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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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Press realease Today, the 13th General Meeting of Shareholders of Zug Estates Holding Ltd was held at the Theater Casino Zug, attended by 213 shareholders. A total of 92.3% of the voting shares were represented. The shareholders approved all proposals of the Board of Directors. The General Meeting of Shareholders decided to distribute a total of CHF 24.0 million to shareholders for the 2024 financial year. The ordinary gross dividend (subject to withholding tax) is CHF 4.70 per series A registered share and CHF 47.00 per series B registered share. After payment of Swiss withholding tax of 35%, this results in a net dividend of CHF 3.06 per series A registered share and CHF 30.55 per series B registered share. Payment of the net dividend will take place as of Wednesday, 16 April 2025 (payment date). All members of the Board of Directors standing for re-election were confirmed for a further term of one year. Annelies Häcki Buhofer was no longer standing for re-election. Julia Häcki, the ESG officer at a major Swiss real estate fund, was elected as a new member of the Board of Directors. Beat Schwab was re-elected as Chairman of the Board of Directors. Johannes Stöckli was re-elected to the Nomination and Compensation Committee and Joëlle Zimmerli was elected as a new member. In a consultative vote, the General Meeting of Shareholders expressed its agreement with the remuneration report and approved the remuneration for the members of the Board of Directors and Group Management. The 14th General Meeting of Shareholders of Zug Estates Holding Ltd will be held on 8 April 2026.
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Key dates: 16 April 2025 | Distribution to shareholders (payment date)
For further information: Patrik Stillhart, CEO | T +41 41 729 10 10 | ir@zugestates.ch
About Zug Estates Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch
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Ad hoc announcement pursuant to Art. 53 LR Thanks to the favourable economic environment, solid demand for attractive and well-developed rental spaces and falling interest rates, the Zug Estates Group generated a very pleasing result.
The economic situation proved favourable for Zug Estates in the 2024 financial year: as a place to live and work, the Zug region – which lies at the heart of our activities – continues to experience dynamic growth, and the demand for attractive, well-connected rental space remains intact. At the same time, the fact that interest rates fell significantly in 2024 following the increases of 2022 and 2023 has a positive effect on the financing situation and on real estate values. With its high-quality portfolio and focus on attractive, well-connected locations, the Zug Estates Group benefited from this economic backdrop and achieved very pleasing results. Numerous rental successes led to a noticeable increase in property income and a significant reduction in the vacancy rate to 0.7% (previous year: 3.9%). Net income increased by CHF 34.5 million or 142.7% versus the previous year, from CHF 24.2 million to CHF 58.7 million; this substantial rise was attributable to a positive revaluation result compared with 2023. After adjustment for revaluation and special effects, net income likewise showed a clear increase of CHF3.0million or 9.0%, from CHF 33.9 million to CHF 36.9 million, mainly thanks to the growth in property income. Encouraging increase in property income and operating result A pleasing demand in the second half of 2024 led in the hotel & catering segment to an increase in income of CHF 0.3 million or 1.9%, from CHF 15.2 million to CHF 15.5 million. On the accommodation side, it was not possible to fully offset the weaker first half of 2024. Catering showed pleasing growth in income. Gross operating profit (GOP) rose to 39.3% (previous year: 37.8%). Operating income of the entire group increased by CHF4.0million or 4.7%, from CHF 84.8 million to CHF 88.8 million. With a slight increase of CHF 0.1 million or 1.1% to CHF 8.3 million, property expenses were on a par with the previous year (CHF 8.2 million). The operating result before depreciation and revaluation rose by 7.3% or CHF 3.9 million, from CHF 52.2 million to CHF 56.1 million. Lower inflation and falling interest rates led to a recovery in the real estate transaction market and therefore to a slight fall in discount rates for properties in economically attractive and central locations. A revaluation loss of CHF 11.0 million in 2023 was followed by a positive revaluation figure of CHF 24.8 million in the year under review, equivalent to around 1.4% of the portfolio value of all investment properties as at 31 December 2024. The average real discount rate fell by two basis points in 2024, compared with an increase of 15 basis points in the previous year. The operational improvements coupled with the above-mentioned revaluation effects, resulted in a substantial increase in EBIT of CHF 39.2 million or 104.0%, from CHF 37.6 million to CHF 76.8 million. Due to a balanced maturity structure, negative effects due to the significantly higher interest rates experienced in the first half of 2024 were largely avoided, and the net financial result was unchanged from the previous year's level at CHF 10.2 million. Portfolio value boosted by investments and positive net revaluation figure Following the completion of its refurbishment, the Bären property in Zug was reclassified in 2024 from investment properties under construction to investment properties, at the current market value of CHF 7.5 million. Due to the investments made and the positive net revaluation effect, the market value of the portfolio as a whole increased by CHF 31.2 million or 1.7%, from CHF 1.83 billion to CHF 1.86 billion, in the year under review. Real estate portfolio almost fully let Lease extensions and newly agreed contracts in the 2024 financial year related to office and education space in Zug and Rotkreuz as well as retail space at Metalli. At the Metalli shopping mall in particular, a number of tenants decided not only to extend their lease but also to rent additional space. For example, Rituals Cosmetic Switzerland AG moved into larger premises, and Benz Group AG leased additional space in order to open another fashion store. In addition, various refurbishment projects were successfully completed in 2024. Lidl (food), doodah and PME Legend (both clothing) opened their new stores, while well-known restaurant firm Ayverdi’s commissioned its first store outside Zurich. Construction begins on S43/45 project with XUND as anchor tenant The S43/45 project entails the construction of around 14’400m2 of office and education space as well as 1’100 m2 of residential space for student living. Construction began in December 2024, with the rental space due to be handed over in mid-2027. Continued pursuit of Metalli living space project Zug Estates is convinced that the Metalli Living Space project makes a very valuable contribution to the creation of urgently required residential space and the high-quality development of the city of Zug; consequently, it has decided to continue to pursue the project and will start the process of seeking political approval. The Metalli Living Space project will create additional residential space for various population groups at a very central, well-connected location. Development and improvement of the site will be undertaken in a way that retains its existing qualities. Key elements of the current Metalli such as the shopping mall and glass-covered concourse will be preserved; at the same time, additional outdoor space with an attractive ambience will be created. The political approval process is scheduled to start in mid-2025. DGNB Platinum Certificate for overall Suurstoffi site The awarding in 2024 of the DGNB Platinum Certificate for the overall Suurstoffi site confirms the major ambitions pursued by Zug Estates in relation to sustainability when developing its sites. In addition, at a very low 0.9 kg per m2 energy reference area (Scope 1 and 2), the current figure for greenhouse gas emissions from operation of the entire real estate portfolio also shows the tremendous progress made by Zug Estates in terms of implementing its sustainability strategy. Equity ratio strengthened further Interest-bearing debt, on the other hand, fell by CHF 16.0 million or 2.4%, from CHF 674.2 million to CHF 658.2 million. As a percentage of total assets, interest-bearing debt therefore amounted to 35.9% compared to 37.3% in the previous year. At the end of September 2024, the bond portfolio – consisting exclusively of green bonds – was supplemented with another green bond amounting to CHF 100 million with a term of seven years and a coupon of 1.65%. The existing Green Bond Framework of Zug Estates was simultaneously replaced by an advanced Green Finance Framework, which classes 95% of the portfolio as green buildings. The proportion of unsecured bonds in interest-bearing debt increased from 29.6% to 45.5%. The average residual maturity of interest-bearing debt increased slightly from 3.5 years to 3.6 years, while the average interest rate for the period was unchanged at 1.5%. Increased dividend Based on the good operating results, the Board of Directors will propose to the general meeting of shareholders that the dividend be increased by 6.8%, from CHF 4.40 to CHF 4.70 per series A registered share and from CHF 44.00 to CHF 47.00 per series B registered share. Change on Board of Directors and of independent valuation expert At the general meeting of shareholders, the Board of Directors will propose that Julia Häcki be elected as her successor. Julia Häcki holds a bachelor’s in Urban and Regional Planning from TU Berlin, as well as an MAS in Real Estate (CUREM) from the University of Zurich. Following various roles in real estate development and as head of sustainability, she was appointed head of ESG at a major Swiss real estate fund in 2023. As a family shareholder and native of Zug, her links with the company go back many years. For reasons of good governance, the Board of Directors has decided to change the independent valuation expert. The current mandate holder has been valuing the Zug Estates property portfolio since the Group’s IPO in 2012; i.e. for over ten years. Jones Lang LaSalle AG (JLL) will be entrusted with valuation of the property portfolio from 2025. Outlook for 2025 Taking into account slightly higher financing costs, we expect net income excluding revaluation and special effects in the 2025 financial year to be on a par with the 2024 level.
Downloads Press release (PDF)
Publication on 20 February 2025 Please register for the conference via the link below. We look forward to your participation. https://zugestates.ch/en/conference-for-analysts-and-media
Key dates: 10 April 2025 | General meeting of shareholders
For further information: Patrik Stillhart, CEO | T +41 41 729 10 10 | ir@zugestates.ch
About Zug Estates Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch
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Press release Together with representatives from local authorities and project partners, Zug Estates broke the ground for the new-build project S43/45 on the Suurstoffi site in Rotkreuz in Canton Zug. Zug Estates has been developing the Suurstoffi site in Rotkreuz since 2010. The site has become a versatile living environment where people can live, work, study and engage in leisure activities. The construction of the final two buildings Suurstoffi 43 and 45 and the central park marks the conclusion of Zug Estates' development of the site. By mid-2027, around 14,400 m2 of office and education space and 1,100 m2 of student housing will be built. In September 2024, Zug Estates signed a long-term lease agreement with “XUND Bildungszentrum Gesundheit Zentralschweiz”, for the Suurstoffi 45. In opening its new location, XUND is responding to the growing demand for practical and sought-after training in healthcare.  Picture (l-r): Patrik Stillhart, CEO, Zug Estates Holding Ltd; Stefan Graf, Partner, Bauart Architekten und Planer AG; Head of Cantonal Council Silvia Thalmann-Gut, Head of the Department of Economic Affairs of Canton Zug; Josef Widmer, President of XUND; Walter Figueiredo, Head of Civil Engineering Department, Schmid Bauunternehmung AG Sustainable project development Additional information: Interior visualisation S43 (.jpg)
Important dates: 20 February 2025 | Publication of Annual Report and Sustainability Report 2024
About Zug Estates 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 Estates Ltd has signed a 30-year rental agreement with XUND, the training centre of Gesundheit Zentralschweiz, for a space spanning 6,000 m2 on the Suurstoffi site in Rotkreuz, Canton Zug. XUND will take over all the office and education space in the Suurstoffi 45 property which – together with the Suurstoffi 43 building – is the last plot at the Suurstoffi site. The S43/45 project entails the construction of around 14'400m2 of office and education space and 1'100 m2 of residential space for student living. Construction is set to commence at the end of 2024. The rental space is scheduled to be handed over to XUND and other future tenants in mid-2027. Josef Widmer, President of the XUND training centre, underlines the considerable attractiveness of the new, modern location and anticipates synergies in the site's innovative environment: "The Rotkreuz site strengthens XUND's regional roots in central Switzerland and is much more easily reachable for many students and apprentices. It facilitates on-site synergies with other education partners, such as the Lucerne University of Applied Sciences and Arts, and opens up opportunities for cooperating with practitioners or researchers." Alain Baumgartner, Head of Portfolio Management at Zug Estates Ltd, is pleased that the training centre is moving to the Suurstoffi site: "XUND is an ideal partner for us and will fit in very well with the current tenants at the Suurstoffi site; it will also contribute to a sustainable and diverse use of the complex. And finally, the marketing success confirms the buoyant demand for attractive and well developed rental spaces in the Zug region." About XUND
Important dates: 20 February 2025 | Publication of Annual Report and Sustainability Report 2024
About Zug Estates Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch
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Press release Today, Zug Estates Holding Ltd placed a further green bond amounting to CHF 100 million. In the run-up to the transaction, the existing Green Bond Framework was expanded into a Green Finance Framework. Based on the new, stringent selection criteria, 95% of the portfolio is classified as green properties. In 2019, Zug Estates was the first Swiss real estate company to issue a green bond. After switching its entire bond portfolio to green bonds in 2022, a further green bond with a payment date of 30 September 2024 and amounting to CHF 100 million was placed today. It has a coupon of 1.65% and a term of seven years. The proportion of unsecured bonds in relation to all interest-bearing financing will thus increase to around 45%. In the run-up to the issue, the existing Green Bond Framework was expanded into a Green Finance Framework which in future will enable Zug Estates to take out not only green bonds but also access other types of green financing instruments. Under the new, stringent selection criteria, buildings and sites will be classed as green if their greenhouse gas emissions during operation are lower than 1kg pro m2 energy reference area (<1 kg CO2eq / m2 ERA p.a.) or if they have certification from BREEAM (very good or higher), DGNB/SGNI (Gold or higher), the Swiss Sustainable Building Standard SNBS (Gold or higher) or Minergie. Despite these very ambitious guidelines, green buildings and sites account for 95% of Zug Estates' total portfolio, thanks to the company's long-standing systematic implementation of its strategy in the field of environmental sustainability. Of these, properties at the Suurstoffi site with a market value of CHF 418.4 million as at 30 June 2024 will be allocated to the two existing green bonds and the newly launched green bond. ISS Corporate Solutions, one of the world's leading agencies for ESG research and rating, has provided a Second Party Opinion (SPO) on the Green Finance Framework. Moreover, on 23 August 2024 ISS (International Shareholder Services) awarded Zug Estates a "C+" rating, which corresponds to the "Prime" status. Today's placement was met with broad-based interest among institutional investors, as the funds can be invested directly and entirely in properties that meet the most stringent sustainability requirements and that are already operated on on an almost CO2-free basis. UBS AG and Basler Kantonalbank are acting as joint lead managers in the issue. An application has been submitted for trading on SIX Swiss Exchange. Disclaimer: Downloads: Green Finance Framework (PDF) Important dates:
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About Zug Estates Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch |
Ad hoc announcement pursuant to Art. 53 LR
Zug Estates recorded a pleasing increase in net income in the first half of 2024. Demand for attractive, well-connected rental space remains intact given Zug’s dynamic growth as a place to live and work, coupled with limited supply. Together with the large number of rental successes seen in the previous year, this led to a significantly lower vacancy rate and an increase in property income. The changed interest rate situation following the two cuts in key interest rates by the Swiss National Bank had a favourable impact on the financing environment in the first half of 2024; this led to a better-than-expected financial result and had a positive effect on real estate values. Net income increased by a substantial CHF 26.3 million year on year, from CHF 1.9 million to CHF 28.2 million; this was attributable to a positive revaluation result compared with the first half of 2023. After adjustment for revaluation and special effects, net income showed a slight increase of CHF 0.1 million or 0.4%, from CHF 18.0 million to CHF 18.1 million. Higher property income, but subdued demand for hotel rooms In the hotel & catering segment, on the other hand, larger companies are currently taking a cautious approach to the booking of business travel and events. This led to a reduction in hotel & catering income of CHF 0.4 million or 5.5%, from CHF 8.1 million to CHF 7.7 million. Gross operating profit (GOP) fell from 42.3% to 37.8% following the expansion of the catering offering – which is characterised by lower margins than the hotel business – in 2023. In total, operating income rose by CHF 0.5 million or 1.2%, from CHF 42.9 million to CHF 43.4 million. Operating expenses increased only slightly by CHF 0.1 million or 0.6% from CHF 15.7 million to CHF 15.8 million. Higher portfolio value A total of CHF 3.5 million was invested in the portfolio in the period under review. This compares with the previous year’s figure of CHF 22.8 million, the bulk of which was attributable to the acquisition of additional co-ownership shares in Miteigentümerschaft (MEG) Metalli. Solid equity ratio The already very solid equity ratio as at 30 June 2024 was unchanged at 54.9%. As no major loans became due for extension, the average residual maturity of loans fell from 3.5 years as at 31 December 2023 to 3.0 years as at 30 June 2024. The average interest rate was unchanged at 1.5%. Significant reduction in vacancy rate Together with the numerous rental agreements concluded in the previous year, the leases agreed in the reporting period led to a significant reduction in the vacancy rate. The vacancy rate fell from 3.9% as at 31 December 2023 to a very low 0.7% as at 30 June 2024. The weighted average unexpired lease term (WAULT) of 6.1 years (6.5 years as at 31 December 2023) remained at a very high level for the industry. New retail and catering options at City Centre site In addition, the comprehensive refurbishment of the listed Bären property – which has been underway since April 2023 – is nearing completion. Within this classical building, Tibits AG is set to open its first venue in Zug at the end of August 2024. Start of construction on final Suurstoffi plot at end 2024 Building work is due to commence at the end of 2024, with leased spaces likely to be handed over to future tenants from mid-2027. The residential space for student living will be leased and operated by Lucerne University of Applied Sciences and Arts Marketing has begun for the office and education space, and talks are underway with parties interested in the attractive, versatile rental space at the two buildings. Metalli Living Space development In view of the consequences of the initiative, Zug Estates has already decided against pursuing the Bergli development plan and will instead focus on the plan for Metalli. The basis of the project is currently being reviewed in consultation with the City of Zug, with changes being made to the development plan to ensure implementation of the initiative. The aim is to finalise this work by the end of 2024 so as to ensure that – in the event of a decision to continue with the project – the political process for implementation of the Metalli development plan can begin in the first half of 2025. Suurstoffi site awarded DGNB Platinum Certificate Positive outlook for 2024 For the hotel & catering segment, we expect total income to be roughly on a par with the previous year’s level despite a fall in demand on the part of larger companies. The GOP margin is likewise expected to be in line with the previous year’s figure. All in all, we continue to expect net income excluding revaluation and special effects for the 2024 financial year of over CHF 35 million. Publication of Half-Year Report on 22 August 2024 Please register for the conference via the following link. We look forward to seeing you. https://zugestates.ch/en/stories/video-conference-for-analysts-and-media-on-the-2024-half-year-results The detailed Half-Year Report and the presentation for the video conference can be found on our website: https://zugestates.ch/en/downloads Important dates:
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About Zug Estates Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch |
Press release Today, the 12th General Meeting of Shareholders of Zug Estates Holding Ltd was held at the Theater Casino Zug, attended by 214 shareholders. A total of 80.2% of the voting share capital was represented. The shareholders approved all proposals of the Board of Directors. The General Meeting of Shareholders decided to distribute a total of CHF 22.4 million to shareholders for the 2023 financial year. The ordinary gross dividend (subject to withholding tax) is CHF 4.40 per series A registered share and CHF 44.00 per series B registered share. After payment of Swiss withholding tax of 35%, this results in a net dividend of CHF 2.86 per series A registered share and CHF 28.60 per series B registered share. Payment of the net dividend will take place as of Monday, 15 April 2024 (payment date). All members of the Board of Directors standing for re-election were confirmed for a further term of one year. Beat Schwab was also re-elected as Chairman of the Board of Directors. Johannes Stöckli and Annelies Häcki Buhofer were re-elected to the Nomination and Compensation Committee. In a consultative vote, the General Meeting of Shareholders expressed its agreement with the remuneration report and approved the remuneration for the members of the Board of Directors and Group management. The shareholders elected KPMG Ltd, Zug, as the auditors for the 2024 financial year for the first time. The 13th General Meeting of Shareholders of Zug Estates Holding Ltd will be held on 10 April 2025. Downloads: Important dates:
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About Zug Estates Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch News Source: Zug Estates Holding AG |
Press release The Swiss Sustainable Building Council awarded the Suurstoffi site of Zug Estates – as the first site in Switzerland – the DGNB Platinum Certificate for the planning and construction of sustainable districts. The DGNB certification confirms that Zug Estates has delivered a prime example of sustainable site development with the Suurstoffi site in Rotkreuz. It meets the comprehensive quality requirements of the DGNB certification system that includes criteria such as energy efficiency, CO2 emissions, ecological assessment, grey energy, flexibility of use and recyclability of the materials used. However, the Suurstoffi site plays a pioneering role not only in terms of the virtually carbon-free energy concept but also demonstrates its qualities from an economic, socio-cultural, functional and technical point of view. DGNB is an internationally recognised quality seal that – in addition to BREEAM (UK) and LEED (USA) – is one of the three main evaluation systems in the world. With the certification, almost half of the Zug Estates portfolio has a sustainability certificate. The other Zug Estates properties also have an above-average sustainability profile thanks to very low emission values, prime locations, a good social mix and high-quality exterior space designs. According to the latest sustainability report of the Zug Estates Group, greenhouse gas emissions for operation of the entire real estate portfolio are, at 1.1 kg pro m2 energy reference area (scope 1 and 2), at a very low level and well below the industry average. SGNI Downloads: Press pictures: Important dates:
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About Zug Estates Zug Estates Holding AG | Baarerstrasse 18 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch |
Your contact
Philipp Hodel
Head of Corporate Communication
+41 41 729 10 36
philipp.hodel@zugestates.ch
Zug Estates AG
Baarerstrasse 18
CH-6300 Zug