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14 jan 2020 · Translation Lionbridge Switzerland AG, Glattbrugg likely to rise steeply in the long term, so pressure rental markets, using apartments as hotels in Lucerne Bern St Gallen Basel Lugano Zurich Lausanne Geneva 0

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19 mar 2019 · Swiss Real Estate Market 2019 March 2019 Owner-occupied The oversupply on the market for rental apartments draws attention to quality of housing issues For the comparison, we reference the advertised purchase price, or monthly rent, of an existing Aarau, St Gallen, Lugano) in recent quarters

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27 jan 2017 · The first Real Estate Fund in the Italian-speaking part of Switzerland SWISS REAL ESTATE FUNDS DAY 26 01 2017 Ticino – rental income on a regional scale District Lugano 180 335 Lugano 335 Mendrisio 170 255 Mendrisio 225 4 means that we have a regular, long-term source of income

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Residentia

The first Real Estate Fund in the Italian-speaking part of

Switzerland

SWISS REAL ESTATE FUNDS DAY

26.01.2017

HÔTEL MANDARIN ORIENTAL GENÈVE

27.01.2017

HOTEL PARK HYATT ZÜRICH

•ARIN ORIENTAL GENÈVE

HYATT ZÜRICH

Agenda

The real estate market in Ticino

Residentia - strategy

Residentia - practical cases

Residentia - profitability

Conclusions

2

Switzerland - Ticino

3

Ticino - rental income on a regional scale

District MIN

Chf/m2/year

MAX

Chf/m2/year

Town centre

Chf/m2/year

Bellinzona 120 250 Bellinzona 185

Locarno 170 260 Locarno 215

Lugano 180 335 Lugano 335

Mendrisio 170 255 Mendrisio 225

4

BellinzonaRent

Chf/m2/year

Artore and Daro 185

Central North 180

Galbisio and Carasso 145

Ravecchia 175

Semine 210

Bellinzona - rental income per neighbourhood

5

Ticino - 2016 vacancy rates

6

Ticino - 2016 vacancy rates

7

Ticino - 2016 vacancy rates

8

Ticino - 2016 vacancy rates

Vacancies mainly in the mid-range to luxury market Vacancies limited almost exclusively to large apartments

Increase in prices: regional shifts, e.g. Biasca

9

Impact of ALPTRANSIT

Link between Lugano - Locarno

Commissioned by the

Canton of Ticino, the

"Locarno-Lugano

Link», a new railway

hub that will also improve the regional transport network in

Ticino, is being built.

Starting from

2019/20, travel time

between Lugano and

Locarno will be

reduced from the 55 minutes the journey currently takes to 22 minutes. 10

Residentia - how we operate in Ticino

Legal structure: contractual fund and retail

Investment strategy:

Investiments in Ticino and Grisons

"Buy and Hold» strategy

Mid- and mid-low range residential properties

Constant renewal of real estate properties

Real estate promotions

11

Residentia - main events

June 2009 Launch of the first Real Estate Fund in Ticino with initial capital of CHF 40 million November 2011 Listing on the Zurich Stock Exchange (SIX) March 2012 First capital increase of approx. CHF 30 million December 2014 Total assets managed exceeds CHF 110 million comprised of 15 properties and annual returns exceeding CHF 5 million

July 2015 Split 1:10

September 2015 Second capital increase of approx. CHF 35 million June 2016 Third capital increase of CHF 22 million 12

Residentia - Our Properties

13

Residentia - Day-to-DayActivities

CUSTODIAN BANK

•Cornèr Banca, Lugano

INVESTMENT CONSULTANT

•Studio Fiduciario Pagani SA

FUND MANAGEMENT

•FidFund Management SA, Nyon

INVESTMENT COMMITTEE

•Mr. Claudio Genasci (Banca Stato) •Arch. Lorenzo Orsi

AUDIT FIRM

•KPMG SA, Ginevra

INDEPENDENT EXPERTS

•Arch. Omar Antonelli •Pascal Brülhart, MRICS •Mirko Fasola

Property managers

SOFISTAR

14

SOFISTAR

Real estate analysis software

15

SOFISTAR

Real estate analysis software

16

SOFISTAR

Real estate analysis software

17

SOFISTAR

Real estate analysis software

18

Current Renovation

Locarno, via Nessi 38

Year of construction: 1963

No. apartments: 54 (98 % of income/rent)

No. commercial units 1 (2 % of income/rent)

Parking spaces: 25 internal and 10 external

Date of purchase: 01.10.2012

Purchase price: 8'400'000.- CHF

Estimated value (31.12.2015): 10'180'000.- CHF

Annual rents: 545'000.- CHF

Gross yield: 5.44 %

Vacancy Rate: 3.77%

Passing Rent: CHF 147/m2

19

No. of apartments: 46 (95% of income)

No. of commercial units: 2 (5% of income)

Purchase Price (2009): 8'100'000.- CHF

Prior to renovation:

Estimated value as at 30.06.2013: CHF 8'485'000.-

Annual rents as at 31.12.2012: CHF 538'000.-

Passing Rent :CHF 210/m2

Renovation:

Investment made: CHF 2.7 million

Time frame September 2013 - March 2014

Planned intervention: 46 fullyrenovated apartments + creation of 10 external parking spaces

After renovation:

Estimated value as at 31.12.2015: 11'800'000.-

Annual rents as at 31.12.2015: 680'000.-

Passing Rent : CHF 261/m2

Complete Renovation

Lugano, via Beltramina 6-8-10

20

Year of construction: 1995

No. of apartments: 17 (57% of income)

No. of commercial units: 1 (34% of income)

Current use: 1 hotel + 1 commercial unit+ 20 internal garages

Purchase price (2016): 7'250'000.- CHF

Annual rents: CHF 141'000

Planned real estate development:

Hotel conversion-> 14 apartments + 2 new penthouses Residential apartments: 7 x 3.5 rooms, 7 x 2.5 rooms Penthouses: 2 x 135 m2 apartments - for sale CHF 2.5 million Estimated investment - conversion costs: 2'500'000.- CHF

Estimated annual income: CHF 400'000.-

Yield on net capital invested: 5.5%

*: according to project being implemented

Conversion Project

Minusio, Via Simen 58*

21

Year of construction: 1994

Architectural design: Luigi Snozzi

Description:

75 apartments recognised by the WEG Federal Law and the Cantonal Law of 1985

Commercial units: Denner, hair salon, beautician, medical massage therapist and bistrot

Morenal project - Description:

Experimental workshop

Intergenerational complex

Partners involved:

ProSenectute, ABAD (Home Care Association for Bellinzona), Cantonal Senior Citizens Office, Circolo Ticino

Nursing Home, ProInfirmis, DDS (Young People and Families Sector), Territorial Development Division, Council of Bellinzona, MonteCarasso and Sementina.

Morenal, Monte Carassso

Federal Intergenerational Complex

22

Disinvestment and Sale of Apartments

Lamone, via Carsiné 5

Year of construction: 1970

No. apartments: 12

No. parking spaces: 6 internal and 10 external

Date of purchase: 26.10.2011

Purchase price: 3'050'000.- CHF

Estimated value (31.12.2015): 3'300'000.- CHF

Gross yield (before renovation): 5.3 %

2016 (March -August): upgrading and sale on a floor-by-floor

ownership basis

Total cost of work: CHF 415'000

Average selling price: CHF 3'900/m2

Average apartment price: CHF 350'000

Total gross income: CHF 4.52 million

FINAL GROSS PROFIT AND YIELD: CHF 1.06 million -> 30% 23

Real Estate Promotion

Locarno, via in Selva 17

Year of construction: 1965

No. apartments: 6

No. parking spaces: 9

Date of purchase: 18.01.2011

Purchase price: 2'500'000.- CHF

Estimated value (31.12.2015) : 2'700'000.- CHF

Gross yield (before renovations) : 3.95 %

2016 - 2017 Expansion and raising of roof

New no. of apartments: 14

New no. of parking spaces: 19

Cost of work: CHF 5.2 million

Average selling price: CHF 5'925/m2

Average apartment price: CHF 700'000

Estimated total income: CHF 10.50 million

ESTIMATED GROSS PROFIT AND YIELD: CHF 2.8 million -> 35% 24

31.12.2009 31.12.2010 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.201530.06.2016

NAV 100.81 103.50 104.22 109.93 111.18 110.71 113.00

111.75

Dividend 0.448 0.935 1.975 2.442 3.437 3.167 3.281.60* Fund value 40'261'902 41'337'560 41'623'094 75'113'699 76'010'39975'712'234 113'062'507163'610'000

Portfolio value 25'145'102 39'316'647 49'869'969 93'103'727 110'389'000 109'620'000 139'791'019171'043'753

Leverage 62.45% 95.11% 119.81% 123.95% 130.87% 131.35%117.46%120.35% * Six-monthly value Swiss Real Estate Fund sector - CS classification of directly-owned residential real estate funds: 3 rd best fund, December 2015 2 nd best fund, November 2016

Profitability

25

Conclusions

Ticino is a small canton but it has a stable real estate market

Close attention paid to its micro-regions

Our investment diversification policy, from both a geographical perspective and with regard to the type of properties selected,quotesdbs_dbs19.pdfusesText_25