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Annual Report 2022


Thanks to a broadly diversified portfolio in terms of uses and the major recovery in the hotel and catering sector, the last financial year was very positive for the Zug Estates Group. 

  • Excluding revaluation and special effects, the Group’s net income increased by 6.3% to CHF 33.8 million (up from CHF 31.8 million in the previous year). 
  • The vacancy rate dropped considerably from 4.0% to 1.6%. 
  • The real estate portfolio was expanded through a strategically interesting acquisition. 
  • The market value of the portfolio rose by 7.6% from CHF 1.70 billion to CHF 1.83 billion. 
  • The board of directors will propose a 9.3% increase in the ordinary dividend, from CHF 37.50 to CHF 41.00 per series B registered share, to the general meeting of shareholders.

The Annual Report 2022 can be found in the download center.

CEO Statement

Patrik Stillhart explains the most important key figures for the financial year

Balance Sheet Press Conference


On 24 February 2023, the Zug Estates Group held its annual media conference on the 2022 annual results at the Parkhotel Zug. CEO Patrik Stillhart and CFO Mirko Käppeli presented the past financial year and explained the developments in the real estate portfolio and projects.

Letter to Shareholders

Beat Schwab, Chairman of the board of directors

The economic environment changed considerably in 2022. Sharply increasing prices for raw materials and energy, rising inflation and higher interest rates prompted uncertainty. At the same time, many sectors experienced a highly dynamic development following the lifting of coronavirus restrictions. This led to a strong recovery in demand for leased space, particularly for office and commercial space, as well as strong growth in revenues at properties with hotels and catering operations.


Further key steps in the implementation of the sustainability strategy

Zug Estates can look back on a successful year in terms of sustainability as well. Compared to the previous year, the Group reduced its greenhouse gas emissions by another 50%, from 1.8 kg to 0.9 kg CO2eq per square metre of energy reference area (measurement period until 31 March 2022). All but one property at the City Centre site have now been connected to the Circulago lake water district. That puts us another big step closer to our goal of being able to operate our entire portfolio free of greenhouse gas emissions.

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