Information on the real estate portfolio
Acquisitions of yield-producing property
Place | Address | Type [1] | Year of construction | Transfer of use |
|
|
|
|
|
Adliswil | Moosstrasse 1–13/Grütstrasse 33–39 | RP | 2011 | 01/06/2011 |
Le Grand-Saconnex | Route François-Peyrot 10–14 | CP | 2004 | 21/06/2011 |
[1]RP = residential property
CP = commercial property
Disposals of yield-producing property
Place | Address | Type [1] | Year of construction | Transfer of use |
|
|
|
|
|
Basel | Clarastrasse 56 | CP | 1980 | 15/07/2011 |
Zurich | Bächlerstrasse 54–58 | RP | 1954 | 01/05/2011 |
[1]RP = residential property
CP = commercial property
Leasehold properties
Place | Address | Length of agreement |
|
|
|
Zurich | Badenerstrasse 141 | 30 January 2101 |
Zurich | Kreuzstrasse 5 | 20 October 2086 |
Largest tenants, commercial real estate
Share in total rental income from commercial real estate:
|
| 2011 |
| 2010 |
|
|
|
|
|
IBM Switzerland AG |
| 9% |
| 8% |
MAN Diesel & Turbo Switzerland AG |
| 6% |
| 6% |
Canton Zurich |
| 5% |
| 6% |
Partner Reinsurance Company Ltd. (PartnerRe) |
| 4% |
| 5% |
Credit Suisse AG |
| 4% |
| 4% |
Total |
| 28% |
| 29% |
The five largest tenants' share of total rental income from all yield-producing properties (commercial and residential) declined to 26% in 2011 (IBM Switzerland 8%, MAN Diesel & Turbo Switzerland AG 6%, Canton Zurich 5%, PartnerRe 4% and Credit Suisse AG 3%).
Profile of terms of rental contracts for commercial real estate
The weighted remaining term of fixed-term rental contracts is 5.6 years (31.12.2010: 5.9 years).
Future income from fixed-term contracts
As a result of fixed-term rental contracts on yield-producing property, the following nominal rental income will accrue in future:
CHF million |
| 2011 |
| 2010 |
| ||||
Commercial property |
|
|
|
|
Rental income up to one year |
| 106.8 |
| 104.6 |
Rental income from two to five years |
| 336.7 |
| 359.4 |
Rental income after five years |
| 147.0 |
| 174.1 |
Total future rental income from fixed-term contracts |
| 590.5 |
| 638.1 |
| ||||
Residential property |
|
|
|
|
Rental income up to one year |
| 1.2 |
| 1.2 |
Rental income from two to five years |
| 4.1 |
| 4.3 |
Rental income after five years |
| 2.7 |
| 3.4 |
Total future rental income from fixed-term contracts |
| 8.0 |
| 8.9 |
| ||||
Total future rental income from fixed-term contracts yield-producing properties |
| 598.5 |
| 647.0 |
85% of all rental income for commercial space is indexed, i.e. rents are adjusted for inflation in accordance with the Swiss Consumer Price Index (CPI).
96.1% of rental contracts for residential space are for an unlimited term (2010: 94.4%). The weighted remaining term of fixed-term rental contracts for residential property is 5.6 years (31.12.2010: 5.8 years). Rental prices are based, among other factors, on the development of the mortgage reference rate calculated quarterly by the Swiss National Bank and last published in December 2011.
As at 31 December 2011, 71.2% of all rental contracts contained index clauses corresponding to a target rental income of CHF 108.4 million (2010: 74.1%, CHF 109.2 million).