Opening of the “Commercial Real Estate Switzerland ESG” investment group significantly oversubscribed

Issue significantly oversubscribed
The opening of the real estate investment group with a subscription period from 26 August 2025 to 24 October 2025 attracted a great deal of interest from employee benefits institutions. The targeted volume of around CHF 150 million was significantly oversubscribed.

The new capital will be used to reduce the share of debt capital and lay the foundation for further acquisitions in line with the strategy and return objectives. This will enable planned investments in the portfolio to further improve the quality of the portfolio. The entitlements with an equivalent value of around CHF 150 million will be issued on 13 November 2025.

Successful portfolio strategy
The investment group invests directly in commercial real estate with a focus on centrally located office buildings and retail properties in prime locations in Switzerland’s economically strong regions.
The portfolio features mixed-use properties combining retail, office and residential spaces, which are typical of inner-city locations in high-traffic pedestrian zones with good accessibility. Residential space within mixed-use properties accounts for 13% of the total portfolio income (as at 30 September 2025).

Thanks to active asset management, a broad geographic diversification, a balanced distribution of rental contract durations and tenants with good credit ratings, the portfolio has lower vacancies compared to competing KGAST products.
The investment group has developed well in terms of income and value. Performance as at the end of the financial year (30 September 2025) was again very positive at 4.34%. The selective expansion of the portfolio with its clear focus on high quality has paid off: since its launch in 2011, the “Commercial Real Estate Switzerland ESG” investment group has posted an attractive performance of 4.74% per year (as at 30 September 2025). As at the end of September 2025, the investment group held 104 properties with a market value of around CHF 2.6 billion.

Sonja Spichtig, Head of the Swiss Life Investment Foundation: “The steady performance of this established investment group and the successful capital increase in the current market environment underline investors’ confidence in the quality of our portfolio. We are particularly pleased with the improvement in our GRESB rating – this is clear proof of our consistent sustainability efforts.”

Responsible investment
Since 2018, Swiss Life Asset Managers has been a signatory to the UN Principles for Responsible Investment (UN PRI). Environmental, social and governance (ESG) factors are systematically integrated into the investment and risk management processes at Swiss Life Asset Managers. In the real estate investment business, appropriate criteria are taken into account in both acquisition and management. The investment group has also participated in the annual GRESB rating (Global Real Estate Sustainability Benchmark) since 2018. Thanks to its continuous optimisation process, the “Commercial Real Estate Switzerland ESG” investment group scored 90 out of 100 points in the overall assessment in 2025 (2024: 87 out of 100) and was awarded four stars.