immo!nvest – Die Plattform für Standorte und Immobilien

Tag: aktien

  • Changing investment strategies due to rising interest rates

    Changing investment strategies due to rising interest rates

    Just as sailors avoid the Bermuda Triangle, investors must also consider the risks of their investments. The magic triangle of investment strategy – liquidity, profitability and security – is now being expanded to include ESG factors. This step is also supported by the “Lost in Transition” study by the Lucerne University of Applied Sciences and Arts. Institutional investors are placing greater emphasis on ensuring that their investments are sustainable in the long term, even if this leads to lower returns in the short term.

    A look at Swiss pension funds
    Swiss pension funds have diversified their investments, although the proportion of real estate varies from fund to fund. The analysis of the Swisscanto Pension Fund Study 2023 shows that real estate is gaining in importance compared to equities and bonds. This trend can also be observed among other institutional investors, whereby the real estate ratio in the portfolio should be between 10% and 25% in order to ensure optimal diversification.

    The impact of rising interest rates on the asset classes
    Rising interest rates have a negative impact on all three main asset classes – equities, bonds and real estate. For bonds, interest rate rises lead to price losses, while for equities they reduce their attractiveness. Real estate investments become more expensive, which leads to a decline in demand and thus to a fall in prices. Institutional investors are reacting to these developments by realigning their portfolios and reducing their real estate holdings in order to lower their leverage ratios.

    The difficult market environment and its impact on real estate investments
    Sentiment on the real estate market is subdued due to rising interest rates and uncertainty on the financial markets. This is reflected in the Swiss Real Estate Sentiment Index, which measures the expectations of market participants. Investments in real estate are becoming less attractive, but the current market environment also offers opportunities, especially for investors who are prepared to invest for the long term and weather the market fluctuations.

    Rising interest rates pose a challenge for institutional investors, especially those who have invested in real estate. A realignment of the investment strategy and prudent portfolio optimization are crucial to achieving long-term returns and minimizing risks.

  • Wetzikon votes for the district heating network

    Wetzikon votes for the district heating network

    On 3 September, the voters of Wetzikon approved the foundation of Fernwärme Wetzikon AG. The district heating network with waste heat recovery will supply up to 50 per cent of Wetzikon households with CO2-neutral energy from 2025. According to a press release, the energy service provider Energie 360° and the town of Wetzikon will be joint shareholders in the new public limited company with 40 and 60 percent respectively.

    The new public limited company will conclude long-term heating contracts with the Wetzikon wastewater treatment plant and the Zürcher Oberland waste incineration plant (KEZO). The district heating is to be brought from the KEZO Hinwil to Wetzikon via a transport pipeline and distributed to the households from there. The energy centre is planned at the Wetzikon open-air swimming pool.

    “With energy networks, it is important to use locally available heat sources,” Romeo Deplazes of Energie 360° is quoted as saying. “In Wetzikon, district heating from waste recycling is available, which is ideal.”

    “The sooner we can realise district heating Wetzikon, the better,” thinks councillor Heinrich Vettiger. “This way we become less dependent on fossil fuels from abroad and use regional waste heat that accumulates anyway.” With its many years of experience and sound expertise, Energie 360° is the ideal partner.

    According to its own information, the energy service provider is already building and operating energy networks with lake water utilisation for various communities and companies around Lake Zurich. In Dielsdorf ZH, waste heat from data centres will be used to supply up to 3,500 households with heat in the future.

  • Annual General Meeting of Zug Estates Holding AG

    Annual General Meeting of Zug Estates Holding AG

    The Annual General Meeting decided to distribute a total of CHF 20.9 million to the shareholders for the financial year 2022. The ordinary gross dividend subject to withholding tax per class A registered share amounts to CHF 4.10 and CHF 41.00 per class B registered share. After payment of the Swiss withholding tax of 35%, a net dividend of CHF 2.67 per class A registered share and CHF 26.65 per class B registered share remains.

    All members of the Board of Directors proposed for re-election were confirmed for another year of office. Armin Meier did not stand for re-election. Joëlle Zimmerli, owner and managing director of Zimraum GmbH, a social science planning office, was elected as a new member of the Board of Directors.

    Joëlle Zimmerli

    Dr Beat Schwab was also confirmed as Chairman of the Board of Directors. Johannes Stöckli (previously) and Annelies Häcki Buhofer (newly) were elected to the Personnel and Compensation Committee. In a consultative vote, the General Assembly declared itself in agreement with the Compensation Report and approved the compensation paid to the members of the Board of Directors and the Executive Board.

    The General Meeting also approved all amendments to the Articles of Association, i.e. the anchoring of sustainability in the Articles of Association, the use of electronic tools for communication with shareholders, the possibility of holding General Meetings virtually, the additional amounts for new Executive Board members, the reduction of the maximum permissible additional mandates of members of the Board of Directors as well as various formal adjustments to the new law.

  • Burkhalter buys Bötschi Holding

    Burkhalter buys Bötschi Holding

    Burkhalter Group has acquired the building technology company Bötschi Holding. According to a media release from the Zurich-based service provider for heating and cooling, ventilation and air conditioning, sanitary and electrical engineering, the takeover is in pursuit of the expansion of its technology fields of sanitary, heating and ventilation in the cantons of Thurgau and St.Gallen. With the transaction, the subsidiaries Bötschi AG Feuer Luft Wasser, Angele AG Feuer Luft Wasser and Perl-Pool AG also join the Burkhalter Group.

    Burkhalter is taking over all 65 employees of the family-owned company based in Mauren and Bronschhofen. Its annual turnover in its core business of plumbing, heating and ventilation amounts to CHF 19 million. The companies will retain their company names and management.

    The purchase price will be settled in cash and by means of registered shares of Burkhalter Holding AG. For this purpose, the creation of 47,682 registered shares from authorised capital is planned. They are to be traded from the beginning or middle of May. The seller has undertaken not to sell the registered shares received from the sale for a period of two years.

    The service provider for heating and cooling, ventilation and air conditioning, sanitary and electrical engineering employs 4600 people at 150 locations in 80 companies.

  • Merger of Credit Suisse and UBS

    Merger of Credit Suisse and UBS

    Credit Suisse and UBS entered into a merger agreement on Sunday under which UBS will be the continuing entity. Following the negotiations that took place over the weekend and led to the signing of the merger agreement, UBS and Credit Suisse have concluded that a merger is in the best interests of their shareholders and stakeholders. The Federal Department of Finance, the Swiss National Bank and FINMA had previously required the two companies to complete this transaction in order to restore the necessary confidence in the stability of the Swiss economy and the Swiss financial centre.

    The merger is subject to the following material conditions:

    • All Credit Suisse shareholders will receive 1 UBS share for 22.48 Credit Suisse shares in exchange for the merger. This exchange ratio corresponds to an acquisition price of CHF 3 billion for all Credit Suisse shares.
    • The merger is subject to customary closing conditions. Both parties are confident that all conditions can be fulfilled. The merger is expected to be completed, if possible, by the end of 2023.
    • The Swiss National Bank will provide Credit Suisse with access to facilities through which it will receive substantial additional liquidity.
    • It is expected that, in order to ensure a smooth integration of Credit Suisse into UBS, UBS will appoint employees to key positions at Credit Suisse as soon as legally possible.
    • Credit Suisse will continue its business as usual and implement its restructuring measures in cooperation with UBS.
    • UBS has expressed confidence that Credit Suisse employees can continue to be employed.

    Credit Suisse was informed on Sunday by FINMA of its decision that Credit Suisse’s Additional Tier 1 capital (arising from the issuance of Tier 1 capital notes) in the aggregate principal amount of approximately CHF 16 billion will be written down to zero.

    Taking into account the special circumstances affecting the Swiss economy as a whole, the Federal Council issues an emergency ordinance tailored to this specific transaction. It should be noted that the merger is being carried out without the otherwise required approval of the shareholders of UBS and Credit Suisse in order to increase transaction security.

    Axel P. Lehmann, Chairman of the Board of Directors of Credit Suisse, said: “The announced merger represents the best possible outcome given the extraordinary and unprecedented circumstances. Credit Suisse has been through an extremely difficult period. Although the team has worked tirelessly to clean up many significant legacy issues and implement the new strategy, today we are forced to adopt a solution that will deliver a sustainable outcome.”

  • Allreal focuses on western Switzerland

    Allreal focuses on western Switzerland

    According to a media release, the real estate company Allreal is acquiring individual companies from Immosynergies Holding Sàrl , based in Cointrin GE. According to a press release, almost all of the properties taken over are in prime locations in the canton of Geneva. There is also a portfolio of development projects in the cantons of Geneva and Vaud. Allreal is thus significantly expanding its involvement in western Switzerland.

    According to the announcement, the package taken over by founder and owner Olivier Plan from Immosynergies Holding Sàrl includes investment properties of around CHF 500 million and additional development properties of around CHF 210 million, which have a potential investment volume of more than CHF 700 million. Allreal also buys the general contractor belonging to the group of companies. All 45 employees will be taken over. The net purchase price of the entire transaction is given as around CHF 400 million.

    Half of the net purchase price is to be paid in cash and half in Allreal shares. As a result, Olivier Plan, who is 100 percent owner of Immosynergies Holding Sàrl, will be one of Allreal's largest shareholders after the transaction is complete.

    The Board of Directors of Allreal Holding AG intends to carry out a capital increase from the authorized capital while excluding subscription rights for the previous shareholders. It is planned to issue up to 650,000 new Allreal shares, which corresponds to an increase in the existing share capital of 4.1 percent.

    As a result of the transaction, the total market value of the Allreal investment properties will rise to around CHF 5.1 billion.

  • Canton Uri increases stake in EWA-energieUri

    Canton Uri increases stake in EWA-energieUri

    As part of its energy strategy, the canton of Uri is aiming for a long-term majority stake in EWA-energieUri , inform the canton, EWA-energieUri and Centralschweizische Kraftwerke AG ( CWK ) in a joint message . In the coming years, the canton's participation in the energy and water supplier is to be expanded from the current 29 to 40 percent. To this end, the canton of Uri wants to take over a stake from CKW.

    A corresponding agreement has already been signed by the three partners, the message goes on to say. It regulates the acquisition of further shares by the canton in the course of awarding water rights concessions.

    Specifically, the canton of Uri is initially to receive a further 5 percent of the shares in EWA-energieUri when the Lucendro shares in Uri are awarded. The license is due to be renewed in 2024. The canton of Uri will transfer its shares in the Lucendro power plant to EWA-energieUri and in return will receive shares in the Uri energy supplier. The allocation of the shares from the Ritom, Wassen and Amsteg power plants to EWA-energieUri is intended to bring in a further 6 percent of the Uri energy supplier for the canton. The shares are assigned to the canton by CWK.

  • Canton of Solothurn sells last Alpiq shares

    Canton of Solothurn sells last Alpiq shares

    The canton of Solothurn has sold the last remaining block of shares in the Lausanne energy company Alpiq to the regional energy supplier IBB from Brugg. According to a press release from the State Chancellery, the total price for the share package is around CHF 26 million. The end result for the canton is a one-off realized profit of CHF 5.2 million.

    The sale of these shares results from the reorganization of the Alpiq shareholder base. It essentially provides that three main groups of shareholders hold equal shares in Alpiq. These have agreed that in future they will purchase water from Alpiq in accordance with their respective share. For the government council of the canton of Solothurn, this is "entirely understandable and sensible for economic reasons". However, this obligation would mean "that he would inadvertently become a competitor of the regional energy suppliers as an electricity purchaser and trader". He wanted to avoid this.

    That is why the canton had already sold a package of shares worth 113 million francs to Primeo Energie and Regio Energie Solothurn in September. As the announcement goes on to say, the price per share was then as it is today at 70 francs.

  • Peach Property wins Ares as anchor shareholder

    Peach Property wins Ares as anchor shareholder

    The Peach Property Group is planning to make further portfolio acquisitions in Germany, explains the Zurich-based company, which specializes in residential real estate, in a press release . Peach Property intends to raise the funds by increasing the capital base by CHF 200 million. A mandatory convertible bond is to be placed for this purpose.

    The subscriber of three quarters of the mandatory convertible bond has already been determined, Peach Property informed in the message. Specifically, a fund of the globally active manager of alternative bonds, Ares Management Cooperation , will subscribe to 150 million francs. This means that Ares will secure a stake of around 30 percent in Peach Property and become the largest single shareholder in the Zurich real estate company, according to the announcement. In the course of the entry, the Managing Director of the Ares Real Estate Group, Klaus Schmitz, is to be elected to the Board of Directors of the Peach Property Group.

    "We are very pleased to be able to win Ares as a new anchor shareholder with extensive experience in the German residential real estate sector", Thomas Wolfensberger, CEO of the Peach Property Group, is quoted in the press release. Ares, in turn, sees the stake in the Zurich real estate company "as an excellent opportunity to invest in one of the more defensive asset classes in Europe and at the same time to benefit from the attractive growth of the Peach Property Group", explains John Ruane, Co-Head of the Ares European Real Estate Group.

  • Canton Solothurn wants to get out of Alpiq

    Canton Solothurn wants to get out of Alpiq

    The Canton of Solothurn is selling its stake in Alpiq . He currently holds 1'563'520 shares, a stake of 5.61 percent in the Lausanne energy company. As the government council writes in a press release, it wants 861,429 shares in Primeo-Energie based in Münchenstein BL and 331,104 shares in Regio Energie Solothurn . The government council is looking for further interested parties for the remaining 370,987 shares.

    The sale to the two regional energy providers is at a share price of 70 francs and brings the canton 113 million francs. Since the canton keeps the shares with a value of 56 francs in the books, the book profit is 16.7 million francs.

    The canton holds the Alpiq shares thanks to its stake in the predecessor company Atel, which dates back to the 1960s. With the sale, he is exercising a right that was granted in the shareholders' agreement of the three shareholder groups EOS Holding , the Credit Suisse subsidiary Schweizer Kraftwerksbeteiligung-AG and the Consortium of Swiss Minorities (KSM) from 2019. The canton of Solothurn belongs to the KSM. According to the 2019 clause, he can sell his shares either to existing members of the KSM or to regional energy providers.

  • Epic Suisse wants to join SIX

    Epic Suisse wants to join SIX

    Epic Suisse AG wants to go public in the coming months. By issuing new shares, the company aims to generate gross proceeds of around CHF 200 million, according to a press release .

    Epic Suisse intends to use the net proceeds from the IPO primarily to finance future acquisitions, for ongoing development projects and for general corporate purposes. In addition, debts should be paid off with the fresh money. Last but not least, the IPO is intended to increase public awareness of the company.

    Epic Suisse's portfolio includes 24 properties with a market value of CHF 1.3 billion. The company specializes primarily in office and logistics buildings as well as shopping centers. Most of the properties in his portfolio are located in the Lake Geneva region and in the Greater Zurich Area.

    Since it was founded in 2004, Epic Suisse has been owned by the Israeli Alrov Group and the Greenbaum family. You will not sell any shares as part of the IPO and you want to continue to be involved in the long-term development of the company.