immo!nvest – Die Plattform für Standorte und Immobilien

Tag: Investment

  • Independent and self-determined: The initiative for a sovereign Swiss property industry

    Independent and self-determined: The initiative for a sovereign Swiss property industry

    Reaktion auf die digitale Revolution
    Die Initialzündung für die Initiative kam durch die Erschütterung anderer Branchen, die von der digitalen Revolution überrollt wurden, wie etwa die Hotellerie durch Booking.com. Hoteliers sind mittlerweile gezwungen, auf dieser Plattform zu diktierten Konditionen zu inserieren. Dieses Beispiel zeigt: Wenn Akteure die Kontrolle über ihre Kundenschnittstellen und Daten verlieren, werden sie leicht zum Spielball der Marktführer.

    Am Beispiel der Hotellerie wissen wir, dass selbst grosse international tätige Unternehmen zu klein sind, um im Wettbewerb um Daten und Kundenschnittstellen eine dominante Rolle einzunehmen. Daher braucht es strategische Zusammenschlüsse, damit Rahmenbedingungen geschaffen werden können, die die Existenz aller Akteure nachhaltig sichern. Mit der Next Property AG ist ein solcher Zusammenschluss für die Immobilienwirtschaft entstanden. Die Initiative umfasst, seit der Lancierung im 2016, über 500 Aktionäre, welche die aktuellen Marktentwicklungen als bedrohlich einstufen und die Vision der Brancheninitiative unterstützen.

    Selbstbestimmung durch Datenhoheit
    «Daten sind Schlüsselressourcen. Wer die Daten kontrolliert, kontrolliert die Zukunft.», sagt Mario Facchinetti, mandatierter Geschäftsführer der Next Property AG. Der Ansatz ist klar: Die Kontrolle über Daten und Kundenschnittstellen in der Branche zu behalten, damit diese auch in Zukunft unabhängig und selbstbestimmt bleibt. Im Rahmen dieser Vision hat die Next Property AG im 2017 die Gelegenheit genutzt, um sich an der Immobilienplattform newhome.ch zu beteiligen. Durch dieses strategische Investment kann die Branche den Wettbewerb fördern und die Bedingungen sowie Ausrichtung des branchenfreundlichen Immobilienmarktplatzes aktiv mitgestalten.

    Bestätigung der Initiative
    Im 2021 fusionierten die führenden Schweizer Immobilienmarktplätze, was die Befürchtungen der Initianten bestätigte und die Bedeutung der Next Property AG, die sich für einen Markt mit gesunden Alternativen einsetzt, unterstrich. Somit wurde es wichtiger denn je, Immobilieninserate vorzeitig oder exklusiv auf newhome.ch zu publizieren. Damit liegt das Insertions- und Suchverhalten in der Kontrolle der Aktionäre. Sie haben es selbst in der Hand, ihre Objekte mit Vorlauf oder exklusiv auf der branchenfreundlichen Immobilienplattform zu inserieren und somit das Suchverhalten für professionell vermarktet Immobilien zu ihren Gunsten zu steuern.

    Digitalisierung: Fair statt zentralisiert
    Die Digitalisierung ist zentral für die Organisation von Prozessen und ein wesentlicher Faktor für die Zukunftsfähigkeit von Unternehmen. Sie darf jedoch nicht auf Kosten etablierter Wirtschaftsstrukturen und regionaler Arbeitsplätze gehen. Branchenakteure müssen sich gemeinsam dafür einsetzen, dass die digitale Wertschöpfung nicht zu stark zentralisierte Strukturen entwickelt. Stattdessen sollten sie sicherstellen, dass Marktteilnehmer ihre Existenzgrundlage sichern können, damit eine nachhaltige Entwicklung möglich ist. Für die Branche ist es wichtig, die Digitalisierung mit langfristiger Perspektive voranzutreiben, um deren Chancen zu nutzen und Risiken zu minimieren.

    Dank der Aktionäre der Next Property AG und ihrem Investment in die newhome.ch AG haben Schweizer Immobilienakteure eine erfolgsversprechende Chance die Kontrolle über ihre Daten und die digitale Kundenschnittstelle zu behalten und die Marktbedingungen mitzubestimmen.

  • New investor for sustainable construction start-ups

    New investor for sustainable construction start-ups

    Buildify.earth was founded with the vision of supporting sustainable innovation in the construction industry. The investment company is particularly involved in the early development phases of start-ups and offers not only capital but also access to an extensive network. This network has been established over the years as part of the development of Switzerland Innovation Park Central, NEST and other organisations and is a valuable asset for the supported companies.

    Strategic partnerships and long-term goals
    Eight years ago, planning began for the location of the Innovation Park in Central Switzerland, which opened its doors in Rotkreuz in 2019 and has officially been part of Switzerland Innovation since 2021. The park now has over 100 members, including well-known players in the Swiss construction industry and research institutions. This network provides direct access to decision-makers and a platform for start-ups to forge important collaborations in a traditionally risk-averse industry.

    Provision of funding and resources
    The funds provided by private investors, the Zuger Kantonalbank and the park itself, which amount to a single-digit million sum, will enable buildify.earth to make significant initial investments, which are to be announced soon. The investment pipeline is richly filled, including 40 startups that are already members of the park. Buildify.earth AG takes a flexible role as a co-investor that can act quickly and act as a catalyst for further investments.

    Long-term planning and open doors for further investors
    Reto Largo and Sem Mattli, the heads of buildify.earth, are not only looking for promising start-ups, but also for further investors to strengthen the capital of the company’s evergreen structure. This structure fits well with the long innovation cycles in the construction sector and allows a portion of the proceeds to be reinvested while seeking attractive returns for investors. This is just the beginning of a long-term strategy aimed at making substantial investments in promising start-ups and actively shaping the future of the sustainable construction industry.

  • UBS ernennt neuen Leiter für globale Immobilien-Investments

    UBS ernennt neuen Leiter für globale Immobilien-Investments

    Die Schweizer Großbank UBS hat eine Neubesetzung in ihrem Asset Management Bereich bekannt gegeben. Jon Hollick wurde zum neuen Leiter der weltweiten Immobilien-Investments ernannt, eine Position, die alle Märkte außerhalb der Schweiz, Deutschlands und Österreichs (DACH) umfasst. Diese Änderung folgt auf die Integration des Geschäfts der Credit Suisse (CSAM) in die Strukturen der UBS, was zu einer Neustrukturierung des Immobilienteams geführt hat.

    Hollick, der bisher das Immobiliengeschäft der UBS in der Marktregion Europa, Naher Osten und Afrika (EMEA) leitete, mit Ausnahme der DACH-Region, bleibt in seiner neuen Rolle Joe Azelby, dem Leiter des Bereichs Real Estate & Private Markets, unterstellt. Mit der Übernahme der Geschäfte der Credit Suisse hat UBS ihre Position als einer der weltweit führenden Immobilienmanager weiter gefestigt und plant, die sich daraus ergebenden Wachstumschancen auf ihrer erweiterten globalen Plattform zu nutzen.

    Neben der Ernennung von Hollick gibt es auch Berichte über Mitarbeiterwechsel von der übernommenen Credit Suisse zu Konkurrenzunternehmen. Trotz dieser Veränderungen bleibt die Leitung der DACH-Region unter der Verantwortung von Daniel Brüllmann unverändert.

    In seiner neuen globalen Rolle wird Hollick die Wachstumsziele im Immobilienbereich der UBS weiterentwickeln und ausbauen. Bis ein Nachfolger für die Leitung der EMEA-Region gefunden wird, wird Hollick diese Märkte weiterhin betreuen.

  • Pension funds: Out of bounds with real estate

    Pension funds: Out of bounds with real estate

    Everything is relative: for pension fund managers, the quote attributed to Nobel Prize winner Albert Einstein may have a special ring at the moment. Their investments in shares and bonds have lost a lot of value in the past year. Positions in real estate, on the other hand, suffered less. As a result, these have – relatively speaking – often gained significantly in weight in the investment portfolio of the pension funds. This has not only theoretical but also tangible consequences.

    At the end of last year, market observers warned that a quarter of the pension funds in Switzerland would have to sell or devalue real estate investments because their weight exceeded the requirements of the Ordinance on Retirement, Survivors’ and Disability Pension Plans (BVV2). The ordinances prescribe a fixed quota for real estate investments that may not exceed 30 per cent.

    “A few pension funds had bandwidth violations“
    Heinz Rothacher, CEO of the well-known St.Gallen pension fund consulting firm Complementa, now tells finews.ch that the quota violations at the end of 2022 turned out to be even more extensive than feared. “More than a third of the pension funds have reported a real estate quota of over 30 percent,” says the market expert (see chart below). And he notes, “There are a few pension funds that had a bandwidth violation due to the increase in ratios.”

    In fact, the OOB2 ordinance allows certain bandwidths in the portfolio shares according to which the pension funds can design their investment strategy. But even this leeway has limits. When the edge of the bands is touched, there are therefore two tactics: Sit it out or correct it.

    Maintain quota for now
    The pension funds have apparently opted for the former as a first step. “Since it is a passive violation of the bands, they tolerated it and decided to maintain the existing quota,” Rothacher reports. The same applies to violations of the BVV2 limit of 30 percent, he adds.

    Complementa has asked a good 150 decision-makers in occupational pension schemes specifically about the problem; the CEO therefore knows pretty well in which direction the industry is heading. As of the end of 2022, the real estate ratio averaged 24.1 percent, 3 percentage points higher than the previous year.

    The wait-and-see approach has not worked badly for the pension funds so far. The real estate quota has been reduced again this year due to the positive performance of the stock markets, Rothacher reports. As a result, “the breach of the bandwidths has been partially remedied.”

    Current surveys by Credit Suisse show that the Swiss pension funds generated an average investment return of 3.86 percent by the end of last June; the major bank UBS comes to an average performance after deduction of fees of 3.51 percent in its measurements. This means that the funds have already exceeded the statutory minimum distribution of 1 per cent per year.

    The crux with illiquidity
    Nevertheless, the problem has not disappeared, and the pension funds must be concerned about keeping within the defined bandwidths in the medium term due to their investment strategy. Another sticking point arises: Due to the illiquidity of the asset class – for example, directly held properties or investment foundations – it is difficult to adjust the ratio in the short term.

    Accordingly, the funds have to tackle where liquidity is most likely to be available: in listed real estate investments. As Rothacher from Complementa reports, there is now movement to be seen there. “37 percent of the funds that participated in the survey are planning to reduce listed real estate funds,” explains the financial professional. As many as 11 per cent of the respondents are also thinking about reducing non-listed vessels.

    Redemption fees increased
    As it turns out, the prices of Swiss real estate funds have already fallen sharply in 2022. The relevant SIX Real Estate Funds Broad Index (SWIIT) lost more than 15 percent of its value last year. This year, the counter stagnated. Meanwhile, a lower demand for additional investments is noticeable among the non-listed investment groups, explains Rothacher.

    Various real estate funds have also received significantly fewer commitments than planned for capital increases. “Not long ago, oversubscriptions were the norm,” he recalls.

    The Complementa CEO does not expect major sales of such vehicles. On the other hand, he knows of individual investment groups that have already increased redemption fees this year – also with the reference to wanting to protect existing investors. This can have a deterrent effect on sellers. “The redemption fees for the various investment vehicles vary greatly and can sometimes account for a large part of an annual performance,” Rothacher knows.

    When do appraisers resort to red pencils?
    But even those who stubbornly hold on to their real estate positions may have to let down their guard. This is the case if there are valuation corrections because the real estate appraisers would be forced to raise the discount rates due to further interest rate steps.

    At least on the Swiss market, the current low level of construction activity, immigration and rising rents make such measures appear premature. However, further interest rate hikes by the Swiss National Bank could still lead the appraisers to apply the red pencil.

    Local pension funds often have a pronounced “home bias” in their real estate investments and would probably be sensitive to a decline in valuations.

  • PropTech investors score with quality and industry know-how

    PropTech investors score with quality and industry know-how

    Despite interest rate increases, declining transactions, rising construction costs and tighter regulations, the construction and real estate industry is experiencing a wave of innovation. This is due in particular to the PropTech scene, which set a new record last year with an investment volume in the high triple-digit millions in the DACH region.

    A survey conducted in June 2023 on the brand awareness of PropTech investors revealed a growing diversity of funders active in different regions. The 90 real estate executives and professionals surveyed concluded that brand awareness is increasingly important in this dynamic environment. It can be assumed that in the future investors will increasingly deal with branding and marketing in order to expand their own visibility and strengthen their reputation.

    Quality and number as criteria for cooperation
    Around 42 percent of the participants stated that they knew PT1 – PropTech1 Ventures. The company was rated as a leading investor by the respondents both in terms of overall perception and along individual criteria. Multiple responses were possible. It is followed by Bitstone Capital (approx. 33 percent), BeyondBuild (approx. 26 percent) and High Rise Ventures GmbH (approx. 22 percent).

    In the case of interest in a collaboration, the choice of an investor depends on various criteria. The quality of the investments made proved to be important or very important for around 90 percent of the survey participants. The number of previous investments was also rated as important or very important by three-quarters of respondents. Other relevant criteria are the level of awareness, quality (network, industry know-how) and expected returns.

    Advice, mentoring and expertise as the most important services
    Nevertheless, the survey shows that the market shares of PropTech investors are not solely due to financial support. The range of services and the fulfilment of service expectations are also decisive, whereby the latter differ according to the recipient group: For example, real estate decision-makers primarily expect a good market overview, advice, expertise and a strong network. PropTechs, on the other hand, value capital, business development support, access to resources as well as advice and mentoring.

    These findings suggest that expertise, industry knowledge and service quality are becoming more important for PropTech investors to gain competitive advantage in the future. The diversity of investors also highlights the importance of regional expertise.

    Survey results at www.pom.ch

  • TSC Real Estate closes 2021 as the best year in the company's history

    TSC Real Estate closes 2021 as the best year in the company's history

    Assets under management increased from approximately EUR 1.5 billion at the end of 2020 to approximately EUR 1.6 billion as of December 31, 2021, with the number of employees increasing to 27 in the same period. In addition, TSC Real Estate has accompanied sales worth around EUR 530 million.

    Berthold Becker, Managing Director of TSC Real Estate, comments: “The asset class 'health care properties' is becoming more and more differentiated and complex. We actively accompany this ongoing process for our customers and support them with our expertise and industry know-how in strategic investment decisions and management. In addition, we formulated ESG as a value-added service early on, including the development and implementation of a rating structure, our own ESG reporting and property-specific catalogs of measures. Even if we are constantly developing in this regard, we are already positioned for the future. This puts us in a position to create and transparently implement an individual manage-to-ESG strategy for our properties and those of our customers.”

    In 2022, TSC Real Estate has both the initiation and launch of its own investment vehicles for institutional investors in the area of residential and healthcare real estate and the participation in or the establishment of operating companies in the respective real estate segments on the agenda.

    In addition to organic growth options, acquisitions will also be examined and, if necessary, implemented in the coming months. In addition, not only the purchase of real estate with a volume of approx. EUR 300 million is planned, but also the further development of the vertical service structure. This includes the expansion of the areas of property management and, last but not least, project development.

  • PriceHubble takes over Checkmyplace

    PriceHubble takes over Checkmyplace

    PriceHubble takes over 100 percent of the shares in Checkmyplace GmbH , according to a media release . According to co-founder Markus Stadler, the company wants to strengthen its position in the German-speaking area. "We can now also offer multinational real estate companies in the DACH region additional added value," he says.

    PriceHubble makes it possible to gain useful knowledge for the valuation of real estate from large amounts of data. For example, it includes data on the location, the neighborhood or noise pollution in the assessment. The data is evaluated and clearly presented with the help of big data analytics and artificial intelligence. PriceHubble is aimed at all parties in the real estate value chain, such as real estate portals, banks, asset managers, insurance companies, real estate investors and private individuals.

    Checkmyplace delivers services and products based on various data and supports professional users in the real estate industry in working more efficiently. After completion of the takeover, the company will appear under the name PriceHubble Austria.

    PriceHubble was founded in 2016. The Zurich-based company already has locations in Paris, Berlin and now also in Vienna. As a result of the takeover, over 70 employees work for the company.