Activity report 2022

Real Estate Investments

Real estate investments

The "Real Estate" asset class generated a return in Swiss francs of –‍6.5% for the year under review. At the end of 2022, the total value of real estate investments was CHF 4 883 million, representing 14.1% of the market portfolio.

Direct real estate investments

At the end of 2022, the value of the "Real Estate Switzerland direct" segment amounted to CHF 180 million. It achieved a positive return of 6.8% in the year under review and focused on one property, mainly rented to the Central Compensation Office in Geneva.

Indirect real estate investments

At the end of 2022, the value of the "Indirect Real Estate investments" segment was CHF 4 703 million.

The "Real Estate Switzerland listed" sub-segment, which represented a share of 38% of all real estate investments, generated a return of –‍11.4%, while the "Real Estate North America listed" sub-segment (share of 12.7%) achieved a return of –‍23.6%.

The "Real Estate Global not listed" sub-segment (45.6% share) generated a return of 5.2%.

Adjustments to the portfolio

During the year, capital calls were made in Europe, Asia and the US.

Management of mandates

The Management Office was responsible for the control and coordination of the "Real Estate direct" segment.

Two external managers actively administrate the "Real Estate Switzerland listed" sub-segment, while the "Real Estate North America listed" sub-segment is being passively managed by one external manager.

The "Real Estate Global not listed" sub-segment has 20 units of actively managed investment funds. These investment funds allocate their assets in a diversified manner in first-class real estate in Europe (7 funds), Asia (9 funds) and the USA (4 funds). The managers of these investment funds are: BentallGreenOak, Blackstone, CapitaLand, Hines, JP Morgan, M&G, Metlife, Morgan Stanley, Nuveen, PAG, PGIM, Tristan and Walton Street.


You are using an outdated browser. Please upgrade your browser to improve your experience.

expand_less