Press releases

Zug Estates provides regular notifications about news that is relevant to the share price or other current news. The ad hoc announcements are "Ad hoc announcement pursuant to Art. 53 LR" of SIX Exchange Regulation.
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Ad hoc announcement pursuant to Art. 53 LR
Zug, 21 February 2024

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

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.

Net income excluding revaluation and special effects amounted to CHF 33.9 million in the 2023 financial year, representing a slight increase of CHF 0.1 million or 0.2% compared with the previous year’s figure of CHF 33.8 million. Net income was 39.2% or CHF 15.6 million lower at CHF 24.2 million (previous year: CHF 39.8 million), the decline being attributable to a negative revaluation result caused by overall market factors.

Encouraging increase in property income and operating result
Property income of the Zug Estates Group rose by CHF 3.5 million or 5.5%, from CHF 62.2 million to CHF 65.7 million in 2023. Improvements to the bottom line were achieved as a result of the full year impact of the Renggli Group acquired in the previous year, the purchase of an additional 3.5% of MEG Metalli in 2023, as well as index and reference interest rate adjustments. Adjusted for changes to the portfolio (like-for-like basis), rental income was up CHF 0.9 million or 1.5%.

Despite the temporary loss of income due to the repositioning, hotel & catering income rose from CHF 14.7million in the previous year to CHF 15.2 million, a year-on-year increase of CHF0.5million or 3.5%. Income from accommodation continued to pick up and was actually slightly above the level prior to the outbreak of the COVID-19 pandemic. The repositioning of the aígu and Bären restaurants caused a temporary fall in catering turnover in 2023. Thanks to careful coordination of the building work, hotel operations were only marginally affected and gross operating profit (GOP) remained on a par with the previous year’s level at 37.8% (2022: 37.9%).

Operating income of the entire group increased by CHF 4.7 million or 5.8%, from CHF 80.1 million to CHF 84.8 million.

Expansion of the portfolio caused property expenses to rise from CHF 7.8 million to CHF 8.2 million – an increase of CHF 0.4 million or 4.9%.

The operating result before depreciation and revaluation rose by 5.1% or CHF 2.5 million, from CHF 49.7 million to CHF 52.2 million.

The higher interest rates and a more hesitant transaction market in overall terms led to a rise in discount rates. The net revaluation figure was correspondingly negative at CHF 11.0 million, as against a revaluation gain of CHF 6.8 million in the prior year.

Due to the revaluation effects mentioned, EBIT was down by CHF 15.4 million or 28.9%, from CHF 53.0 million to CHF 37.6 million.

Both the acquisitions concluded and higher interest rates on short-term interest-bearing debt resulted in a decrease in the net financial result of CHF 2.4 million or 30.9% to CHF 10.2 million (previous year: CHF 7.8 million)
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Value of portfolio falls slightly due to negative net revaluation figure
Acquisitions and investments for the portfolio amounted to CHF 28.3 million in the 2023 financial year (previous year: CHF 123.2 million). The bulk of this – CHF 19.4 million – was incurred in the first half of 2023 as a result of the acquisition of another 3.5% co-ownership share in Miteigentümergemeinschaft (MEG) Metalli. This increased the company’s co-ownership share of MEG Metalli to 78.75%. The Duggelistrasse 28 property in Cham was sold in the second half of 2023 at its current book value of CHF 4.5 million.

In early December 2023, Zug Estates Ltd merged its two existing office sites in Zug and Rotkreuz and moved into its new premises at the Metalli site. The Industriestrasse 12 property was therefore reclassified from operating properties to investment properties as at 31 December 2023. At the same time, the Bären property – which is in the course of being renovated – was reclassified from operating properties to investment properties under construction following the conclusion of a lease agreement with Tibits Ltd.

The market value of the property as a whole fell by a marginal 0.2% or CHF 2.9 million and still amounts to CHF 1.83 billion. The slight reduction in market value is attributable to a negative net revaluation result of CHF 11.0 million, which stems from an average increase in real discount rates of 15 basis points and represents around 0.6% of the portfolio value of all investment properties.

Numerous rental successes in all segments will result in low vacancy rate in 2024
Zug Estates can look back on very successful rental activity in the 2023 financial year. Commercial leases for space totalling around 24'000m2 and involving rental income of more than CHF 10.2 million p.a. were extended or concluded. Most of the new contracts will only take effect in the first half of 2024 and do not affect the vacancy rate as at the end of 2023. The rise in the vacancy rate to 3.9% as at 31 December 2023 (previous year: 1.6%) is primarily attributable to refurbishment work at the Metalli shopping mall, which accounts for a share of 1.8%.

Agreements concluded in the 2023 financial year related to office and education space in Zug and Rotkreuz as well as retail space at the Metalli site. At the Suurstoffi site in Rotkreuz, new lease agreements for the S14 property covering around 2'600m2 were concluded with Lombardi SA Ingegneri Consulenti and Pacojet International AG. In addition, on 1 January 2024 the Canton of Zug took over the S6 property – which comprises around 4'500m2 – for a fixed lease term of ten years, with plans to open a new cantonal school.

At the Zug City Centre site, the lease with UBS AG for the Baarerstrasse 14a property and leases for retail space totalling around 3'700m2 were extended for five years. In addition, attractive brands were recruited for all newly created rental units at the Metalli shopping mall following the renovation of the former C&A and Zara spaces. LUSH, Maison Carat and Douglas opened their outlets in autumn 2023. Lidl, doodah and lifestyle label PME Legend are to follow suit in spring 2024.

At 6.5 years as at 31 December 2023 (previous year: 6.5 years), the weighted average unexpired lease term (WAULT) was at a very high level for the industry.

Opening of aígu restaurant and repositioning of Garden Park Zug AG
The ground floor of Park Hotel Zug was comprehensively refurbished between June and October 2023. The outcome is the creation of aígu Restaurant & Bar (www.restaurant-aigu.ch) – a new restaurant that blends Swiss cuisine with the flair of southern France. Thanks to a spacious terrace and a new conservatory, the restaurant, bar and conference area has been opened up and made more inviting; it now has the space to host major events for up to 220 people.

The Bären property – a listed building – has been undergoing a complete refurbishment since April 2023. Previously operated by Hotelbusiness Zug AG, the restaurant has been taken over by Tibits Ltd, which – following completion of the refurbishment work in June 2024 – is set to open its first venue in Zug.

As part of the refocusing, Hotelbusiness Zug AG, which owns Park Hotel Zug with the aígu Restaurant & Bar and City Garden Hotel, City Apartments and Secret Garden Restaurant & Bar, has been renamed Garden Park Zug AG (www.gardenpark.ch).

S43/45 project enters construction phase
To address the change in tenant requirements with regard to spatial quality and flexibility of use, the S43/45 construction project involving the only plot not yet developed at the Suurstoffi site was revised in the 2023 financial year. The application for modification was submitted to the Risch Rotkreuz municipality in July 2023 and signed off in September 2023. The project consists of two buildings with total office and education space of around 14'400m2 as well as 1'100m2 of residential space for student living.

In view of the encouraging situation for rental properties at the Suurstoffi site and across the Zug Estates portfolio, undiminished demand for attractive, well-connected rental spaces as well as the positive market outlook for the Zug region, the board of directors of Zug Estates Holding Ltd decided to give the project the green light. Construction of the two buildings, at an investment cost of around CHF 85 million, will take around three-and-a-half years. Building work is due to start at the end of 2024, with leased spaces likely to be handed over to future tenants from mid-2027.

Further development of Metalli Living Space not yet finalised
An initial review by the cantonal authorities of the development plans for both the Metalli and Bergli sites was successfully concluded in the first half of 2023. The plans were to have been submitted to the Greater Municipal Council (GGR) of the City of Zug in October 2023. However, the process was halted due to the “2000 homes for Zug’s middle classes” city initiative, which was approved by voters on 18 June 2023 and requires that at least 40% of newly built residential space in all high-density areas be “affordable”.

To ensure legal certainty with regard to implementation of the initiative, the City of Zug commissioned a legal opinion, which was duly received in early December 2023. Zug Estates is in close contact with the planning department of the City of Zug in order to clarify the concrete impacts on the development plans for both the Metalli and Bergli sites. A conclusive assessment is not yet possible. However, it is clear that the financial implications are not negligible. Against this backdrop, it is not yet known whether – and if so to what extent – Zug Estates will pursue the two development plans and therefore the Metalli Living Space project.

Comprehensive sustainability 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.

Equity ratio remains solid
Due to the purchase of further MEG Metalli shares, the equity ratio fell slightly from 55.2% to a nevertheless still very solid 54.9%.

Interest-bearing debt, on the other hand, rose by CHF 13.8 million or 2.1%, from CHF 660.5 million to CHF 674.2 million. Interest-bearing debt as a percentage of total assets therefore amounted to 37.3% compared to 36.9% in the previous year. A total of around CHF 150 million in short-term debt was firmly secured with a medium maturity in the reporting period, resulting in a slightly extended average residual maturity of 3.5 years (prior year: 3.4 years). Higher interest rates resulted in an average interest rate for the period for interest-bearing debt of 1.5%, as against 1.3% in the prior year.

Dividend increase and change in dividend strategy
In line with the announced gradual increase in the dividend up to a maximum of two-thirds of net operating income, the board of directors will propose to the general meeting of shareholders that the dividend be increased by 7.3%, from CHF 4.10 to CHF 4.40 per series A registered share and from CHF 41.00 to CHF 44.00 per series B registered share.

The board of directors has decided to amend the dividend strategy in favour of a more open formulation. Zug Estates continues to endeavour to ensure a positive dividend trend. The distribution should ensure a solid, long-term financing structure in the future too and not amount to more than 90% of operating profit.

Outlook for 2024
Thanks to successful rental activity in the 2023 financial year as well as rent increases due to index and reference interest rate adjustments, we expect a significant reduction in the vacancy rate to around 1%, higher rental income and an improvement in the operating result in 2024.

In the hotel & catering segment, we expect a rise in sales due to the expanded catering offer. However, given the higher proportion of comparatively low-margin catering revenues, we expect a slight decrease in the GOP margin.

Taking into account slightly higher financing costs, we anticipate net income excluding revaluation and special effects of around CHF 35 million for the 2024 financial year.

Report on 21 February 2024
A media conference in German will be held today at 11:00 at Park Hotel Zug. Patrik Stillhart (CEO) and Mirko Käppeli (CFO) will present the 2023 results and then answer questions. The conference will be held in a hybrid format. You can also follow it in a Zoom meeting. It will be possible to ask questions online.

Please register for the conference via the link below. We look forward to seeing you either in person or virtually. https://zugestates.ch/en/stories/balance-sheet-press-conference-on-the-2023-annual-result

Upcoming events:

9 April 2024 | General meeting of shareholders
22 August 2024 | Publication of half-year report 2024
27 August 2024 | Sustainability forum

For further information, please contact:

Patrik Stillhart, CEO
Mirko Käppeli, CFO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites that are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is comprised mainly of the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the leading business hotels Park Hotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF1.83billion on 31 December 2023. Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich (ticker symbol: ZUGN, security number: 14 805 212).

Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Press release
Zug, 7 November 2023

The Zug Estates Group has signed multiple long-term rental contracts for the Suurstoffi site in Rotkreuz and the Metalli centre in Zug. The new aigu Restaurant & Bar at the Park Hotel Zug is a welcome addition to the dining and events scene in the city of Zug.

Canton of Zug opens new school on Suurstoffi site
The canton of Zug will be taking over the property Suurstoffi 6 with an area of 4,500 m2 from Utopia Music AG as of January 1st 2024, for a fixed rental term of ten years. The interior construction will be finished by summer 2025, enabling the secondary school to open in time for the start of the 2025/26 school year.

New retail brand and childcare facility at Metalli centre
The last 190m2 of space remaining from the conversion of what used to be the Zara store at the Metalli shopping centre will be leased by Moem Retail GmbH as of February 1st, 2024. The company will open a PME Legend monobrand store in the spring of 2024. The lifestyle label PME Legend is a market leader in men’s fashion, specialising in premium jeans and casual clothing.

futura Montessori Zug GmbH has signed a five-year rental agreement. It will rent approximately 580m2 from mid-November 2023 and will operate a childcare facility.

New restaurant at Park Hotel Zug and new name for Hotelbusiness Zug AG
Major renovation work on the ground floor of the Park Hotel Zug has been ongoing for the past four months. The new aigu Restaurant & Bar (www.restaurant-aigu.ch) is now ready to serve up traditional Swiss cuisine with a taste of the South of France. Boasting a spacious terrace and a new conservatory, the restaurant is now more open and inviting. Plus, it has plenty of space to host large events.

Following this new direction, Hotelbusiness Zug AG, which owns Park Hotel Zug and aigu Restaurant & Bar as well as City Garden Hotel, City Apartments and Secret Garden Restaurant & Bar, has changed its name to Garden Park Zug AG (www.gardenpark.ch).

Photos of aigu Restaurant & Bar
https://zugestates.ch/en/downloads#pressefotos

Important dates:

21 February 2024 | Publication of the 2023 Annual Report
9 April 2024 | General meeting of shareholders
22 August 2024 | Publication of Half-Year Report 2024

For further information, please contact:

Patrik Stillhart, CEO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites that are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is comprised mainly of the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the leading business hotels Park Hotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF1.83billion on 30 June 2023. Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich (ticker symbol: ZUGN, security number: 14 805 212).

Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Ad hoc announcement pursuant to Art. 53 LR
Zug, 25 August 2023

  • Net income excluding revaluation and special effects up 7.4% to CHF 18.0 million (previous year: CHF 16.8 million)
  • Increase in property income of 7.7% during first half of 2023
  • Solid equity ratio of 54.0% (55.2% as at 31 December 2022)
  • Portfolio value almost unchanged at CHF 1.83 billion thanks to acquisitions made
  • Due to renovation work, the vacancy rate rose to 3.3% as at 30 June 2023 (1.6% as at 31 December 2022)
  • Greenhouse gas emissions were significantly below the sector average at 0.9 kg CO2eq per m2 of the energy reference area

The changed interest rate and market environment are affecting the Swiss real estate market. On the one hand, higher interest rates are leading to higher financing costs and increased discount rates, which in turn are putting downward pressure on property values. On the other, the indexation of commercial leases and the increase in the benchmark interest rate are resulting in higher rental income, thereby underpinning the values and ensuring that real estate remains an attractive investment class. Additionally, the scarcity of supply in a few individual use categories, including in the residential segment and office space in prime locations, for example, mean that demand still remains good.

Zug Estates generated solid operating results in this market environment. Thanks to a portfolio that is broadly diversified in terms of use, the focus on attractive, well-developed locations and a very solid equity base, Zug Estates is poised to tackle the challenges presented by the changed market environment. Property income rose in the first half of 2023. Alongside this, the hotel & catering segment continued its recovery in the last half, leading to a gratifying result in this segment.

Thanks to significantly better results of operations, net income excluding revaluations and special effects amounted to CHF 18.0 million, up CHF 1.2 million or 7.4% over the previous year’s figure of CHF 16.8 million. Due to a negative revaluation result given overall market conditions of CHF 18.3 million, net profit was CHF 1.9 million. Net income was therefore down CHF 26.0 million or 93.1% on the previous year’s figure of CHF 27.9 million.

Higher property income and sustained recovery in the hotel & catering segment
Property income rose by CHF 2.4 million or 7.7%, from CHF 30.4 million to CHF 32.8 million, as a result of the Renggli Group acquisition carried out at the end of 2022, the full-period effect of successful rental activities as well as indexation-related rent increases.

In the previous year, the hotel & catering segment had reported a steady recovery from the negative effects of the COVID-19 pandemic from May 2022 onward. This recovery held on during the first half of 2023. As a result, revenue in the hotel & catering segment increased substantially by CHF 1.7 million or 26.6%, from CHF 6.4 million to CHF 8.1 million. Gross operating profit (GOP) also rose from 38.0% to a remarkable 42.3%.

Operating revenue increased by a total of CHF 4.4 million, or 11.4%, from CHF 38.5 million to CHF 42.9 million.

Slightly higher property expenses, generally higher expense items in conjunction with the increase in revenues and higher electricity costs pushed operating expenses up by CHF 1.7 million or 12.3%, from CHF 14.0 million to CHF 15.7 million.

Portfolio value unchanged thanks to acquisitions
At CHF 1'830.7 million, the market value of the portfolio as a whole as at 30 June 2023 remained at the level of 31 December 2022. An average increase in the real discount rates by 9 basis points in the first half of 2023 resulted in a negative revaluation effect of CHF 18.3 million, which corresponds to around 1.1% of the value of the portfolio’s investment properties. There had been a revaluation gain of CHF 12.7 million in the prior-year period.

On the other side, there were acquisitions and investments in the portfolio of CHF 22.8 million. The lion’s share of that amount, CHF 19.4 million, is attributable to the acquisition of co-ownership shares amounting to an additional 3.5% stake in Miteigentümergemeinschaft (MEG) Metalli, bringing the Group’s co-ownership share of MEG to a total of 78.75%.

Renovation-related increase in vacancy rate
Commercial lease extensions and new leases relating to more than 9’000 m2 of space and rental income of over CHF 3.8 million per year were concluded in the first half of 2023. The agreements concluded related to both office space in Zug and Rotkreuz and retail space at the Metalli complex. In one case, the lease entered into with UBS AG for the property located at Baarerstrasse 14a in Zug was extended for five years.

Despite these successful rental activities, the vacancy rate rose during the first half of 2023, from 1.6% on 31 December 2022 to 3.3% as at 30 June 2023. This increase is attributable to both a reduction in the amount of space leased by Novartis at Suurstoffi from the start of 2023 as well as renovation-related vacancies at the Metalli complex due to adjustments made to C&A’s store footprint. The weighted average unexpired lease term (WAULT) of 6.5 years (6.3 years as at 31 December 2022) continued to be at a very high level for the industry.

New retail brands at the Metalli complex
The spaces that had previously housed C&A and Zara at the Metalli shopping mall will be redivided to make space for shops offering consumer staples. Attractive brands were recruited to fill the newly created spaces. Lidl Schweiz AG will lease more than 1’600 m2 in retail space in the basement and a portion of the ground floor (currently Zara) from 1 January 2024 onward. Two additional shops will also be created on the ground floor and can be leased from the start of 2024. A lease for one of the two spaces was signed in July 2023 with Mr. Goodfun AG, which will open a doodah shop featuring skateboard, snowboard and streetwear products.

New shops will also be created in the space that had previously housed C&A. The space on the ground floor was split into three retail spaces where LUSH (Switzerland) AG (a handmade cosmetics specialist), Bijouterie Maison Carat SA and Parfümerie Douglas AG will offer their products for sale from autumn 2023 onward. Work has already begun to convert C&A’s retail space on the first floor to be used as office space going forward. This will create two approximately 900 m2 offices. Construction is in progress and expected to be concluded in autumn 2023. Zug Estates AG has operated offices at two locations to date – in Zug and Rotkreuz; these two offices will be merged and are scheduled to move into the new office facility at one of the two sites at the start of December 2023.

Change to catering options
The first half of 2023 saw the start of conversion work on the ground floor of Parkhotel as well as the refurbishment of the Bären property. At Parkhotel, work is being done to enlarge the restaurant, bar and conference facilities while also redesigning the spaces to lend them a more open, modern and inviting ambience. The new restaurant and bar will open at the end of October 2023. Information regarding the catering concept, design and branding will be published via the social media channels of Hotelbusiness Zug AG and at place-to-become.ch in the coming weeks.

The listed Bären property will undergo full refurbishment between the start of April 2023 and the end of March 2024. A lease for the restaurant was concluded with Tibits AG in July 2023. This restaurant company, which specialises in vegetarian and vegan cuisine, will open its first location in Zug in April 2024.

Equity ratio remains solid
The purchase of an additional stake in MEG Metalli as well as the payment of a dividend of CHF 20.9 million caused interest-bearing debt to increase from CHF 660.5 million to CHF 683.5 million as at 30 June 2023. At 54.0%, the equity ratio remained at a very solid level (55.2% as at 31 December 2022).

The average maturity of the debt declined from 3.4 years as at 31 December 2022 to 2.8 years as at 30 June 2023. The substantially elevated interest rate environment caused the average interest rate to increase slightly from 1.3% to 1.5%.

Project development work on the Metalli Living Space and S43/45
Work to draft the content of the revisions to both development plans – Metalli and Bergli – within the scope of the Metalli Living Space project proceeded well overall during the first half of 2023. The report from the preliminary examination at cantonal level arrived in April 2023 and the two revisions of the development plans should have been assessed by the city council at the end of June 2023 with the goal of submitting them to the Grand City Council for the first time in October 2023.

The acceptance on 18 June 2023 of the city initiative “2’000 flats for Zug’s middle class”, which demands that at least 40% of newly built residential spaces in all agglomerations must be affordable, is causing delays in the development planning process. It is impossible to predict at this point how this initiative will affect the changes to the Metalli and Bergli development plans. We are communicating with the City of Zug in this regard and examining its impact on the Metalli Living Space project. However, given the delays it has caused, we currently expect the development plans to be approved in 2025 at the earliest and for construction to be able to start in 2027 at the earliest.

Revision work on the construction project at the S43/45 property at the Suurstoffi site in Rotkreuz is proceeding according to plan. The change was submitted to the municipality of Risch Rotkreuz in July 2023 and the revision of the construction project is expected to be completed by the start of 2024.

Greenhouse gas emissions substantially below average for the industry
Zug Estates will publish its Sustainability Report in accordance with GRI standards at the same time as its Half-Year Report. Our sustainability strategy continues to revolve around the goal of reducing greenhouse gas emissions. Despite the 1 October 2022 acquisition of the Renggli portfolio, which still operates largely on fossil fuels, the Group’s greenhouse gas emissions of 0.9 kg per square metre of energy reference area (Scope 1 and 2) are at the same level as in the previous year, meaning that they are well below the industry average. The acquisition-related increase was offset by savings at the City Centre site/Metalli, where additional properties – Haldenstrasse 9–16 and Hotel City Garden – were connected to the Circulago lake water energy network.

Discussions about grey energy and aspects of the circular economy related to building construction are becoming increasingly important. Zug Estates has already addressed this topic in depth in the past and implemented pioneering projects, particularly with respect to wood-based construction. Going forward, Zug Estates plans to continue to pursue ambitious goals and promote an exchange of information within the sector. To that end, Zug Estates joined eleven other large companies and organisations to sign the “Circular Building Charta” in June 2023.

Our buildings and sites will shape the way people live for generations to come. We focus not only on transformation projects such as the living space at Metalli, but are also responsible for existing sites and properties. We have gone to great lengths in the past few months to improve the quality of the outdoor areas at the Suurstoffi site even further and to create spaces where people enjoy spending time.

Full details of our sustainability strategy can be found at zugestates.ch/en/sustainability.

Confirmation of the 2023 outlook
The acquisitions made in 2022 and 2023, a decrease in vacancy-related loss of income, indexation-related increases in rental income and changes made to the reference interest rate will lead, also from a full-year perspective, to an increase in property income despite the fact that renovation-related vacancies at a few of the rentable spaces in the Metalli shopping mall will slow this increase down somewhat. This improvement in income is offset by higher financing costs.

In the hotel & catering segment, we anticipate that business will remain stable. Losses of income are arising in connection with the full refurbishment of the Bären property (since April 2023) as well as the renovation of all catering and conference spaces at Parkhotel (from June to the end of October). We therefore expect income to be on a par with the previous year. Ongoing reconstruction work and considerably higher electricity costs, however, will weigh on the GOP margin and cause a year-on-year decline in the results.

All in all, we expect net income excluding revaluation and special effects to exceed CHF 32.0 million for the 2023 financial year.

Report of 25 August 2023
The detailed report on the first half of 2023 can be found on our website: https://zugestates.ch/en/downloads

A video conference will be held in German at 10 a.m. today. CEO Patrik Stillhart and CFO Mirko Käppeli will present the half-year results for 2023 and then respond to questions. The associated presentation will be available on our website from 9 a.m. at: https://zugestates.ch/en/downloads

Please register for the conference via the link below. We look forward to your participation. https://zugestates.ch/en/stories/registration-media-conference

Important dates:

6 September 2023 | Sustainability Forum
21 February 2024 | Publication of the 2023 Annual Report
9 April 2024 | General meeting of shareholders

For further information, please contact:

Patrik Stillhart, CEO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites that are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is comprised mainly of the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the leading business hotels Parkhotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF1.83billion on 30 June 2023. Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich (ticker symbol: ZUGN, security number: 14 805 212).

Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Press release
Zug, 6 July 2023

The Board of Directors and Group management of Zug Estates Holding AG have named Andrea Wegmüller (38) as the Head of Property Management and a member of Group management at Zug Estates AG. He will start on 1 August 2023.

Andrea Wegmüller has been with PRIVERA AG since 2016, initially as Regional Head of Property Management East and then as COO / Head of Property Management Switzerland since the start of 2022. Prior to that, he had spent five years in different functions at Livit AG. Mr Wegmüller is a Swiss-certified real estate trustee with a Master in Advanced Studies (MAS) in Real Estate Management from the University of Applied Sciences in Business Administration in Zurich (HWZ).

Andrea Wegmüller will take over as Head of Property Management from Pascal Arnold, who has decided to take on a new professional challenge after nine successful years at Zug Estates. The Board of Directors of Zug Estates Holding AG would like to take this opportunity to thank Pascal Arnold for his great dedication and professional commitment and wish him every success for the future.

Important dates:

25 August 2023
6 September 2023
21 February 2024

Publication of Half-Year Report 2023 and Sustainability Report
Sustainability Forum
Publication of the 2023 Annual Report

For further information, please contact:

Patrik Stillhart, CEO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites that are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is comprised mainly of the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the leading business hotels Parkhotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF 1.83 billion on 31 December 2022. Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich (ticker symbol: ZUGN, security number: 14 805 212). 

Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Press release
Zug, 30 June 2023

The Metalli shopping centre is subdividing the former C&A and Zara retail premises in a bid to expand the range of shops catering for everyday needs. Attractive brands are moving into the newly created retail spaces.

Spring 2024 will see Lidl Schweiz AG opening a new store in the lower level and part of the ground floor of the current Zara premises with over 1,600 m2 of retail space. Its food range will complement the offering already available in the Metalli. In addition, two more retail spaces are being created on the ground floor of the current Zara premises in readiness for letting at the beginning of 2024. Discussions for these two retail spaces are under way.

New shops are also being created in the former C&A premises. The ground floor is currently divided into three shop units. Autumn 2023 will see LUSH (Switzerland) AG, specialist in handmade cosmetics, and jeweller Maison Carat SA taking possession of these retail spaces. Contract negotiations are well advanced for the third unit.

Gregor Schaller, Manager of the Metalli centre, is pleased to welcome the new brands: “They ideally complement our offering in the Metalli in response to evolving customer needs. The new retail tenants appreciate the Metalli’s unique positioning and attractiveness in the region.”

The first floor of the former C&A premises is being converted into office space, offering two units of around 900 m2 each. Construction work is under way, with completion expected in autumn 2023. Zug Estates AG is merging its two existing offices in Zug and Rotkreuz with a view to occupying one of the two units at the beginning of December 2023.

Important dates:

25 August 2023
6 September 2023
21 February 2024

Publication of Half-Year Report 2023 and GRI-compliant Sustainability Report
Sustainability Forum
Publication of the 2023 Annual Report

For further information, please contact:

Patrik Stillhart, CEO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites that are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is comprised mainly of the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the leading business hotels Parkhotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF 1.83 billion on 31 December 2022. Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich (ticker symbol: ZUGN, security number: 14 805 212). 

Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Ad hoc announcement pursuant to Art. 53 LR
Zug, 6 April 2023

The 11th ordinary general meeting of shareholders of Zug Estates Holding AG was held today at the Theater Casino Zug and attended by 209 shareholders, representing a total of 76.4% of share capital with voting rights. The shareholders approved all proposals by the board of directors.

The general meeting resolved that a total of CHF 20.9 million is to be paid out to shareholders for the 2022 financial year. The ordinary gross dividend (subject to withholding tax) amounts to CHF 4.10 per series A registered share and CHF 41.00 per series B registered share. After payment of the Swiss withholding tax of 35%, a net dividend of CHF 2.67 per series A registered share and CHF 26.65 per series B registered share remains. The net dividend will be paid out as of 14 April 2023 (payment date).

All members of the board of directors who were proposed for re-election were confirmed for a further one-year term of office. Armin Meier did not stand for re-election. Joëlle Zimmerli, owner and managing director of Zimraum GmbH, a social science planning office, was elected as a new member of the board.

Dr Beat Schwab was also confirmed as chairman of the board of directors. Johannes Stöckli was re-elected and Annelies Häcki Buhofer newly elected to the Nomination and Compensation Committee.
In a consultative vote, the general meeting of shareholders declared its agreement with the compensation report and approved the remuneration to the members of the board of directors and group management.

The general meeting also approved all amendments to the articles of association, namely the anchoring of sustainability in the articles of association, the use of electronic aids for communication with shareholders, the possibility to hold general meetings virtually, the additional amounts for new group management members, the reduction of the maximum permissible additional mandates of members of the board of directors, as well as various formal adjustments to the new law.

The 12th ordinary general meeting of shareholders of Zug Estates Holding AG will be held on 9 April 2024.

Important dates:

14 April 2023
25 August 2023
6 September 2023

Distribution to shareholders (payment date)
Publication of Half-Year Report 2023
Sustainability Forum

For further information, please contact:

Patrik Stillhart, CEO
Mirko Käppeli, CFO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites that are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is comprised mainly of the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the leading business hotels Parkhotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF 1.83 billion on 31 December 2022. Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich (ticker symbol: ZUGN, security number: 14 805 212). 

Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Ad hoc announcement pursuant to Art. 53 LR
Zug, 24 February 2023

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. 
  • Armin Meier is stepping down from the board of directors. At the upcoming general meeting of shareholders, the board of directors will also propose that Joëlle Zimmerli is elected to 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.

Zug Estates generated very encouraging results in this market environment. Property income rose and the vacancy rate was reduced substantially. Revenues in the hotel & catering segment recovered markedly over the previous year, which had still been shaped strongly by the repercussions of the COVID-19 pandemic.

Net income of CHF 39.8 million was generated in the 2022 financial year. This was CHF 35.8 million or 47.3% below the prior-year figure of CHF 75.6 million, with the decline attributable in full to higher revaluation effects as well as the sale of the property at Hofstrasse 1a/b in Zug in the previous year. At CHF 33.8 million, net income excluding revaluation and special effects was up by 6.3% or CHF 2.0 million compared to CHF 31.8 million in the previous year.

Encouraging increase in operating revenue and key operating indicators
Property income of the Zug Estates Group rose by CHF 2.2 million or 3.7%, from CHF 60.0 million to CHF 62.2 million in 2022. Improvements to the bottom line were mainly achieved through further reductions in vacancies as well as additional revenue from the acquisition of the Renggli Group in the fourth quarter.

Hotel & catering income rose substantially from CHF 8.4 million in the previous year to CHF 14.7 million, a year-on-year increase of CHF 6.3 million or 75.3%. Whereas international travel restrictions connected to the COVID-19 pandemic had a major impact on the two previous years, the last six months of the reporting period brought a recovery that was better than expected. This produced year-end results that were nearly back to pre-pandemic levels. Gross operating profit (GOP) amounted to 37.9% compared to 25.8% in the previous year.

Operating revenue increased by CHF 5.9 million or 7.9%, from CHF 74.2 million to CHF 80.1 million.

Despite the increase in income, property expenses remained nearly on a par with the previous year, increasing just slightly by CHF 0.2 million or 2.2%, from CHF 7.6 million to CHF 7.8 million.

Operating income before depreciation and revaluation rose by 6.0% or CHF 2.8 million, from CHF 46.9 million to CHF 49.7 million.

The high occupancy rate meant that a revaluation gain of CHF 6.8 million could be booked again in 2022; this corresponds to around 0.4% of the value of all of all investment properties in the portfolio as at 31 December 2022. A flattening of the market trend due to a higher interest rate environment did not lead to any further reductions in the discount rate. As a result, the revaluation gain amounted to CHF 35.6 million, which was 84.0% below the previous year’s high figure of CHF 42.4 million.

The sale of a property outside our two sites in the previous year also generated a non-recurring gain on sale before tax of CHF 7.3 million.

Due to the revaluation and special effects mentioned, EBIT was down by CHF 40.2 million or 43.1%, from CHF 93.2 million to CHF 53.0 million.

With average interest rates remaining unchanged, financial expense rose slightly as a result of acquisitions from CHF 7.5 million to CHF 7.8 million, an increase of CHF 0.3 million or 3.5% over the previous year.

Portfolio expanded through the acquisition of Renggli Holding AG
On 2 November 2022, Zug Estates acquired 100% of the shares of ­Renggli Holding AG, domiciled in Zug, which owns a real estate portfolio valued at around CHF 110 million. The portfolio with a residential property share of nearly 50% includes a business property in Zug as well as a 19’000 m2 development site with residential and commercial properties in Rotkreuz that is directly adjacent to the Suurstoffi site. The acquired properties perfectly supplement the Zug Estates portfolio, which focuses on central, well-connected locations in the Canton of Zug. The site acquired in Rotkreuz, in particular, has attractive development potential.

The Group was also able to acquire another 0.75% co-ownership share of the Miteigentümergemeinschaft (MEG) Metalli in the second half of 2022. This increased the company's co-ownership share of MEG Metalli to 75.25%. A total of CHF 123.2 million was invested in the portfolio's ex­pansion and development during the reporting period (previous year: CHF 8.6 million). The portfolio’s market value rose by 7.6%, from CHF 1.70 billion to CHF 1.83 billion, due to investments made and revaluation effects.

Vacancy rate down substantially to 1.6%
The market for leased space saw dynamic development in 2022. Commercial leases for space totalling around 18’000 m2 and involving rental income of more than CHF 7.2 million p. a. were extended or concluded in 2022. This greatly reduced the vacancy rate from 4.0% as at 31 December 2021 to 1.6% as at 31 December 2022. At 6.3 years as at 31 December 2022 (previous year: 6.5 years), the weighted average unexpired lease term (WAULT) was still at a very high level for the industry.

The vast majority of new leases related to office space at the Suurstoffi site. One of these was the S6 property with 4’500 m2 of rentable space, which was leased to Utopia Music AG in the first half of 2022. In the second half of 2022, Amgen extended its lease by five years for two of four storeys, or around 2’000 m2 of space, at the S22 property. Follow-up leases have already been concluded with Gambit Consulting AG and Axians Informa Schweiz AG for the two storeys that Amgen relinquished as at 31 January 2023. Additionally, one floor of the S14 property was leased to GSK Consumer Healthcare Schweiz AG and space totalling around 2’300 m2 at the S2 and S41 sites was leased to the Lucerne University of Applied Sciences and Arts.

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. The acquisition of Renggli Holding AG will result in another slight temporary year-on-year increase in greenhouse gas emissions, yet in absolute terms, this figure will still stay at a very low level.

In addition to reducing its operational greenhouse gas emissions, Zug Estates has also set its sights on increasing the amount of self-generated electricity even further. During the period under review from 1 April 2021 to 31 March 2022, the solar panels at the Suurstoffi site produced 1’140 MWh of energy, equivalent to the average consumption of 250 single-family homes. The first six houses at the City Centre site in Zug were also equipped with a solar installation in autumn 2022, which increased the installed photovoltaic capacity from 1’531 to 1’672 kWp.

Further development of the Metalli Living Space and the S43/45 construction project
Project development work on the Metalli Living Space complex continued during the 2022 financial year. Draft versions of the development plans for both the Metalli and Bergli sites are available and an initial review by the cantonal authorities on the basis of those plans began in late October 2022. Preparations for the architectural competition have begun and dialogue with the public will continue. The Greater Municipal Council (GGR) of the City of Zug plans to address the construction plans by holding a first reading in mid-2023. Based on the current schedule of the City of Zug, we expect the development plans to be approved in 2024 and construction to start in 2026 at the earliest.

The construction project for the S43/45 site in Rotkreuz is currently being revised. Drawing on the findings of leasing activities in the past two years and the change in tenant needs triggered by the COVID-19 pandemic, this revision is largely about increasing the flexibility of use. We currently plan to submit a project change request to the municipality of Risch Rotkreuz in the summer of 2023. Independent of the project revision work, an ongoing effort is being made to market those spaces.

Equity ratio remains solid
Financing of the acquisition made in the year under review caused the return on equity to drop from 58.4% to 55.2%, which is still a solid value.

Interest-bearing debt, on the other hand, rose by CHF 99.4 million or 17.7%, from CHF 561.1 million to CHF 660.5 million. Interest-bearing debt as a percentage of total assets therefore amounted to 36.9% compared to 33.8% in the previous year. The average maturity of this debt declined slightly to 3.4 years (previous year: 3.6 years), whereby the average ­interest rate for the period for interest-bearing debt remained unchanged at 1.3%.

A bond in the amount of CHF 100.0 million that was due to expire was replaced by another green bond on 17 February 2022. After becoming the first listed real estate company in Switzerland to issue a green bond in 2019, another issue has made Zug Estates the first listed real estate company in Switzerland to switch to green financing products for its entire bond portfolio. With a maturity of just over seven years and a coupon of 0.75%, the new bond was concluded in a very favourable interest rate environment.

Dividend increase and change in the board of directors
In line with the announced gradual increase in the dividend up to a maximum of two-thirds of net operating income, the board of directors will propose to the general meeting of shareholders that the dividend be increased by 9.3%, from CHF 3.75 to CHF 4.10 per series A registered share and from CHF 37.50 to CHF 41.00 per series B registered share.

After serving on the board of directors for ten years, Armin Meier will not stand for re-election at the general meeting of shareholders. Drawing on his extensive strategic and operational leadership experience in a variety of sectors, he made a very valuable contribution toward the Zug Estates Group’s successful and long-term development. We are very grateful to him for this. The board of directors proposes to the annual general meeting of shareholders that Joëlle Zimmerli be elected as a new member. With PhDs in sociology and planning, she deals intensively with topics related to urban development and frequently sits on the juries of architectural competitions. Among other things, she is a member of the board of directors in the Green Building Association Switzerland and she ideally complements the board with her skills and knowledge.

Outlook for 2023
Due to the acquisition of the Renggli Group in the 2022 financial year, the reduced vacancy rate and increases in rents for index leases, we expect property income in the real estate business unit to be higher in 2023. The higher earnings are offset by higher financing costs as well as renovation-related vacancies and investment costs incurred in connection with a few of the rentable spaces in the Metalli shopping mall.

In the hotel & catering segment, we expect the recovery seen in the second half of 2022 to continue. However due to the overall refurbishment project scheduled to start at the Bären site in April 2023 as well as the renovation of all catering and conference spaces at Parkhotel, which is scheduled to take place from June to October 2023, we expect income to fall slightly short of that of the previous year. Since reconstruction work in 2023 will have a noticeably negative impact on the GOP margin and electricity costs will be considerably higher, we assume that the results from this segment will be much lower.

All in all, we expect net income excluding revaluation and special effects to be slightly lower in the 2023 financial year.

Reporting from 24 February 2023

You can access the detailed report on the 2022 financial year by visiting our website:  
https://zugestates.ch/en/downloads or by clicking on this link: 2022 Annual Report (PDF)

A press conference on our annual results is being held in German at 11:00 a.m. today at the Parkhotel Zug. Patrik Stillhart (CEO) and Mirko Käppeli (CFO) will be presenting the annual results for 2022 and answering questions afterwards. For the first time, we have arranged this press conference as a hybrid event, which means you can access it via Zoom if you can’t make it in person. Online attendees will also be able to ask questions.

Please register for the press conference via the link below. We look forward to welcoming you to the press conference – in person or online.

https://zugestates.ch/en/stories/balance-sheet-press-conference-2023

Important dates:

6 April 2023
14 April 2023
25 August 2023

11th ordinary general meeting
Distribution to shareholders (payment day)
Publication of Half-Year Report 2023

For further information, please contact:

Patrik Stillhart, CEO
Mirko Käppeli, CFO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites that are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is comprised mainly of the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the leading business hotels Parkhotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF 1.83 billion on
31 December 2022. Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich (ticker symbol: ZUGN, security number: 14 805 212). 

Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Ad hoc announcement pursuant to article 53 Listing Rules
Zug, 2 November 2022

Retroactively with effect on 1 October 2022, Zug Estates Holding AG is acquiring 100% of the shares of Renggli Holding AG, domiciled in Zug, which owns 12 properties in the Zug and Rotkreuz area.

The acquired real estate portfolio, with a residential property share of nearly 50% and value of around CHF 110 million, includes a business property in Zug as well as a 19,000 m² development site with residential and commercial properties in Rotkreuz that is directly adjacent to the Suurstoffi site. Annual rental income amounts to more than CHF 2.6 million and the vacancy rate on 30 September 2022 was at around 0.2%.

Patrik Stillhart, CEO of Zug Estates Holding AG, is thrilled about this acquisition and explains: “The properties of Renggli Holding AG perfectly supplement our portfolio, which focuses on central, well-connected locations in the Canton of Zug. The site we acquired in Rotkreuz, in particular, has attractive development potential.”

Important dates:

24 February 2023
6 April 2023
25 August 2023

Publication of Annual Report 2022
Ordinary General Meeting
Publication of Half-Year Report 2023

For further information, please contact:

Patrik Stillhart, CEO

T +41 41 729 10 10, ir@zugestates.ch

About Zug Estates
The Zug Estates Group conceives, develops, markets and manages properties in the Zug region. It focuses on central sites which are suitable for a wide range of uses and allow sustainable development. The real estate portfolio comprises the two sites in Zug and Risch Rotkreuz. The Group also runs a city resort in Zug incorporating the two leading business hotels Parkhotel Zug and City Garden and a comprehensive range of restaurants. The total value of the portfolio came to CHF 1.71 billion as at 30 June 2022.
Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich, (ticker symbol: ZUGN; securities number: 14 805 212).

Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch



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Your contact

Philipp Hodel

Head of Corporate Communication

Zug Estates AG

Baarerstrasse 18

CH-6300 Zug

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