SF Urban Properties Ltd
Semi-annual Report 2025
27 August 2025
Table of ContentsKey Events in the First Half of 2025
Portfolio
Financials
Outlook
SF Urban Properties Ltd 2
1. Key Events in the First Half of 2025
Dufourstrasse 122, Zurich
Key Events in the First Half of 2025 Advancements in development projects, including completion of the project in Herrliberg
DEV. PROJECTS
CHF 2.7 million EBIT contribution
The Projected Forecast is Expected to be Reached Thanks to a Strong First Half Year
Net change in the value like-for-like + 2.23% compared to the end of the year 2024
INVESTMENT PROPERTIES
CHF 11.4 million EBIT excluding revaluations
Portfolio re-alignment according to strategy, i.e. divestment in non-compliant locations, acquisition of a property in Zurich Seefeld
Increase in real estate earnings of + 2.3% compared to the previous period with stable operating expenses
Rent increases due to indexation/reference interest rate adjustmentsIncrease in net profit excl. revaluation effects by + 14.0%
Key FiguresIncrease in Value of the Real Estate Portfolio
Portfolio value of investment properties 800.7 mn. CHF | 765.5 H1 2024 | 800.7 H1 2025 |
Gross yield | 4.26 | |
4.03 | ||
4.03 % | ||
H1 2024 | H1 2025 | |
Real discount rate | 2.79 | |
2.72 | ||
2.72 % | ||
H1 2024 | H1 2025 |
Net profit excl. revaluation effects 7.3 mn. CHF | 6.4 H1 2024 | 7.3 H1 2025 |
Property income | 15.6 | 15.9 |
15.9 mn. CHF | ||
H1 2024 | H1 2025 | |
Net profit per share excl. | 2.17 | |
revaluation effects | 1.90 | |
2.17 CHF | ||
H1 2024 | H1 2025 |
As at 30 June 2025 with changes compared to the previous year
Acquisition of Investment PropertyAcquisition in Zurich to Strengthen Urban Locations
25%
GYon PP
2.7%75%
Commercial Residential
Excellent location in Seefeld
Building potential available (loft conversion)
High income potential residential
District heat installation 2024
Dufourstrasse 122, Zurich
Transfer of ownership as at | 7 March 2025 |
Annual income | CHF 366 000 |
Purchase price | CHF 13 800 000 |
Market value after acquisition | CHF 13 300 000 |
Source: snazzymaps
Divestments of Investment PropertiesResidential Office Retail
Low potential in earnings
39%
Investment required (fossil fuel heating)
GYauf SP
5.2%Property not in regional focus
42%
19%
Malerweg 4, Thun
Building proximity rights as development constraint
Residential
Investment required
GYauf SP
2.7%Very small volume
100%
Brandschenkestrasse 171, Zurich
Sale Due to Property Size or Location
Transfer of ownership as at | 28 March 2025 |
Annual income | CHF 156 000 |
Sale price | CHF 5 800 000 |
Market value as at 31.12.2024 | CHF 4 980 000 |
Transfer of ownership as at | 30 June 2025 |
Annual income | CHF 734 000 |
Sales price | CHF 14 050 000 |
Market value as at 31.12.2024 | CHF 13 550 000 |
Development in the Past 10 Years per Year in % (2014 - 2024)
Switzerland
Change in value like-for-like p.a. (past 10 years)
+ 2.6%
+ 2.4%
+ 0.9%
+ 1.9%
Development of target rent p.a. (past 10 years)
+ 1.0%
+ 0.5%
+ 0.6%
+ 1.5%
Change in discount rate p.a. (past 10 years)
- 11 BP
- 12 BP
- 7 BP
- 10 BP
37.8%
55.3%
1.2%
2.1%
3.6%
Total Return More Attractive Long-Term
Portfolio SFUP | ||||
Zurich | Basel | Other | ||
The company focuses on locations that offer above-average potential for appreciation while at the same time maintaining low vacancy risk in the long term.
Focus on Diversified Uses in Zurich and Basel
Market Matrix Market Regions Property IncomeTarget Net Rent by Use
4.4%
7.7%
29.8%
9.4%
22.7%
26.0%
Valuation Wüest Partner as at 30 June 2025
Residential
Commercial, Storage, other Office
Gastronomy Retail Parking
Portfolio optimisation and acquisitions in good locations
Acquisitions in Zurich and Basel in line with strategy
Diversified Uses
Increase in Income as at Half-Year
Property Income (in CHF million) 15.912.6
13.8
14.7
15.6
Increased Property Income
Acquisition of residential property in Dufourstrasse 122 in Zurich
Indexation of commercial leases
Reference interest rate adjustment
Other - 11%
Retail - 8%
Office - 24%
Like-for-Like Rent Developments H1 2024 / H1 2025
+ 1.2%
Rent Development / m2 | As at 30 June 2024 | As at 30 June 2025 |
Residential | 290 | 294 |
Office | 364 | 360 |
Commercial | 176 | 172 |
Retail | 346 | 364 |
Gastronomy | 400 | 424 |
Commercial - 30%
Residential - 31%
2021 2022 2023 2024
H1 2021
H1 2022
H1 2023
H1 2024
H1 2025
Rent loss - 4%
2. Portfolio
Fröhlichstrasse 50, Zurich
Portfolio Key Figures
Increase in Development and Construction Projects
Vacancy rate as at reporting date | 1.8 | 2.0 |
2.0 % | H1 2024 | H1 2025 |
Number of development projects | 4 | 6 |
6 | H1 2024 | H1 2025 |
Wüest Partner Rating1 | 3.9 | 3.9 |
3.9 | H1 2024 | H1 2025 |
1 Note: 1 = poorest grade, 5 = best grade
As at 30 June 2025 with changes compared to the previous year
WAULT | 4.3 | |
3.7 | ||
4.3 years | ||
H1 2024 | H1 2025 | |
Number of investment property building projects | 3 | |
1 | ||
3 | H1 2024 | H1 2025 |
Greenhouse gas | ||
emissions2 | 12.9 | |
12.8 | ||
12.9 kgCO2/m2ERA/year | 2022 | 2023 |
2 The sustainability analysis is carried out with reference year 2023 due to data availability.
WAULT and Vacancy Rate TrendStable Vacancy Rate and Significant Increase in WAULT
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
4.4
4.2
4.4
4.2
3.9
4.3
3.7
3.7
4.0
2.6%
2.6%
2.4%
1.5%
1.7%
2.0%
1.3%
1.8%
1.4%
Jun. 21 Dec. 21 Jun. 22 Dec. 22 Jun. 23 Dec. 23 Jun. 24 Dec. 24 Jun. 25
Vacancy Rates as at 30 June 2025
0.23%
0.22%
0.23% Witikonerstrasse 15, Zurich 1 office space of 119 m22.0%
0.22% Riehenstrasse 157 / Rosentalstrasse 50-52, Basel 3 apartments0.20%
0.20% Bürglistrasse 8, Zurich 1 office space of 150 m2 and 1 apartment1.33%
1.33% Other Vacancies Leases Signed in First Half of 2025 Contract Extensions30.06.2024
6.9%
5.3%
Share of annualised total income
New Lettings30.06.2024
1.2%
1.1%
Share of annualised total income
Lease Extensions Achieved Show Operational Performance of the Manager
Use | Area in m² | Rental income p.a. in CHF |
Commercial | 839 | 115 508 |
Office | 83 | 33 540 |
Gastronomy | - | - |
Retail | 31 | 13 200 |
Total | 953 | 162 248 |
Use | Area in m² | Rental income p.a. in CHF |
Commercial | 990 | 261 276 |
Office | 6 645 | 1 449 430 |
Gastronomy | - | - |
Retail | - | - |
Total | 7 635 | 1 710 706 |
New Construction Project in Genferstrasse, Zurich
Current projects | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | Project status | Construction costs in CHF million | Additional area in m2 | Additional rental income p.a. in CHF | Inv. return in % |
Zurich, Seefeldstrasse | Authorisation phase | 7.0 | 240 | 440 000 | 6.3 | ||||||||||
Munchenstein, Walzwerk J5 | Project planning | 3.5 | 600 | 125 000 | 3.6 | ||||||||||
Zurich, Genferstrasse | Project planning | 3.2 | - | 150 000 | 4.7 | ||||||||||
Zurich, "Eschenmoser" | Preliminary study | 40.0 | 1 045 | 1 490 000 | 3.7 | ||||||||||
Zurich, Bürglistrasse | Preliminary study | 12.5 | - | 390 000 | 3.1 | ||||||||||
66.2 | 2 595 000 | 3.9 |
Bürglistrasse, ZH
"Eschenmoser", ZH
Genferstrasse, ZH
Walzwerk J5, BL
Seefeldstrasse, ZH
Overview of Development Properties
Ambitious Targets in Terms of ROI and IRR
Completed projects | 2025 | 2026 | 2027 | 2028 | 2029 | Project status | Investment costs in CHF million | GLA in m2 | Marketing (units) | ROI in % | IRR (leveraged) in % |
Riehen, Sandreuterweg 39 | 18.9 | 1 636 | 10 | 7.5 | 4.5 | ||||||
Zurich, Klusstrasse 38 | 18.8 | 1 237 | 13 | 40.7 | 34.3 | ||||||
Basel, Elsasserstrasse 1 | 19.3 | 1 620 | 14 | 38.9 | 32.8 | ||||||
Current projects | |||||||||||
Herrliberg, Fuederholzstrasse 8 | Completion date | 17.5 | 1 225 | 6 / 6 | 23.4 | 19.8 | |||||
Zurich, Minervastrasse 124 | Implementation | 17.3 | 837 | 9 / 9 | 17.9 | 14.1 | |||||
Rüschlikon, Alte Landstrasse 26 | Implementation | 15.5 | 821 | 2 / 4 | 19.6 | 19.4 | |||||
Zumikon, Ruchenacher 17 | Authorisation phase | 21.8 | 1 102 | - | 15 - 20 | - | |||||
Zurich, Berghaldenstrasse 32+34 | Project | 35.5 | 1 996 | - | 15 - 20 | - | |||||
Zumikon, Dorfstrasse 68 | Project | 26.9 | 1 553 | - | 15 - 20 | - | |||||
Expected EBIT from development activities (net)
> CHF 4.5 million
SF Urban Properties Ltd 16
SustainabilityNumerous Measures Were Initiated in the First Half of 2025
Ecologically Significant Surface Greening | ||
Location | Klausstrasse 4, ZH | |
Measure | The surrounding area is to be maintained and upgraded together with Grün Stadt Zurich | |
Realisation | Q4 2025 | |
Unsealing | ||
Location | Zeltweg 67, ZH | |
Measure | The area surrounding the properties is to be unsealed and landscaped | |
Realisation | Q4 2025 / Q1 2026 | |
Roof Vegetation | ||
Location | Zeltweg 67, ZH Witikonerstrasse 15, ZH | |
Measure | The flat roofs will be greened | |
Realisation | Q4 2025 / Q1 2026 | |
Facade Renovation | ||
Location | Innere Margarethenstrasse 2 / Binningerstrasse 5, BS | |
Measure | Facade replacement with optimised thermal insulation and solar protection | |
Realisation | Q1 2026 | |
SF Urban Properties Ltd 17
3. Financials
Fröhlichstrasse 50, Zurich
Key Financial Figures
Increase in Profit Contributions
EBIT margin for investment properties excl. revaluation effects 65.86 % | 65.83 H1 2024 | 65.86 H1 2025 |
21.55 | ||
Net profit | ||
5.99 | ||
21.55 CHF mn | H1 2024 | H1 2025 |
Net profit per registered share excl. revaluation | 1.90 | 2.17 |
effects | ||
2.17 CHF | H1 2024 | H1 2025 |
LTV (loan-to-value) 47.37 % | 45.96 H1 2024 | 47.37 H1 2025 |
Avg. interest rate (reporting date) 1.87 % | 2.08 H1 2024 | 1.87 H1 2025 |
Avg. fixed interest period | 5.90 | 5.49 |
5.49 years | H1 2024 | H1 2025 |
Increase Due to Transactional Performance and Valuation Adjustment
Income Statement | |||
CHF 1 000 | H1 2025 | H1 2024 | Δ in % |
Investment properties income | 15 794 | 15 570 | |
Other income (incl. profit from sales) | 1 021 | 1 | |
Revaluations of investment properties | 16 547 | - 751 | |
Operating expenses investment properties | - 5 399 | - 5 358 | |
EBIT contribution from development | 2 740 | 1 617 | |
EBIT excl. revaluation effects | 14 175 | 11 937 | 18.75% |
Financial expenses (net) | - 3 955 | - 3 969 | |
Income taxes | - 5 215 | - 1 224 | |
Net profit | 21 552 | 5 993 | 259.62% |
Net profit excl. revaluation effects; allocated to SFUP shareholders | 7 279 | 6 385 | 14.00% |
Net profit excl. revaluation effects per share | 2.17 | 1.90 | 14.00% |
Operating Increase
FFO I in CHF per Share2.80
Reconciliation FFO I / FFO II2.60
2.40
2.20
2.56 2.57
FFO II in CHF per Share
2.80
2.56
2.60
2.69
H1 2025 | H1 2024 | Δ in % | |
Adjusted EBITDA (excl. revaluations / Sales) | 12 201 | 11 722 | 4.09% |
Interest expenses paid | - 3 398 | - 3 415 | |
Interest income received | 24 | 86 | |
Current taxes (excluding property sales) | - 222 | 0 | |
Other effects (IFRS 15, leasing, impairment) | 14 | 191 | |
FFO I | 8 619 | 8 584 | 0.41% |
Income from sale of investment properties | 1 021 | 0 | |
Current taxes from sale of investment properties | - 630 | 0 | |
FFO II | 9 010 | 8 584 | 4.96% |
2.40
2.20
Change in Portfolio
Significant Increase in Valuation
in CHF mn.
850
840
830
820
810
800
790
14.1
The following transactions were carried out in H1 2025:
Acquisition of Dufourstrasse 122 in Zurich (CHF 13.8 million)
Sale of Brandschenkestrasse 171 in Zurich
18.1
800.7
786.8
1.8
- 0.9
- 18.5
- 0.7
(CHF 5.8 million)
Sale of Malerweg 4 in Thun (CHF 14.1 million)
780
770
760
750
Market value 31.12.2024
Investments Positive
changes in value
Negative changes in value
Acquisitions
Sales
Revaluation losses
Market value 30.06.2025
4. Outlook
Alte Landstrasse 26, Rüschlikon
Outlook 2025
Extensive Completion of Portfolio Realignment and Thus Consolidation of the Portfolio in Line with Strategy
Investment Properties
Development Projects
Portfolio Development
Asset Management
Transactions
Development
Acquisitions approx. CHF 30 mn.
Sales CHF 30 - 40 mn.
Target vacancy rate < 2%
Building permit approval Seefeldstrasse 186 in Zurich
Acquisition of 1 - 2 building plots
Property income
> CHF 31.2 mn
Building permit submitted Genferstrasse 21, ZH J5 Walzwerk site, BL
Sale of all units
in the Rüschlikon project
Stable financing costs
Marketing launch
of the Zumikon project
October 2025
Publication of GRESB Results
4 March 2026
Presentation of Annual Results
15 April 2026
Annual General Meeting
Address
SF Urban Properties Ltd
Seefeldstrasse 275 CH-8008 Zurich
T +41 43 344 61 31
info@sfurban.ch
https://www.sfurban.ch
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