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Annual Report 2023


Pleasing operating result for Zug Estates Group thanks to numerous rental successes, increased rental income and repositioning of Garden Park Zug AG.

  • Net income excluding revaluation and special effects of CHF 33.9 million was slightly higher than the previous year’s figure (CHF 33.8 million)
  • Rental income increased by 5.5% from CHF 62.2 million to CHF 65.7 million
  • The decision to proceed with the S43/45 construction project at the Suurstoffi site in Rotkreuz represents an investment of around CHF 85 million
  • Hotelbusiness Zug AG was successfully renamed Garden Park Zug AG with a simultaneous repositioning of the hotel & catering segment
  • The board of directors will propose to the general meeting of shareholders that the ordinary dividend per series B registered share be increased by 7.3% to CHF 44.00 (previous year: CHF 41.00)
  • In the 2024 financial year, a significant reduction in the vacancy rate to around 1% and an increase in net income excluding revaluation and special effects to over CHF 35 million are expected

You can find the complete annual report 2023 in our download center.

CEO Statement

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

Balance Sheet Press Conference


We cordially invite you to the Annual Media Conference on Wednesday, 21 February 2024 at the Park Hotel Zug. CEO Patrik Stillhart and CFO Mirko Käppeli will present the 2023 annual results and will be available to answer your questions afterwards.

Letter to Shareholders

Beat Schwab, Chairman of the board of directors

2023 was characterised by a changed backdrop interest rate and market environment, on the one hand, and an increasing supply shortage in some segments of the real estate market, on the other. The rise in interest rates compared with the previous year led to higher financing costs and an increase in discount rates. The resulting downward pressure on real estate values detracted from increased property income.

Zug Estates benefited from brisk demand for attractive, well-connected rentable space and achieved numerous rental successes. The hotel & catering segment showed an encouraging trend, while the refurbishment of the ground floor of the Park Hotel Zug (formerly known as Hotelbusiness Zug AG) was successfully completed with the opening of the new aígu restaurant and repositioning of Garden Park Zug AG.


Comprehensive reporting

Zug Estates now publishes its sustainability report on the basis of GRI Standards, in which it reports in detail on the objectives and achievements of Zug Estates right across the ESG spectrum, in tandem with the annual report. At the heart of the Zug Estates sustainability strategy is the reduction in greenhouse gas emissions from the operation and construction of properties as well as the creation and continuous development of future-proof, versatile living spaces. With 1.1 kg per m2 energy reference area (Scope 1 and 2), greenhouse gas emissions from the operation of the entire real estate portfolio remain at a very low level and are significantly below the industry average. The current reduction pathway and latest assessment of consumption figures in relation to energy and water can be found in the sustainability report, along with extended reporting in relation to Scope 3 emissions. Furthermore, the report provides information about past and current projects in the various thematic areas being targeted by Zug Estates.

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