Information on the real estate portfolio

In terms of individual regions and property types, the breakdown of acquisition costs and market values of the investment properties as at 31 December was as follows:

 

Market value

 

Change in market value1

2018

 

2017

 

2018

 

2017

 

2018

 

2017

144.0

 

143.8

 

224.9

 

212.0

 

12.9

 

6.6

 

375.0

 

331.1

 

569.2

 

495.5

 

28.3

 

1.3

 

84.3

 

84.3

 

116.7

 

110.9

 

5.7

 

4.1

603.3

 

559.2

 

910.8

 

818.4

 

46.9

 

12.0

1 608.7

 

1 642.4

 

1 773.6

 

1 758.8

 

48.5

 

34.0

 

987.4

 

986.8

 

956.7

 

961.0

 

–4.9

 

–20.7

 

531.6

 

419.7

 

460.7

 

393.0

 

–44.1

 

–8.9

3 127.7

 

3 048.9

 

3 191.0

 

3 112.8

 

–0.5

 

4.4

47.1

 

0.0

 

58.1

 

0.0

 

14.2

 

0.0

 

0.0

 

27.2

 

0.0

 

25.4

 

0.0

 

5.4

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

47.1

 

27.2

 

58.1

 

25.4

 

14.2

 

5.4

1 From revaluation in comparison with previous year

Costs incurred in connection with the acquisition (purchase price, notary’s fees, property transaction costs, commission payments) are recognised under acquisition costs, as are the actual production costs of the additions from construction activity and value-enhancing investments and total renewals.

The revaluation of the investment real estate is based on the valuation conducted on 31 December by the external real estate valuer using the discounted cash flow method.

The valuation process involves the real estate valuer inspecting each property at least once every three years, as well as after additional acquisitions or on completion of major alterations. The real estate valuer calculates the payment flows on the basis of the rent rolls provided by Allreal (cut-off date 1 January of the following year), all commercial leases, detailed budgets and medium-term planning per property, as well as planned and executed investment projects. From these parameters, the real estate valuer infers his view of the contractual market rents achievable on a sustainable basis and the future real estate expenses. The results of the valuation are discussed with Group Management, which assesses their plausibility.

As in the previous year, Jones Lang LaSalle AG acts as the real estate valuer on a contract basis. There are no further business connections or investments between Allreal and the real estate valuer.

The valuation of the yield-producing properties as at 31 December 2018 was based on the following rent bandwidths for the various regions and types of properties:

Residential real estate

   

Commercial real estate

Contractual rents

 

Market rents

 

Contractual rents

 

Market rents

Minimum

 

Maximum

 

Minimum

 

Maximum

 

Minimum

 

Maximum

 

Minimum

 

Maximum

 

220

 

410

 

220

 

410

 

220

 

600

 

210

 

600

 

150

 

270

 

160

 

260

 

120

 

390

 

110

 

290

 

200

 

320

 

230

 

360

 

210

 

500

 

210

 

450

150

 

410

 

160

 

410

 

120

 

600

 

110

 

600

A 5% increase or reduction in the market rents (serving as a basis of the valuations) of all investment properties would result in an increase or reduction in value of CHF 191.8 million (2017: CHF 182.9 million).

When determining the highest and best use, the external real estate valuer identified the Escher-Wyss site, Zurich, as a yield-producing property that satisfies the requirements of IFRS 13. The decision not to exploit the potential value of these properties is connected with existing and not immediately terminable rental contracts, some of which run over several years.

On the basis of a sensitivity analysis of investment real estate with a market value of CHF 4,159.9 million on the balance sheet cut-off date (31.12.2017: CHF 3,956.6 million), an isolated change in discount and capitalisation rates by 50 basis points would lead to an increase or decrease in value of CHF 642.5 million or CHF 484.5 million, respectively (31.12.2017: CHF 597.7 million/CHF –457.2 million). The bandwidths for the capitalisation and discount rates used in the sensitivity analysis range between 2.8 and 3.3% (residential properties) and between 3.4 and 3.9% (commercial properties) for lower interest rates and between 3.4 and 3.9% (residential properties) and between 4.82 and 5.32% (commercial properties) for higher interest rates.

Leasehold properties

Ground rent p.a. CHF million

     

   

31 December 2052

 

1.1

   

31 December 2064

 

0.2

1 Indexed

Future ground rents, regardless of indexing, will fall due as follows:

 

2018

 

2017

 

1.3

 

0.0

 

5.2

 

0.0

 

40.2

 

0.0

46.7

 

0.0

Largest tenants, commercial real estate

Share in total rental income from commercial real estate:

 

2018

 

2017

 

16%

 

17%

 

8%

 

 

7%

 

8%

 

6%

 

7%

 

5%

 

6%

 

 

6%

42%

 

44%

The five largest tenants’ share of total rental income from all yield-producing properties (residential and commercial) in 2018 amounted to around 34.6% (Canton of Zurich 13.2%, Generali Switzerland 6.4%, Allianz Suisse Insurance Company Ltd 5.8%, MAN Energy Solutions Switzerland Ltd 5.0% and UPC Switzerland LLC 4.2%).

Profile of terms

The weighted remaining term of fixed-term rental contracts for commercial real estate is 6.4 years (31.12.2017: 6.8 years).

Future income from fixed-term rental contracts

As a result of fixed-term rental contracts on yield-producing properties, the following nominal rental income will accrue in future:

2018

 

2017

 

2.7

 

1.8

 

5.4

 

5.8

 

1.3

 

1.5

9.4

 

9.1

 

146.0

 

146.0

 

509.7

 

508.5

 

273.4

 

320.8

929.1

 

975.3

938.5

 

984.4

89.0% of all rental income for commercial space is indexed, i.e. rents are adjusted for inflation in accordance with the Swiss Consumer Price Index (CPI) (2017: 89.8%).

91.6% of rental contracts for residential space are for an unlimited term (2017: 94.8%). The weighted remaining term of fixed-term rental contracts for residential property is 3.5 years (31.12.2017: 4.1 years). Rental prices are based, among other factors, on the development of the mortgage reference rate calculated quarterly by the Swiss National Bank and last published on 2 June 2017, when it was reduced to 1.50%.

As at 31 December 2018, 76.2% of all rental contracts contained index clauses corresponding to a target rental income of CHF 152.5 million (2017: 73.4%, CHF 137.5 million).

Investment real estate under construction as at 31 December 2018

 

Acquisition/
project start

 

Site area
in m2

 

Register of
suspected
contaminated
sites

 

Minergie

 

Market value
CHF million1

 

Estimated
investment
volume
CHF million2

 

Target rental
income on
completion
p.a.
CHF million

 

Expected
completion

   

2002/2018

 

7 088

 

yes

 

yes

 

39.4

 

80.4

 

4.3

 

2020/2021

 

2002/2018

 

1 988

 

yes

 

yes

 

18.7

 

39.7

 

2.3

 

2020/2021

        

58.1

 

120.1

 

6.6

  

1 As per 31.12.2018 valuation

2 Building and land costs

Grünhof site, Zurich

New-build six-floor apartment building with 80 rental apartments in the inner courtyard (previously used for commercial purposes) plus realisation of a replacement new-build containing eight rental apartments in addition to office and commercial space on Badenerstrasse. The rentable residential, office and commercial area in the new-builds on the 7,870 square-metre plot in Zurich Aussersihl is 8,022 square metres in total. The project is being built by the Projects & Development division and, upon completion in 2020/2021, will be reported in the portfolio of yield-producing properties. For the first-time market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.10/3.90% and 3.60/3.40%, respectively, were applied.

Hardstrasse 301, Zurich

New-build six-floor commercial building with lettable floor space of 5,800 square metres, comprising 4,900 square metres of office space on the upper floors, 580 square metres of commercial space on the ground floor, 320 square metres of storage area in the basement as well as an underground garage with 21 parking spaces. The project is being built by the Projects & Development division and, upon completion in 2020/2021, will be reported in the portfolio of yield-producing properties. For the first-time market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.40% and 3.90%, respectively, were applied.

The two investment real estate properties under construction are 100% solely owned by Allreal.

Recognised at fair value as at 31 December 2018, yield-producing properties (CHF 4,101.8 million) and investment real estate under construction (CHF 58.1 million) qualify as category 3 fair values. No adjustments were made to valuation techniques or processes during the period under review.

Residential real estate

Residential real estate as at 31 December 2018

 

Ownership
status1

 

Year
acquired

 

Year of
construction

 

Renovation2

 

Site area
in m2

 

Register of
suspected
contami-
nated
sites

 

Minergie

 

Habitable
area
in m2

 

1–1½-
room
apart-
ments

 

2-2½-
room
apart-
ments

 

3-3½-
room
apart-
ments

 

4-4½-
room
apart-
ments

 

≥ 5-
room
apart-
ments

 

Total
apart-
ments

 

Other
uses
in m2

 

Target rental
income
in CHF
million
for 2018

 

Vacancy
rate
in %3

 

Discount/
capitali-
sation
rate in %4

                                    
   

CO6

 

2004

 

2014

   

2 651

 

no

 

yes

 

6 087

 

0

 

17

 

27

 

6

 

1

 

51

 

0

 

2.6

 

0.4

 

3.50/3.00

   

CoO5

 

2003

 

1996

   

6 970

 

no

 

no

 

4 670

 

5

 

7

 

15

 

17

 

4

 

48

 

1 799

 

1.4

 

2.6

 

3.70/3.20

   

SO

 

1999

 

1984

   

903

 

no

 

no

 

2 747

 

4

 

36

 

0

 

0

 

0

 

40

 

212

 

0.9

 

1.1

 

3.40/2.90

   

SO

 

1993

 

2013

   

4 291

 

yes

 

yes

 

4 640

 

0

 

0

 

14

 

21

 

5

 

40

 

0

 

1.5

 

0.2

 

3.40/2.90

   

SO

 

2010

 

2016

   

1 610

 

no

 

yes

 

2 333

 

0

 

3

 

16

 

3

 

1

 

23

 

1 002

 

1.3

 

0.2

 

3.50/3.00

   

SO

 

2008

 

1984

 

2017 PR

 

1 445

 

no

 

no

 

1 637

 

2

 

2

 

4

 

4

 

2

 

14

 

165

 

0.6

 

1.1

 

3.30/2.80

 

17 870

     

22 114

 

11

 

65

 

76

 

51

 

13

 

216

 

3 178

 

8.3

 

0.9

  
                                    
   

SO

 

2005

 

2011

   

13 901

 

no

 

yes

 

13 299

 

0

 

27

 

62

 

38

 

10

 

137

 

350

 

3.4

 

1.0

 

3.60/3.10

   

SO

 

1999

 

1979

 

2013 TR

 

8 412

 

no

 

no

 

3 850

 

0

 

9

 

16

 

18

 

6

 

49

 

50

 

1.0

 

5.8

 

3.70/3.20

   

SO

 

2018

 

2018

     

no

 

yes

 

7 253

 

0

 

14

 

25

 

31

 

6

 

76

 

0

 

0.5

 

45.2

 

3.70/3.20

   

SO

 

2003

 

2008

   

23 691

 

no

 

no

 

14 903

 

0

 

20

 

41

 

56

 

22

 

139

 

2 392

 

4.0

 

2.4

 

3.80/3.30

   

SO

 

1999

 

1990

 

2017 PR

 

29 639

 

no

 

no

 

14 654

 

18

 

30

 

71

 

41

 

0

 

160

 

659

 

3.1

 

1.9

 

3.70/3.20

   

SO

 

2001

 

1992

   

3 643

 

no

 

no

 

2 090

 

0

 

4

 

0

 

10

 

4

 

18

 

200

 

0.5

 

0.4

 

3.60/3.10

   

SO

 

2003

 

1974

 

2006/2007 PR

 

2 028

 

no

 

no

 

2 479

 

0

 

17

 

17

 

0

 

0

 

34

 

9

 

0.5

 

0.8

 

3.70/3.20

   

SO

 

1999

 

1984

 

2018 TR

 

8 907

 

no

 

no

 

5 100

 

0

 

18

 

24

 

12

 

0

 

54

 

286

 

0.9

 

22.4

 

3.60/3.10

   

CO6

 

2002

 

1988

   

2 543

 

no

 

no

 

3 332

 

0

 

0

 

24

 

16

 

0

 

40

 

354

 

0.8

 

5.5

 

3.60/3.10

   

SO

 

1999

 

1968

 

2002/2003 TR

 

20 110

 

no

 

no

 

12 236

 

0

 

0

 

48

 

60

 

40

 

148

 

110

 

2.4

 

1.2

 

3.70/3.20

   

SO

 

2002

 

2014

   

8 242

 

no

 

yes

 

13 856

 

1

 

18

 

75

 

22

 

2

 

118

 

1 208

 

3.9

 

2.3

 

3.60/3.10

         

121 116

     

93 052

 

19

 

157

 

403

 

304

 

90

 

973

 

5 618

 

21.0

 

4.0

  
                                    
   

SO

 

1999

 

1989

 

2010 PR

 

6 260

 

no

 

no

 

4 015

 

0

 

7

 

20

 

20

 

0

 

47

 

490

 

1.0

 

5.0

 

3.90/3.40

   

SO

 

2006

 

1969

 

2009 TR

 

2 420

 

no

 

no

 

5 954

 

28

 

24

 

28

 

24

 

0

 

104

 

1 040

 

1.6

 

0.3

 

3.50/3.00

   

SO

 

2006

 

1995

   

2 067

 

no

 

no

 

3 022

 

5

 

19

 

11

 

8

 

0

 

43

 

47

 

0.9

 

1.7

 

3.70/3.20

   

SO

 

2011

 

2014

   

1 173

 

no

 

yes

 

4 981

 

1

 

21

 

29

 

9

 

5

 

65

 

0

 

1.6

 

2.0

 

3.70/3.20

         

11 920

     

17 972

 

34

 

71

 

88

 

61

 

5

 

259

 

1 577

 

5.1

 

1.4

  
         

150 906

     

133 138

 

64

 

293

 

567

 

416

 

108

 

1 448

 

10 373

 

34.4

 

2.9

  

1 SO = sole ownership; CoO = co­ownership; CO = condominium ownership

2 TR = total renovation; PR = partial renovation

3 Cumulative vacancy rate as a percentage of target rental income for 2018

4 As per 31.12.2018 valuation (nominal rates)

5 60% co-ownership Allreal

6 Condominium property owned 100% by Allreal

7 Rental income from 01.10.2018

Commercial real estate

Commercial real estate as at 31 December 2018

 

Ownership
status1

 

Year
acquired

 

Year of
construction

 

Renovations2

 

Site area
in m2

 

Register of
suspected
contami-
nated
sites

 

Minergie

 

Floor
space
in m2

 

Percen-
tage
of office
space

 

Percen-
tage
of retail
space

 

Percen-
tage
of resi-
dential
space

 

Percen-
tage
of other
uses

 

Target
rental
income
in CHF
million
for 2018

 

Vacancy
rate
in %3

 

Discount/
capitali-
sation
rate in %4

                                
   

SO

 

2005

 

1995

   

9 254

 

no

 

no

 

18 642

 

90.8

 

0.0

 

0.0

 

9.2

 

7.0

 

0.0

 

4.00/3.50

   

SO

 

2004

 

1986

 

2017 TR

 

2 316

 

no

 

no

 

3 078

 

94.7

 

0.0

 

0.0

 

5.3

 

1.5

 

0.0

 

4.00/3.50

   

SO

 

2004

 

1974

 

2009/2010 PR

 

10 494

 

no

 

no

 

11 950

 

73.6

 

0.0

 

0.0

 

26.4

 

5.6

 

0.1

 

3.90/3.40

   

SO

 

2005

 

2001

   

11 712

 

no

 

no

 

26 139

 

7.8

 

54.6

 

32.7

 

4.9

 

6.9

 

1.4

 

3.90/3.40

   

SO

 

2000

 

1983

 

2007/2008 TR

 

1 254

 

no

 

no

 

4 743

 

74.5

 

3.0

 

10.5

 

12.0

 

1.4

 

2.7

 

4.10/3.60

   

SO

 

2001

 

1992

 

2013 PR

 

1 402

 

no

 

no

 

4 856

 

33.8

 

0.0

 

19.3

 

46.9

 

1.9

 

6.5

 

4.10/3.60

   

SO

 

2007

 

1977/2014

   

24 477

 

no

 

yes

 

87 004

 

87.2

 

0.0

 

12.8

 

0.0

 

20.9

 

0.4

 

4.10/3.70

   

SO

 

2002

 

1925

 

2006/2007 PR

 

7 870

 

yes

 

no

 

12 847

 

16.5

 

7.6

 

32.8

 

43.1

 

2.2

 

4.1

 

3.90/3.40

   

SO

 

2002

 

1945/2010

   

40 350

 

yes

 

no

 

50 432

 

32.3

 

0.0

 

0.0

 

67.7

 

10.0

 

0.6

 

–/–

   

SO

 

2010

 

2014

   

4 027

 

no

 

yes

 

11 256

 

95.8

 

0.0

 

0.0

 

4.2

 

3.6

 

0.0

 

4.30/3.80

   

SO

 

2001

 

1986

 

2006/2012 TR

 

2 894

 

no

 

no

 

10 190

 

91.0

 

0.0

 

0.0

 

9.0

 

4.1

 

0.4

 

4.20/3.70

   

SO

 

2000

 

1976

 

2014/2015 TR

 

3 101

 

no

 

no

 

6 244

 

45.8

 

0.0

 

6.0

 

48.2

 

1.6

 

0.0

 

4.50/4.00

   

LO

 

2004

 

2006

   

3 333

 

no

 

no

 

1 628

 

95.7

 

0.0

 

0.0

 

4.3

 

1.0

 

0.0

 

3.90/3.40

   

SO

 

1999

 

1966

 

2001 PR

 

1 389

 

no

 

no

 

1 729

 

77.1

 

0.0

 

0.0

 

22.9

 

0.5

 

0.4

 

4.30/3.80

   

SO

 

2002

 

2017

   

9 338

 

yes

 

yes

 

13 141

 

81.5

 

5.7

 

0.0

 

12.8

 

4.8

 

0.0

 

3.90/3.40

   

SO

 

2002

 

2005

   

12 295

 

no

 

yes

 

36 311

 

95.1

 

0.0

 

0.0

 

4.9

 

11.4

 

0.0

 

4.30/3.80

   

SO

 

1996

 

1995

   

1 482

 

no

 

no

 

3 277

 

33.5

 

0.0

 

55.3

 

11.2

 

0.8

 

0.3

 

3.90/3.40

   

SO

 

2008

 

1984

 

2007 PR

 

3 371

 

no

 

no

 

2 777

 

81.7

 

0.0

 

0.0

 

18.3

 

1.1

 

0.0

 

4.30/3.80

   

SO

 

1993/2006

 

1997

 

2017 PR

 

4 201

 

no

 

no

 

10 703

 

56.9

 

3.4

 

29.8

 

9.9

 

4.4

 

0.6

 

3.90/3.40

         

154 560

     

316 947

 

66.9

 

5.2

 

9.3

 

18.6

 

90.7

 

0.6

  

1 SO = sole ownership; LO = leasehold owned 100% by Allreal

2 TR = total renovation; PR = partial renovation

3 Cumulative vacancy rate as a percentage of target rental income for 2018

4 As per 31.12.2018 valuation (nominal rates)

5 The new-build in the inner courtyard and the replacement new-build at Badenerstrasse 131 are reported as investment real estate under construction

6 The new-build at Hardstrasse 301 is reported as investment real estate under construction

Commercial real estate as at 31 December 2018

 

Ownership
status1

 

Year
acquired

 

Year of
construction

 

Renovations2

 

Site area
in m2

 

Register of
suspected
contami-
nated
sites

 

Minergie

 

Floor space
in m2

 

Percen-
tage
of office
space

 

Percen-
tage
of retail
space

 

Percen-
tage
of residential
space

 

Percen-
tage
of other uses

 

Target
rental
income
in CHF
million
for 2018

 

Vacancy rate
in %3

 

Discount/
capitali-
sation
rate in %4

                              
   

SO

 

2017

 

1989/90

 

2016 PR

 

24 834

 

no

 

no

 

38 933

 

77.4

 

5.6

 

1.6

 

15.3

 

8.0

 

0.0

 

4.00/3.50

   

SO

 

2015

 

1974

 

2006 PR

 

16 621

 

no

 

no

 

26 006

 

25.9

 

1.5

 

0.5

 

72.1

 

2.5

 

0.0

 

4.90/4.40

   

SO

 

1997

 

1969

 

2015 PR

 

4 086

 

no

 

no

 

7 417

 

9.0

 

74.7

 

0.0

 

16.3

 

1.7

 

18.2

 

5.20/4.70

   

SO

 

2001

 

1992

   

4 000

 

no

 

no

 

4 343

 

97.5

 

0.0

 

0.0

 

2.5

 

1.0

 

7.6

 

4.80/4.30

   

SO

 

2007

 

2014

   

5 167

 

no

 

yes

 

13 414

 

93.2

 

0.0

 

0.0

 

6.8

 

3.8

 

0.6

 

4.70/4.20

   

SO

 

1987

 

2007

   

5 241

 

no

 

yes

 

13 314

 

90.8

 

0.0

 

0.0

 

9.2

 

4.8

 

0.0

 

4.72/4.22

   

SO

 

2003

 

2003

   

7 089

 

no

 

no

 

10 193

 

88.2

 

0.0

 

0.0

 

11.8

 

2.1

 

0.7

 

4.70/4.20

   

SO

 

2002

 

1988

 

2012 TR

 

4 724

 

no

 

no

 

2 705

 

35.5

 

43.1

 

0.0

 

21.4

 

0.9

 

0.0

 

5.10/4.60

   

SO

 

2000

 

1993

   

4 667

 

yes

 

no

 

9 456

 

74.1

 

0.0

 

0.0

 

25.9

 

1.6

 

24.8

 

5.70/5.20

   

SO

 

2002

 

2013

   

13 078

 

no

 

yes

 

50 819

 

74.7

 

12.9

 

0.0

 

12.4

 

12.9

 

0.6

 

4.60/4.10

   

SO

 

2002

 

2014

   

16 875

 

no

 

yes

 

25 525

 

77.8

 

16.2

 

0.0

 

6.0

 

9.5

 

4.2

 

4.60/4.10

   

SO

 

2002

 

1928/53/86

   

18 386

 

no

 

no

 

24 319

 

82.1

 

0.0

 

0.0

 

17.9

 

5.3

 

4.6

 

4.58/4.08

         

124 768

     

226 444

 

71.0

 

8.9

 

0.4

 

19.7

 

54.1

 

2.8

  
                              
   

SO

 

2002

 

1981

   

17 960

 

no

 

no

 

10 112

 

76.4

 

0.0

 

0.0

 

23.6

 

2.6

 

18.9

 

4.50/4.00

   

SO

 

1999

 

1972

 

2014 TR

 

1 811

 

no

 

no

 

3 985

 

81.8

 

0.0

 

8.0

 

10.2

 

1.2

 

0.3

 

4.50/4.00

   

SO

 

2007

 

1972

 

2014 TR

 

1 658

 

no

 

no

 

2 829

 

71.9

 

0.0

 

3.4

 

24.7

 

0.6

 

0.6

 

4.50/4.00

   

SO

 

1999

 

1982

 

2012/2013 PR

 

718

 

no

 

no

 

4 292

 

37.5

 

27.8

 

30.3

 

4.4

 

1.5

 

3.8

 

4.30/3.80

   

SO

 

2009

 

1998

   

5 454

 

no

 

no

 

20 213

 

61.8

 

20.2

 

0.0

 

18.0

 

5.3

 

1.6

 

4.20/3.70

   

LO

 

2018

 

1999

   

7 323

 

no

 

no

 

22 540

 

85.7

 

1.8

 

0.0

 

12.6

 

–/–

 

–/–

 

4.40/3.90

   

SO

 

2011

 

2004

   

8 442

 

no

 

no

 

5 498

 

92.8

 

0.0

 

0.0

 

7.2

 

3.1

 

9.5

 

4.50/4.00

   

SO

 

2017

 

2006

   

6 451

 

no

 

no

 

15 172

 

77.6

 

10.1

 

0.0

 

12.3

 

4.5

 

0.0

 

4.10/3.60

   

SO

 

2008

 

2010

   

1 417

 

yes

 

yes

 

5 516

 

91.8

 

0.0

 

0.0

 

8.2

 

2.3

 

0.0

 

4.40/3.90

         

51 234

     

90 157

 

75.8

 

8.0

 

1.9

 

14.3

 

21.0

 

4.3

  
         

330 562

     

633 548

 

69.6

 

6.9

 

5.1

 

18.4

 

165.9

 

1.8

  

1 SO = sole ownership; LO = leasehold owned 100% by Allreal

2 TR = total renovation; PR = partial renovation

3 Cumulative vacancy rate as a percentage of target rental income for 2018

4 As per 31.12.2018 valuation (nominal rates)

5 Lightcube office building and co-ownership rights to the TMC Galleria car park

6 Allianz office building with retail space in Konradhof and Escherhof

7 UPC office building with retail space and peripheral plots

8 Three properties

9 Rental income from 2019