optimization for all market participants.

    Letting practice under the magnifying glass
    For the first time, the benchmark also documents to whom apartments are actually let. The range is considerable. Depending on the portfolio, between 46 and 100 percent of family apartments went to households with children. Only 9 percent of apartments were rented to senior citizens. The proportion of affordable apartments that went to low-income households varied between 30 and 50 percent. The database is still limited, but the direction is clear. Social performance can no longer be ignored in the future.

  • That’s what it’s all about: usage and operating concepts as the key to needs-based sports facilities

    That’s what it’s all about: usage and operating concepts as the key to needs-based sports facilities

    From a competition venue to a facility for leisure and exercise
    Over the last five decades, the sporting behaviour of the population – whether on an individual basis or in organized sport – has changed dramatically. New training habits, a significant rise in population figures, increasing professionalization in club sport and changing social needs have led to facilities having to perform significantly better today than they did 50 years ago. This also includes aspects such as gender and age equality, which are now taken for granted.

    Accordingly, at the beginning of every infrastructure project, the focus should not be on the structural solution, but on the question of a suitable utilization and operating concept (including a profitability analysis). All too often, however, a planner is hastily commissioned before the project fundamentals and dependencies on other institutions and projects have been identified. The result is then the development of volumetric options, but not strategic options for the communities concerned. As a specialist in strategic utilization and operational concepts, BPM Sports has more than 20 years of experience in this field.

    So what characterizes a good utilization and operating concept? In principle, it comprises three key levels:

    • Strategic-conceptual: purpose, target groups, offer, business case, strategy, sponsorship
    • Operational-conceptual: Maximum utilization and use with added value
    • Operational: staffing requirements, maintenance, visitor management, self-financing of maintenance

    At the strategic level, the question of the raison d’être – the purpose of the facility – must be answered. This needs to be sharpened and clearly defined for all stakeholders. The better this is done, the easier it will be to communicate with taxpayers and the parties ultimately involved in the planning.

    The key elements include

    Political leadership: sports facility projects require broad support. Perceptible, continuous and strong political leadership is therefore essential.

    Addressed target groups: The user groups and their needs must be identified. This includes recording routines and expectations, but also future developments. Frequencies and capacities derived from this are key to optimally utilizing the facility for both users and operators.

    Sharpened offer: The available space and functionalities are formulated in a targeted manner, with a focus on energy and personnel costs. These are based on the formulated needs, with a direct impact on the follow-up costs of a facility.

    Construction costs vs. follow-up costs: The latter are (too) often overshadowed and only tend to come into focus in a later project phase. An early consideration of the follow-up costs is helpful to ensure the financial viability of a system.

    System strategy: An effective lever for predicting operating costs and earnings potential. Particularly in the case of seasonal facilities such as outdoor pools or ice sports facilities, complementary or supplementary offers can increase income and influence resource requirements.

    Operator model: There is a wide variety of models here. Different organizational forms (administrations, public limited companies, private-public partnerships) offer different advantages, whereby PPPs have become increasingly established in recent years and offer new opportunities, especially for less profitable club and popular sports.

    Other success factors at operational and conceptual level are

    Utilization: Generating high utilization is a challenge. This is because it does not always go hand in hand with profitability due to the different purchasing power of the target groups and unavoidable wear and tear. Checkrooms and loading areas are also a decisive factor. If they were neglected during construction to save money, this has a negative impact on capacity and therefore on maximum utilization.

    Staff: Employees of sports facilities are identification factors. In order to optimally promote this potential, it is important to keep operating routes short and clear and to design efficient work processes. This can be ensured with the appropriate layout of the facility and the individual rooms.

    Conclusion: A utilization and operating concept for sports facilities is a complex interplay of strategic, operational and economic factors. Correctly compiled and applied, it forms the basis for the long-term success and profitability of a facility.

    BPM Sports is a specialist for public sports infrastructures operating throughout Switzerland and based in Bern. With over 20 years of experience in consulting, monitoring and supporting a wide range of sports facility projects and operations, the company, founded in 2006 by owner Rainer Gilg, is one of the leading service providers in this field.

  • New production facility strengthens international industrial location

    New production facility strengthens international industrial location

    The new global Toblerone competence center in Bern now covers 90 percent of global demand for the iconic triangular chocolate. Guy Parmelin officially inaugurated the expanded plant on March 10. “We are incredibly proud of the new Toblerone production line and the modernization of logistics and infrastructure,” said plant manager Thomas Kauffmann in a press release.

    Mondelēz International, the Chicago-based parent company of Bern-based Mondelez Schweiz Production GmbH and Mondelez Schweiz GmbH in Opfikon, has invested 65 million Swiss francs in the installation of this new, state-of-the-art production line. This is one of the largest investments in the company’s chocolate production network in the past ten years.

    “If there is one product that represents Switzerland worldwide, it is chocolate,” said Parmelin in his speech, according to the press release. “And Toblerone has a very special place among Swiss chocolates.” It is “a symbol of Swiss identity and quality par excellence. Identity and quality. As President of the Swiss Confederation and Minister of Economic Affairs, I am therefore particularly pleased that around 90 percent of Toblerone production will continue to be made here in Bern on this new production line.”

    Toblerone is exported from Switzerland to more than 120 countries around the world. As Mondelēz emphasizes, the iconic 118-year-old brand is well positioned to grow globally in the premium segment, benefiting from its high brand awareness and leadership position in the World Travel Retail business. “We have always been proud to manufacture here in Switzerland,” said Iain Livingston, President for Toblerone and World Travel Retail. “The investment underlines our strong commitment to the site and is a key milestone on our journey to lead global growth in the premium chocolate segment.”

  • Data partnership transforms decision-making processes in the property portfolio

    Data partnership transforms decision-making processes in the property portfolio

    OPTIML and Scaler have entered into a strategic partnership. According to a press release, the aim is to combine Scaler’s infrastructure for sustainable property data with OPTIML’s decision-making intelligence. This is intended to provide portfolio managers with a data-driven, verifiable and dynamic basis for decisions on refinancing and capital allocation, as well as insights into a sensible sequence for sustainable investments in existing portfolios.

    To this end, the new partners intend to contribute their respective expertise. Scaler offers a data infrastructure for buildings and portfolios that encompasses operational, technical and sustainability data. OPTIML’s proprietary Real Estate Decision Intelligence (REDI) software, a spin-off from the Swiss Federal Institute of Technology Zurich (ETH), combines this data with digital building models of engineering quality.

    In addition to optimising investments and their sequencing, the partners cite further benefits of their collaboration, including the harmonisation of data flows for assets and portfolios across systems and regions, the improvement of analysis for retrofitting and investment scenarios, and the strengthening of reporting to regulators and investors with verifiable and decision-relevant results.

    “By combining Scaler’s data infrastructure with OPTIML’s decision intelligence, we offer portfolio managers a closed-loop system in which every investment decision is based on real performance data and is continuously optimised as conditions change,” says Scaler co-founder and CIO Luc Van De Boom. The partnership bridges the gap between operational data and institutional capital decisions, explains OPTIML co-founder and CEO Dr Evan Petkov: “Data alone does not create an advantage. Investors need optimisation and governance to transform this data into actionable measures. Together, we offer real estate professionals a dynamic decision-making system for the world’s largest asset class.”

  • Consumer cooperatives are becoming increasingly important

    Consumer cooperatives are becoming increasingly important

    Following the acquisition of Blockstrom AG, ista swiss ag is now also able to offer billing solutions for self-consumption groups (ZEV). According to a press release, the company acquired the energy service provider Blockstrom on 4 March 2026. The co-managing directors Claudio Wyss, Marcel Lack and Urs Martin Springer will continue to work for the company. The Bern office will remain in place.

    Springer founded Blockstrom in 2017 together with Marcel Lack. The company has developed solutions for communities that generate their own electricity locally and can supply it both to end consumers and to the distribution grid. Springer sees the acquisition primarily as an opportunity for further growth: “The ZEV market has come of age,” he is quoted as saying. “Over the next few years, high volume will be more important than rapid product development. Ista swiss ag is the ideal partner for us to establish our solutions more broadly in the market and scale them further.”

    Blockstrom is committed to a consistently digital approach. According to the company’s own description, this “delivers efficient processes and minimal error rates: all energy consumption is recorded using smart meters, transmitted via the internet, visualised in real time and stored in the cloud.” Blockstrom customers now also have access to ista swiss’s range of services, including billing for water and heating consumption.

    With the acquisition of Blockstrom, ista swiss is further expanding its expertise as a full-service provider of modern integrated energy solutions, according to ista swiss Managing Director Guillaume Dubois. “Property owners and managers gain a single point of contact for all energy-related matters – from metering, billing, monitoring and energy data management to ZEV and electric mobility.”

  • Industrial firm stabilises turnover and invests in new sites

    Industrial firm stabilises turnover and invests in new sites

    According to a press release, the Kistler Group managed to keep its turnover stable in 2025: at 424 million Swiss francs, it fell by 1 per cent on a currency-adjusted basis and by 5 per cent in Swiss francs. The company cites the strong Swiss franc in particular as a negative factor, but also the stagnating German automotive industry and geopolitical and economic uncertainties, including those related to US tariff policy. Order intake fell short of the company’s expectations, down 2 per cent on a currency-adjusted basis and 6 per cent in Swiss francs.

    “My first year as CEO was challenging, but we have set an important course – including through adapted regional structures that enable us to respond even more flexibly to varying market conditions,” Marc Schaad is quoted as saying. He is cautiously optimistic about the 2026 financial year. “We plan to continue growing through targeted investments, particularly in Asian markets such as China.”

    For Asia, Kistler is planning a new headquarters in the Malaysian capital, Kuala Lumpur. In the US, Kistler has strengthened its management team. In Germany, the focus is on developing new applications to offset declining sales in the automotive sector. New products are also set to contribute to the Group’s growth in 2026. Nine per cent of revenue is channelled into research and development.

    In Winterthur, Kistler is pressing ahead with preparations for a new, highly automated sensor factory. “The smart factory is a long-term investment for us and a clear commitment to Winterthur as a location,” said Schaad. The company is currently “in an intensive planning and clarification phase”.

  • Swiss energy consumption has risen slightly

    Swiss energy consumption has risen slightly

    According to an initial estimate by the Swiss Federal Office of Energy (SFOE), energy consumption in Switzerland in 2025 was slightly higher than in the previous year. Consumption rose to 778,630 terajoules. In the previous year, it had stood at 776,220 terajoules.

    Energy from petroleum products again accounted for the largest share in 2025. This supplied 351,420 terajoules. In the previous year, the figure had been 354,810 terajoules. Electricity consumption rose to 209,340 terajoules, compared with 207,040 terajoules in the previous year. Gas consumption fell from 95,480 to 93,840 terajoules. Consumption of biogenic fuels, biogas, solar energy and geothermal heat rose from 38,390 to 40,090 terajoules.

    The SFOE points out that the estimate is provisional. The final figures for final energy consumption are due to be published on 18 June.

  • Land belongs to everyone – except SBB owns it itself

    Land belongs to everyone – except SBB owns it itself

    At the end of the 1990s, Parliament separated SBB from the federal government. This gave it the freedom to manage its most valuable asset. Huge plots of land in prime locations throughout Switzerland. There were no clear specifications as to how many apartments should be built and at what prices. The Federal Council merely demanded that the proceeds flow into the pension fund and the railroad infrastructure. This was the birth of a system that is still a source of controversy today.

    3.5 billion for whom?
    Since 2003, CHF 3.5 billion has flowed from the SBB real estate portfolio into the railroad infrastructure. SBB sees this as a contribution to society. Carlo Sommaruga, SP member of the Council of States and President of the Swiss Tenants’ Association, takes a different view. SBB has “almost fully exploited” the financial value of its properties at the expense of the social component. It is particularly offensive that parts of these properties were once expropriated in favor of the former state-owned company.

    Europaallee as a mirror
    The prime example is in the middle of Zurich. A 4-room apartment on Europaallee costs around CHF 5,000 per month. For the tenants’ association, the project has become a symbol of real estate speculation with public land. SBB counters that it is a fair landlord and that its apartments are on average below the market price. But the impression of maximum densification for maximum profits persists.

    Lausanne escalates
    In Lausanne, the conflict is coming to a head. The “La Rasude” project right next to the train station is set to accommodate around 500 residents and 1,200 jobs. However, only 20 percent of the living space is earmarked for moderate rents, even though SBB officially promises to rent out more than half of its apartments at low prices. The result is now almost 1000 objections. Construction work could start in 2029 at the earliest.

    The framework is lacking
    Salomé Mall, Head of Development at SBB Real Estate, emphasizes that the profits are used for rail operations and relieve the burden on the public purse. The argument is understandable, but falls short. As long as there are no legal requirements for housing shares and rents, the orientation towards the common good remains voluntary.

  • The turnaround is real USZ turns positive

    The turnaround is real USZ turns positive

    Anyone driving through the Hochschulquartier will see it immediately. Cranes. Building pits. Large construction site. Campus Mitte is being built and with it the ambition to redefine cutting-edge medicine in the long term. The investments are underway. The question has long been, how will the balance sheet support this? Now there is an answer.

    The turnaround is real
    36 million francs profit. For the first time since 2019. A year earlier, a loss of 31 million francs. The contrast is clear and the direction is right.
    Inpatient cases rose by just under 3 percent, outpatient visits by 5 percent to around 882,000. More patients, better capacity utilization, more consistent processes. The result is no coincidence. The turnaround is real. The work has only just begun.

    Digitalization is paying off
    Since CEO Monika Jänicke took the helm in 2023, the clear strategy “USZ 2030” has been in place. More efficient processes, greater digitalization, focused medicine. The EBITDA margin rose from 2.9 to 6.6 percent. Strong, but not yet at the finish line. As the owner, the canton is demanding 10 percent. At the same pace, this can be achieved in 2026. The target for the equity ratio, just under 40%, has already been met.

    The canton is moving with
    Investments are running in parallel with the increase in earnings. Around CHF 100 million was invested in real estate in both 2023 and 2024. The canton is supporting the project and is borrowing CHF 690 million on the capital market. This at better conditions than the hospital itself would ever receive and passes the money on.
    The retained earnings, which fell to under 200 million francs in 2024, have now risen again to around 230 million francs. The cushion is growing.

    Not just the USZ
    The positive trend is not an isolated case. Winterthur Integrated Psychiatry closed 2025 with a profit of CHF 1.8 million. After red figures in the previous year. Patient numbers up 5 percent. This shows that cantonal healthcare institutions are responding to cost pressure with structure, efficiency and clarity.

  • Regensberg fights for survival

    Regensberg fights for survival

    Regensberg has exactly 477 inhabitants at the end of 2024. Despite two tax increases in recent years, there is not enough revenue to finance the municipality’s tasks. The structural deficit threatens the independence of the medieval country town on the rocky spur above Dielsdorf. A merger with a neighboring municipality is on the cards, a scenario that many Regensberg residents want to avoid.

    A meadow as a turning point
    The impetus came in April 2024 at a Future Day, where the population openly discussed the fate of their municipality for the first time. On the agenda was the Pünt meadow, the last major building site in the village. This discussion gave rise to the idea of a cooperative. In July 2025, the Pünt Regensberg building cooperative was officially entered in the commercial register.

    40 apartments, 80 new people
    The project, a four-storey building with 41 apartments, is to be built on the Pünt, around three quarters of which will be large family apartments with 4.5 to 5.5 rooms, the rest smaller units with 2.5 to 3.5 rooms. The cooperative anticipates 60 to 80 new residents. For a community the size of Regensberg, this corresponds to a population increase of around 15 percent. A competition to find the project team was held back in 2025.

    More than taxes
    The goal is not just fiscal. Regensberg has the fourth-highest average age of all Zurich municipalities. Younger families should come and thus also secure the elementary school, because without a school there are no families and without families there is no village life. The flexible usage concept also allows older people to move from their single-family home to a suitable smaller apartment without having to leave the village.

    non-profit instead of speculative
    If the project had ended up in private hands, the apartments in the attractive location would have primarily been investment properties. In contrast, the cooperative lets on a cost-rent basis, i.e. without the intention of making a profit. The project is being financed via share certificates, member loans, state subsidies and bank mortgages, with a target equity ratio of 35 to 40 percent.

    the cranes will rise in 2028
    Because Regensberg is listed in the federal inventory of sites worthy of protection, particularly strict conditions apply to construction. The building permit is due to be issued in 2027, with construction scheduled to start in 2028. The first apartments could be occupied one or two years later. Whether the cooperative can solve the structural deficit on its own remains to be seen. But it proves that sometimes a village saves itself.

  • When the state becomes an accomplice

    When the state becomes an accomplice

    Two houses, around 5000 square meters, directly on the shores of Lake Aegeri in the canton of Zug. Wüest Partner estimated the value at CHF 27 million. The property was sold in 2017 for CHF 16 million, around CHF 3300 per square meter. At the same time, comparable properties changed hands for between 6,000 and 13,500 francs.

    A bargain or a crooked deal
    The owner had made provisions. Her property was part of a holding structure. 45 percent to each child, 10 percent to the granddaughter. But the brother acted behind his sister’s back. The sale was sealed in less than 100 days, without a public tender, without a bidding process, without the sister’s consent. She found out about it a month after the contract was signed and immediately filed a criminal complaint.

    When 9 million finds no explanation
    The buyer paid 16 million and received an unsecured loan of up to 25 million from Zuger Kantonalbank, a difference of 9 million. Internally, the bank valued the property significantly higher than the purchase price would suggest.
    Today, the buyer is in the dock for money laundering. He is said to have known that the sale was based on serious injustice.

    When a commission remains silent
    The case grew beyond the courtroom. In the summer of 2025, the Zug Cantonal Council set up a PUK to investigate the role of the cantonal government. The focus was on faulty land register inspections. The notary responsible pushed the matter forward without any legal grounds for recusal and evaded the crucial questions during questioning.

    When justice takes time
    Nine days of hearings until the end of March. Presided over by Judge Svea Anlauf. A verdict in June at the earliest. The presumption of innocence applies to all defendants.

    Lake Aegeri glistens. What comes to light in the courtroom during these weeks could keep the canton of Zug busy for a long time to come.