Investment real estate under construction

[1]According to valuation as at 31.12.2012

[2]Building and land costs

Eikenøtt, Gland

New-build residential development comprising 53 rental apartments and 60 parking spaces, with an aggregate net living area of 4 958 square metres in Gland, Canton Vaud. The project is being built by Losinger Construction SA and, upon completion, will be transferred in stages in 2013 and 2014 to the portfolio of yield-producing properties. For the purposes of calculating the market value as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.90% were applied (31.12.2011: 5.00%).

Allianz office building, Wallisellen

New 18-floor office building plus adjoining six-floor office block with floor space totalling some 45 900 square metres. Upon occupation in 2013, the building’s main tenant, with 1 500 workplaces, will be Allianz Suisse insurance company, which has signed a 10-year rental contract with Allreal. The project is being built by the Projects & Development division and, upon completion in the first half of 2013, will be reported under the portfolio of yield-producing properties. For the purposes of calculating the market value as at the balance sheet cut-off date, nominal discount and capitalisation rates of 5.00% were applied (31.12.2011: 5.00%).

Favrehof, Wallisellen

New-build residential development comprising 118 rental apartments and 116 parking spaces. Together with the 1 173 square metres of lettable floor space for offices and retail outlets, this equates to total floor space of 13 815 square meters. The project is being built by the Projects & Development division and, upon completion in 2014, will be reported under the portfolio of yield-producing properties. For the first-time, market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.90% were applied.

Escher-Terrassen, Zurich

19-floor residential high-rise comprising 51 rental apartments with an aggregate net living area of 6 127 square metres, rehearsal facilities for the opera house and a 35-space basement car park on the Escher-Wyss site in Zurich-West. The project is being built by the Projects & Development division and, upon completion in 2014, will be transferred to the portfolio of yield-producing properties. For the purposes of calculating the market value as at the balance sheet cut-off date, nominal discount and capitalisation rates of 5.00% were applied (31.12.2011: 5.00%).

Neunbrunnenstrasse, Zurich

New-build residential development comprising 40 rental apartments and 30 parking spaces, with an aggregate net living area of 4 665 square metres in Neu-Oerlikon. The project is being built by the Projects & Development division and, upon completion in 2013, will be transferred to the portfolio of yield-producing properties. For the purposes of calculating the market value as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.90% were applied (31.12.2011: 4.90%).

Toni site, Zurich

University of Applied Sciences (Fachhochschule) development for some 5 000 students, lecturers and employees, including events venues, commercial premises and 100 rental apartments in Zurich-West, built by the Projects & Development division. The lettable floor space, including housing, totals around 87 500 square metres, of which at least 73 100 square metres will be occupied by Canton Zurich/Zurich University of Applied Sciences (on a 20-year rental contract). The aggregate net living area of the 100 rental apartments runs to 9 992 square metres. Of the annual CHF 28.7 million in target rental income after completion, CHF 6.9 million is attributable to the amortisation of tenant fit-outs prefinanced by Allreal, which are to be repaid over a term of 20 years. Upon completion, the Toni site will be transferred to the portfolio of yield-producing properties. For the purposes of calculating the market value as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.80% were applied (31.12.2011: 4.80%).

All investment real estate under construction is 100% solely owned by Allreal.