Projekte Wohnen im Alter

Transcription

Switzerland: Only for qualified investors within the meaning of Art. 10 CISA and Art. 6 CISO
Credit Suisse Real Estate Fund
LogisticsPlus
Real Estate Asset Management
September 2014
Contents
Logistics Market Switzerland
Credit Suisse Real Estate Fund LogisticsPlus
Appendix
September 2014
2
Overview
Within Europe, Switzerland plays an important role
in the transport sector (geographical location)
The importance of logistics services is constantly
increasing due to globalized goods flows
The annual market volume in Switzerland is
around CHF 38 billion
Since 2006, annual growth has averaged 3%
Forecasts suggest that the market volume in the
logistics field will continue to grow
Source: Credit Suisse "Real Estate Market 2014 – Structures and Prospects," page 58 et seq.
September 2014
4
Growth
Sources: Datastream, GS1 Switzerland, University of St.Gallen – Graduate School of Business, Economics, Law and Social Sciences
September 2014
5
Growth Drivers
Globalization of goods flows
Strong demand for high-value goods
(pharmaceuticals / luxury items) from Switzerland
in Asian countries and America
Strong increase in online and multi-channel sales
in the retail trade
September 2014
6
Online Sales
Index (2010 = 100)
Sources: GfK, SAAM, Coop, Migros Cooperative
September 2014
7
Segmentation of the Market Volume into Seven Sub-Markets
* Courier/Express/Packages
Source: Logistics Market Study 2014, University of St. Gallen
September 2014
8
Focus on Border Crossing Points, Big Cities and Highway Interchanges
Million metric tons per year
Source: Swiss Logistics Market Study 2014, University of St. Gallen
September 2014
9
Clusters
Zurich – Glatttal/Furttal – Unterland
Basel – Lower Baselbiet
Mittelland/Southern Jura (Aarau/Olten/Solothurn)
Geneva
Bern
Lugano – Mendrisio
St. Gallen – Rhine Valley
Lausanne – Morges
Fricktal
Willisau
Lucerne – Zug
Schaffhausen
March – Einsiedeln
Thun
Chur – Werdenberg
Martigny – Unterwallis
Source: Wüest & Partner
September 2014
10
Real Estate Definition
A logistics property is real estate
for the storage, handling, commissioning, and
refining of goods along with the necessary
infrastructure/technology
at a location with good connections to transport
infrastructure (road, rail, water, air)
generally operated by logistics companies
September 2014
11
Real Estate Types
The following four basic types can be differentiated:
Storage depot / Warehouse: Used for storage
and are typically close to production
Handling facilities: Goods are transferred here
from long-distance to local transport or reloaded
from one transporter to another. Storage is short
term, if at all
High-bay warehouses: Buildings up to 50 m high,
usually fully automated. They are not sized by
surface area, but by number of pallet spaces
Special properties: These include, for instance,
refrigerated buildings for the food and
pharmaceutical industries
September 2014
12
Logistics Real Estate in Switzerland
Annual new construction investments in logistics
real estate are around CHF 550 million
Annual transaction volume approx.
CHF 300–500 million
Good connection to transport infrastructure (road,
rail, water, air)
Usable by third parties (installation/construction
capabilities)
From owner market to rental market
Commercial, indexed rental agreements
September 2014
13
Usage Structure within the Real Estate
Industry
Logistics service providers
Retail
Other
Source: Fraunhofer IIS (2013)
September 2014
14
Top 12 Logistics Service Providers in Switzerland
Company
Sales CH
(in CHF millions)
Employees in CH
PostMail AG
2,649
17,281
PostLogistics AG
1,535
5,520
SBB Cargo AG
922
3,327
Swiss Post International
789
1,209
Planzer Transport AG
706
3,600
Bertschi AG
600
570
Hupac Intermodal SA
446
157
Kühne + Nagel AG
433
344
Galliker Transport AG
364
1,895
Fracht AG
300
200
Panalpina AG
298
759
DHL Express (Schweiz) AG
274
1,800
Source: Logistics Market Study 2014, University of St. Gallen
September 2014
15
Return Comparison of Asset Classes in Switzerland
Return differential
of ~150bp
Historical performance indications and financial market scenarios are no guarantee for current or future performance. The performance data takes no account of commissions, fees, or other charges (including
commissions and costs associated with the issue and redemption of units).
Sources: IPD, Wüest & Partner
September 2014
16
Credit Suisse Real Estate Fund
LogisticsPlus
Key Facts
First logistics real estate fund in Switzerland
(supervisory authority FINMA)
Real estate fund only for qualified investors
(institutional investors and high-net-worth
individuals)
Invests in logistics buildings and logistics-related
real estate
Participation in the growing logistics market
Attractive direct yields for investors
approx. 4.0 to 4.5 %*
Income and capital gains from direct real estate
ownership are generally tax-free for investors
domiciled in Switzerland
* The target return is not a projection, prediction, or guarantee of future performance or of achievement of the same.
September 2014
18
Asset Categories
The focus is on warehouses, handling facilities,
high-bay warehouses, logistics parks, and
logistics/goods distribution centers
Production properties in the light industrial field
are also to be included in the portfolio
Furthermore, we are searching for multifunctional buildings housing production, sales,
and logistics operations
At a lower priority, we are also looking to acquire
motor dealerships, spare parts warehouses, gas
stations, parking garages, and data centers
Investments in office and residential real estate
are not planned
September 2014
19
Rental Agreements
Commercial rental agreements, adjusted to the
consumer price index (Swiss Federal Statistical
Office)
No operator/management agreements, but
double net agreements
Medium to long-term terms, often depending on
the duration of the mandate signed by the tenant
Active rental agreement management
September 2014
20
Matrix Organization
Fund Management
Existing Products
CS REF LogisticsPlus
Specialist Areas
Acquisition & Sales
Development &
Construction
Property Asset
Management
Finances & Operations
September 2014
21
Fund Management Strengths
The fund manager, Radhia Rüttimann, has over
ten years of experience at Credit Suisse in
commercial real estate
Active portfolio management through selective
purchases and sales
Unforced, solid, and high-quality development of
the portfolio, primarily through existing properties
Detection and implementation of reconversion/
utilization potential of real estate
September 2014
22
Real Estate Acquisition Strengths
A team of 12 people works in the acquisition area
and in the past purchased approx. CHF 1 billion
per year
Since autumn 2013 an acquisition manager is
responsible for logistics real estate and the
coordination of acquisitions of logistics properties
for the Fund
This team has already firmly secured real estate in
the amount of approx. CHF 120 million
The current pipeline is over CHF 500 million. It is
developing and constantly growing
September 2014
23
Property Asset Management Strengths
In the various Credit Suisse real estate portfolios,
there are currently around 20 logistics properties
with a market value of approx. CHF 850 million
These properties are successfully managed by the
Credit Suisse Real Estate Asset Management
team
The Property Asset Management area has 25
employees, who supervise property management
on-site and market foreseeable vacancies due to
expiring rental agreements in a timely manner.
They are in constant contact with existing and
potential tenants
September 2014
24
External Support
Proven appraiser team Wüest and Partner with
experience in appraising logistics and commercial
real estate. They appraise over 50 logistics
properties per year in Switzerland, for both owneroccupier and institutional clients
www.wuestundpartner.com
Access to expert know-how of Weber + Partner
AG, Wil. This company is specialized in planning
logistics properties and is a leader in this field.
Accordingly, it is very well connected in the
industry and perfectly informed regarding
regulatory provisions for buildings www.wpag.ch
September 2014
25
Logistics Centers Bülach I and II, ZH – Key Data
Schützenmattstrasse in Bülach
Land plot size: ca. 72‘300 m2
Direct rail access
Different buildings with construction years 1963,
1966, 1980 and 1993
Gross income: ca. CHF 5.4 mn
Acquisition costs: ca. CHF 78 Mio.
Ø net yield (year 1 – 10): ca. 5.3 %
Status:
Signing March 2014
Closing October 2014
Main tenants (in % of rental income):
- Camion-Transport AG Wil (33%)
- Fiege Logistik (Schweiz) AG (29%)
- Spirella AG (20%)
- Federation of Migros Cooperatives (11%)
September 2014
26
Logistics Centers Bülach I and II, ZH – Situation and Pictures
Large area with untapped potential for long-term strategic development.
Direct rail access and optimal connection to the highway A51 Bülach – Zurich airport.
September 2014
27
Logistics Center Derendingen, SO – Key Data
Derendingen/Luterbach
Land plot size: ca. 100‘000 m2
Direct rail access
Good quality object constructed 1994
Approved development plan for new building project
Gross income (without project): ca. CHF 2.2 mn
Acquisition costs (without project): ca. CHF 40 mn
Net yield (without project): ca. 5%
Gross income (including project): ca. CHF 4.4 mn
Acquisition costs (including project): ca. CHF 66 mn
Net yield (including project): ca. 5.7%
Single tenant: DHL Logistics (Schweiz) AG
Status:
Closing October 2014
September 2014
28
Logistics Center Derendingen, SO – Situation and Pictures
Large area with approved development plan for new building project.
Direct rail access and good location near the highway cross A1 / A5 Solothurn- Biel.
September 2014
29
Orior Portfolio
Portfolio with five properties in Böckten (BL),
Oberentfelden (AG), Root (LU), Stabio (TI) and
Uetendorf (BE)
Production properties in the nutrition industry
Gross income: ca. CHF 3.5 mn
Acquisition costs: ca. CHF 53.0 mn
Net yield: ca. 6.5%
Ø lease length: 11 years
Single tenant: Orior (plays a leading role in the
Swiss market in the field of premium convenience
foods for the retail and the catering trades –
brands: Rapelli, Pastinella, Le Patron, etc.)
Status:
Potential purchase in Q4 2014
September 2014
30
Orior Portfolio
September 2014
31
Current Pipeline
Canton
MS Region
Properties
Type
Investment Year of
Costs Construction
Zurich
Glattal – Furttal
Sales/Logistics
Project
60,000,000 Project
6.0%
Zurich
Glattal – Furttal
Logistics
Property
60,000,000 1981
6.0%
Zurich
Zurich Oberland
Production/Commercial Property
16,300,000 2010
5.8%
Zurich
Zurich Unterland
Logistics Center
Property
79,300,000 1963–1993
5.3%
Lucerne
Lucerne
Logistics
Property
21,000,000 1994
5.1%
Solothurn
Solothurn
Logistics Center
Property
39,600,000 mostly 1992
4.9%
Baselland
Lower Baselbiet
Logistics/Industry
Property
23,000,000 1984/2000
6.0%
Baselland
Lower Baselbiet
Commercial
Property
18,200,000 2012
6.1%
St. Gallen
St. Gallen
Commercial
Property
8,500,000 2011
4.9%
Lucerne
Aarau
Logistics Center
Project
50,000,000 Project
6.0%
Aargau
Freiamt
Logistics
Property
30,000,000 1990
5.7%
Vaud
Gros-de-Vaud
Logistics Center
Project
41,000,000 Project
6.0%
Geneva
Geneva
Sales/Logistics
Project
60,000,000 Project
6.3%
Ticino/Baselland/Aargau
Various
Portfolio 1 / Production Property
87,000,000 Various
5.6%
Lucerne/Ticino/Bern
Various
Portfolio 2 / Production Property
22,000,000 Various
6.5%
Total
Net Yield
615,900,000
5.8%
September 2014
32
Deadlines
Subscription period starts
1.9.2014
Subscription period ends
12.9.2014 (noon)
Payment of securities
subscribed
24.9.2014
Start of OTC trade after payment of securities
subscribed
September 2014
33
Brief Overview
Possible Investors
Qualified investors
Target Equity Capital
CHF 300 million maximum
Target
CHF 1 billion in five years
Management Fee
0.50% p.a. of total assets
TER REF GAV1
0.68%
Issuing Commission
1.50%
Borrowed Capital
Maximum of one-third of the market value
Distributions
Yearly; the net cash flows are mostly distributed
Direct Yields2
4.0–4.5%
Trading
Regular, over-the-counter (OTC) trading, a subsequent listing is possible
Redemption
At the end of the financial year with a 12-month notice period (NAV-based)
Real Estate Fund with Direct
Property Ownership
The income and capital gains for direct ownership are taxable for the fund itself at
the rate for other legal entities, and tax-exempt for investors (personal and business
assets) domiciled in Switzerland. Other income is tax-free at the fund level, but is
subject to tax for the investor.
1
Estimated total expense ratio of the fund
Target return is not a projection, forecast, or guarantee of future performance, or of achievement of such.
Source: Credit Suisse AG
2
September 2014
34
Success Factors
Focus
Investment in real estate in a growth market
Diversification
Only product for logistics and logistics-related real estate in
Switzerland – diversification of existing real estate portfolios
Risk Diversification
Diversification of the portfolio with regard to location, use, site, and
tenant
Value Orientation
Professional real estate management and long-standing experience
of Credit Suisse Real Estate Asset Management
Attractive Yield
Potential
The target is achievement of a direct yield between 4% and 4.5%1.
Premium buildup is possible in the secondary market
1
Target return is not a projection, forecast, or guarantee of future performance, or of achievement of such.
September 2014
35
Your Contact Persons
Radhia Rüttimann
Product Management
Conradin Stiffler
Project Management
Ulrich Braun
Strategies & Advisory
Director
Director
Director
[email protected]
[email protected]
Tel. +41 44 334 66 46
[email protected]
Tel. +41 44 332 58 08
Tel. +41 44 332 81 74
September 2014
36
Appendix
Real Estate Asset Management Switzerland
Key facts and figures
 Largest provider of real estate investment products in Switzerland with assets under management
of CHF 35.0 billion as at July 31, 2014. Over 75,000 tenants in approx. 1,200 properties
 Managed products comprise:
 Seven listed real estate funds; six with emphasis on Swiss properties, one has global orientation
 Two real estate funds for institutional or qualified investors with OTC trading; one fund
focuses on Switzerland, one has a global orientation
 Three real estate investment groups in the Credit Suisse Investment Foundation
 One listed real estate joint-stock company
 Number of employees: 123 (June 2014)
Zurich, Sihlcity
Lucerne, Hochzwei
Geneva, Confédération Centre
Sydney, Goulburn Street
Source: Credit Suisse AG
August 2014
38
Swiss Real Estate Funds
Comparison of Swiss Real Estate Investment
Performance development since 2001
Return / Risk
6.7% / 12.4%
5.7% / 7.0%
4.9% / 2.0%
4.0% / 4.0%
3.1% / 21.8%
Historical returns and financial market scenarios are no guarantee of current or future performance. The performance data takes no account of the commissions and
fees charged for the issuance and redemption of units.
Last data point: 29.8.2014
Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
September 2014
40
Distribution Yield of Swiss Real Estate Funds
Compared to 10 Year Swiss Government Benchmark Bond
Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future
performance
Source: Credit Suisse AG, Datastream, last annual report of the funds
September 2014
41
Distribution Yield of Swiss Real Estate Funds
Distribution per Share Compared to the Share Price
Performance data does not include the commissions and costs levied on issue and redemption. Historical returns are no guarantee of current or future
performance.
Source: Credit Suisse AG, Datastream, last annual report of the funds
September 2014
42
Agios and Disagio of the Swiss Real Estate Funds
Average of listed funds1: 18.1%
if the other funds CS 1a Immo PK, CS REF International and CS REF Global are included, the weighted agio is 16.7%
Source: Credit Suisse AG, Datastream, last annual or semi-annual report of the funds
1
September 2014
43
Comparison of Total Expense Ratios (TERREF GAV)
Fund Operating Expenses of Swiss Real Estate Funds
Source: Credit Suisse AG, last annual report of the funds
September 2014
44
Disclaimer
This document was produced by Credit Suisse AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and
belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses that might arise from
making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time and
without notice. Unless otherwise indicated, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use
of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the
recipient from exercising his/her own judgment. The recipient is in particular advised to ensure that the information is in line with his/her own
circumstances with regard to any legal, regulatory, tax, or other consequences, if necessary with the help of a professional advisor. This document may
not be reproduced either in part or in full without the written permission of CS. It is expressly not intended for persons who, due to their nationality or place
of residence, are not permitted to access such information under local law. Neither this document nor copies thereof may be sent to, taken into, or
distributed in the United States or to any US person (as defined in Regulation S of the US Securities Act of 1933 in its currently valid version). Every
investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the
foreign currency might lose value against the investor’s reference currency. Historical performance indications and financial market scenarios are no
guarantee for current or future performance. The performance data does not take into account the commissions and fees charged for the issuance and
redemption of units. Furthermore, there is no guarantee that performance will reach or exceed the benchmark index.
Major real estate fund risks include limited liquidity of the real estate market, changes in mortgage interest rates, subjective real estate valuation, the risks
inherent in property construction, and environmental risks (such as contaminated sites).
The Credit Suisse Real Estate Fund LogisticsPlus was established in Switzerland. The investor base is limited to qualified investors as defined by Art. 10,
paragraph 3 and 4 CISA in conjunction with Art. 6 and 6a CISO. The fund management company is Credit Suisse Funds AG, Zurich. The custodian bank
is Credit Suisse AG, Zurich. Subscriptions are only valid on the basis of the current sales prospectus and the most recent annual report (or semi-annual
report, if more recent). The prospectus, fund contract, and the annual and semi-annual reports are available free of charge from Credit Suisse Asset
Management Funds AG, Zurich, and from all Credit Suisse AG banks in Switzerland.
Copyright © 2014 Credit Suisse Group AG and/or its affiliates. All rights reserved.
September 2014
45

Projekte Wohnen im Alter

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