SF Urban Properties Ltd
Annual Report 2024
11 March 2025
Mandarin Oriental Savoy, Zurich
Genferstrasse 21, Zurich
Table of Contents
- Key Events in 2024
- Implementation of Focus Topics
- Portfolio
- Financials
- Key Takeaways and Outlook 2025
SF Urban Properties Ltd | 2 |
1. Key Events in 2024
Genferstrasse 21, Zurich
Key Events in 2024
Portfolio strengthened through strong operational performance and strategic transactions
Market environment 2024
Population growth of over 1% and low construction activity
SNB key interest rate cut by 125 bp and margin increase of up to 30 bp
Increase in supply prices of
between 2% and 3%
Portfolio | ||||
Increase in rental income by | Investment | Reduction of average interest rate by 0.3% | ||
+ 4.9% and sustained low | Acquisition of two investment properties in prime | |||
vacancy rate | ||||
locations in Zurich and Basel for CHF 23.9 million | ||||
Increase in portfolio value by | ||||
+ 5.5% | Securing future development contributions through the | |||
Development | purchase of two new development properties for | |||
CHF 29.7 million | ||||
Increase in EBIT margin | ||||
Investment properties excl. | ||||
revaluation effects by | Sale of several units in Ruschlikon and Zurich for | |||
+ 9.0% | CHF 16.8 million | |||
Proposal: Increase in the dividend to CHF 3.65 per listed registered share,
to be paid out in full from capital contribution reserves
SF Urban Properties Ltd | 4 |
Key Figures
Portfolio revaluation despite slight increase in discount rate
Portfolio value of | 786.8 | |||
investment properties | ||||
745.6 | ||||
CHF 786.8 million | ||||
2023 | 2024 | |||
Gross yield | ||||
4.20 | 4.15 | |||
4.15 % | ||||
2023 | 2024 | |||
Real discount rate | ||||
2.76 | 2.78 | |||
2.78 % | ||||
2023 | 2024 | |||
All figures are as at 31 December 2024 with changes compared to the previous year
Net profit excl. revaluation | |||||||
effects | 15.4 | ||||||
13.1 | |||||||
CHF 13.1 million | |||||||
2023 | 2024 | ||||||
Real estate earnings | 31.2 | ||||||
CHF 31.2 million | 29.8 | ||||||
2023 | 2024 | ||||||
Distribution yield | |||||||
3.87 | 3.71 | ||||||
3.71 % | |||||||
2023 | 2024 | ||||||
SF Urban Properties Ltd | 5 |
Acquisition of Investment Properties
Acquisitions in Basel and Zurich to consolidate urban strategy
Austrasse 71/73/75, Basel
100% | Location in line with strategy |
Annual income CHF 481 000 | |
GY | Purchase | CHF 9 500 000 | Purchase price 19% below market value |
on PP | |||
price | |||
5.1% | |||
Market value | |||
CHF 11 700 000 | High gross yield with earnings potential | ||
at acquisition | |||
Residential
Genferstrasse 21, Zurich
17%
GY | Annual income CHF 450 000 | Excellent location for Office and Residential | |
on PP | Purchase | Purchase price 13% below market value | |
3.1% | CHF 14 400 000 | ||
price | |||
83% | Market value | ||
CHF 16 600 000 | High earnings potential | ||
at acquisition | |||
Residential Office
SF Urban Properties Ltd | 6 |
Acquisitions of Development Properties
Securing future development contributions through the purchase of two new development properties
Berghaldenstrasse 32+34, Zurich
Transfer of ownership as at | 06.12.2024 | |
Purchase price | CHF 17 200 000 | Attractive location in Zurich-Witikon |
Land area | 1 886 m2 | Target ROI: >15% |
Gross floor area | 1 838 m2 | Far (lake) view |
Investment costs | CHF 32 600 000 |
Dorfstrasse 68, Zumikon
Transfer of ownership as at | 13.01.2025 | |
Purchase price | CHF 12 500 000 | Top location in Zumikon |
Land area | 1 649 m2 | Target ROI: >15% |
Gross floor area | 1 600 m2 | High development potential |
Investment costs | CHF 27 400 000 |
SF Urban Properties Ltd | 7 |
Portfolio Overview
Focus on diversified uses in Zurich and Basel
Market matrix | Market regions |
Valuation Wüest Partner as at 31 December 2024 | |
Acquisitions in excellent locations | Acquisitions in Zurich and Basel |
with optimisation potential | in line with strategy |
Real estate earnings- target net rent by use
4.5%
7.9%
29.8%
8.6%
22.4%
26.8%
Residential | Gastronomy |
Commercial, Storage, Other | Retail |
Office | Parking |
Diversified uses
SF Urban Properties Ltd | 8 |
Real Estate Earnings
Sustainable yield increase across all uses
Real Estate Earnings (in CHF million)
Vacancy - 1.4% | ||||||
31.2 | ||||||
29.8 | Other - 13% | |||||
28.4 | ||||||
26.5 | 27.1 | Retail - 8% | ||||
Office - 22%
Commercial - 27%
Residential - 30%
2020 | 2021 | 2022 | 2023 | 2024 |
Increase in real estate earnings
- Acquisition of residential properties Austrasse 71/73/75 in Basel
- Residential rental agreements adjusted to reference interest rate
- Re-lettingafter construction projects
- Indexation of commercial leases
Like-for-like rent developments pariod-based 2023 / 2024
+1.52%
Rent developments / m2 | As at | As at |
31.12.2023 | 31.12.2024 | |
Residential | 282 | 289 |
Office | 348 | 355 |
Commercial | 173 | 177 |
Retail | 326 | 329 |
Gastronomy | 412 | 416 |
SF Urban Properties Ltd | 9 |
2. Focus Topics
Genferstrasse 21, Zurich