Real estate investments

Real estate investments (indirect)

The “Real Estate” asset class generated a return in Swiss francs of 0.9% for the year under review. At the end of 2025, the total value of real estate investments was CHF 6 398 million, representing 13.9% of the market portfolio.

The “Real Estate Switzerland” sub-segment, which represented a share of 40.2% of all real estate investments, generated a return of 13.6%, while the “Real Estate United States listed” sub-segment (13.5% share) recorded a return of -10.3%.

The “Real Estate Global not listed” sub-segment (46.3% share) generated a return of -5.7%.

Adjustments to the portfolio

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

The property held directly by compenswiss was removed, as of 01.01.2025, from the market portfolio to comply with the Ordinance on the Financial Reporting of the Confederation’s public-law institution “compenswiss (Compensation Funds for OASI/InvI/LEC)”.

Management of mandates

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

Two external managers actively manage the “Real Estate Switzerland listed” sub-segment, while the “Real Estate USA ” sub-segment is being passively managed by one external manager.

The “Real Estate Global not listed” sub-segment has 23 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 (10 funds) and the USA (6 funds). The managers of these investment funds are: BentallGreenOak, Blackstone, CapitaLand, Hines, Invesco, JP Morgan, Metlife, Morgan Stanley, Nuveen, PAG, PGIM, Tishman Speyer, Tristan and Walton Street.