Press releases
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:
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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, 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 |
Ad hoc announcement pursuant to Art. 53 LR Pleasing operating result for Zug Estates Group thanks to numerous rental successes, increased rental income and repositioning of Garden Park Zug AG.
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 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) 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 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 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 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 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 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 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 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 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 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 Downloads: Press release (PDF) Upcoming events:
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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 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 New retail brand and childcare facility at Metalli centre 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 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 Downloads: Important dates:
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About Zug Estates Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch |
Ad hoc announcement pursuant to Art. 53 LR
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 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 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 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 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 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 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 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 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 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 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 Downloads: Press release (PDF) Important dates:
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About Zug Estates Zug Estates Holding AG | Industriestrasse 12 | CH-6300 Zug | T +41 41 729 10 10 | www.zugestates.ch |
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Philipp Hodel
Head of Corporate Communication
+41 41 729 10 36
philipp.hodel@zugestates.ch
Zug Estates AG
Baarerstrasse 18
CH-6300 Zug