Real estate investments

The "Real Estate" asset class generated a return in Swiss francs of 9.1% for the year under review. At the end of 2024, the total value of real estate investments was CHF 6 049 million, representing 13.8% of the market portfolio.

Direct real estate investments

At the end of 2024, the value of the "Real Estate Switzerland direct" segment amounted to CHF 183 million. It achieved a positive return of 5.8% 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 2024, the value of the "Indirect Real Estate investments" segment was CHF 5 866 million.

The "Real Estate Switzerland listed" sub-segment, which represented a share of 37.4% of all real estate investments, generated a return of 16.0%, while the "Real Estate North America listed" sub-segment (share of 11.4%) achieved a return of 16.1%.

The "Real Estate Global not listed" sub-segment (48.2% share) generated a return of 3.5%.

Adjustments to the portfolio

During the year under review, 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 manage 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 22 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 (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.