EX-99 11 exhibit_c1.htm EXHIBIT (C)(1)
Exhibit (c)(1)

Wüest Dimensions - Business intelligence by Wüest Partner

 

Valuation report

 

Commercial property

Plan-les-Ouates, Chemin des Aulx 8-18

Chemin des Aulx 8-18

1228 Plan-les-Ouates

Switzerland 

 

Market value   CHF 141,420,000
     
Report date   31.12.2021
Valuation purpose   Update
Customer   Eldista GmbH
Project reference number (PRN)   102688.2101
Valuation Id   101-4423-116
End customer   Eldista GmbH
Project manager   Philippe Bach, Wüest Partner
Valuer   Philippe Bach, Wüest Partner
Site visit date   21.11.2011
Site visited by   Wüest Partner


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Summary

 

Property condition

Commercial property

 

Chemin des Aulx 8-18
1228 Plan-les-Ouates
Switzerland

 

CH1903: 496994 / 113830

 

    
Property unit   Plan-les-Ouates, Chemin des Aulx 8-18 
Reference number    
Owner  
Type of ownership   Leasehold
Construction year   1991
Last renovated  
Customer   Eldista GmbH
Contact person   Michele Janner
Michele@mccafferty-am.ch
Project manager   Philippe Bach
philippe.bach@Wüestpartner.com
Valuer   Philippe Bach
philippe.bach@Wüestpartner.com

 

Results        
         
Market values   CHF   CHF/m2 LA
Market value   141,420,000   3,753
Building insurance value   137,988,063   3,662
Repair cost years 1 to 10   19,712,688   523
         
Inflation       0.50%
Discount rate real/nominal   4.70%   5.22%
Net capitalisation rate (exit)       4.70%
Net/gross yield annuity   4.56%   7.72%
Gross yield (projected/effective)   8.31%   7.32%
MIRR 5/MIRR 10   5.22%   5.22%
Net initial yield (P1) before/after capex   6.19%   3.70%
Annuity net yield (P1-10) before/after capex   6.53%   5.15%

Market matrix Quality profile               
 

Rents                                                    
                                                     
Use type   Current rent         Market rent    
Type   No.   sqm   Share   Proj. p.a. [CHF]   Vacant   Eff. p.a. [CHF]   Proj./sqm   Quantile   Proj. p.a. [CHF]   Proj./sqm   Quantile   Vacant   Dev.
Office   67   32,898   81%   9,486,644   11.8%   8,363,444   288   53%   8,882,460   270   47%   6.5%   -6.4%
Indoor parking   690   0   12%   1,412,197   9.8%   1,273,837           1,324,800           5.0%   -6.2%
Warehousing   55   3,235   3%   410,893   9.9%   370,417   127       388,200   120       10.0%   -5.5%
Outdoor parking   125   0   2%   240,900   30.1%   168,300           195,000           10.0%   -19.1%
Gastronomy   2   547   1%   91,346   0.0%   91,346   167       109,400   200       6.5%   19.8%
Others   24   1,004   1%   107,072   27.5%   77,652   107       100,150   100       7.9%   -6.5%
Total   963   37,684   100%   11,749,052   12.0%   10,344,996   268       11,000,010   251       6.5%   -6.4%

 

Yields                                                            
                                                             
    Present value   Annuity (P1-Exit)   Annuity (Exit)   % project.
(P1-Exit)		  

% project.

(Exit) 

  

% RPC

(P1-Exit) 

  

% RPC

(Exit) 

 Yield
    [CHF]   [CHF]   [CHF/m2]   Q.   [CHF/m2]   Q.   [%]   Q.   [%]   Q.   [%]   Q.   [%]   Q.   [%]
Gross target income   238,764,069   10,910,122   290       292       100.0%       100.0%       7.5%       7.5%       7.72%
Est. rental inc.   238,764,069   10,910,122   290       292       100.0%       100.0%       7.5%       7.5%       7.72%
Income reductions   14,549,881   666,849   18       19       6.1%       6.6%       0.5%       0.5%       0.47%
Actual gross income   224,214,188   10,243,273   272       273       93.9%       93.4%       7.0%       7.0%       7.24%
Operating costs   25,076,205   1,149,522   31   84%   31   84%   10.5%   81%   10.5%   80%   0.8%   87%   0.8%   87%   0.81%
Maintenance costs   7,432,566   340,717   9   44%   10   49%   3.1%   44%   3.4%   49%   0.2%   50%   0.3%   55%   0.24%
Refurbishment costs   44,244,914   2,028,238   54   84%   55   86%   18.6%   76%   18.9%   77%   1.4%       1.4%       1.43%
Ground lease fee (costs)   6,045,333   277,125   7       7       2.5%       2.5%       0.2%       0.2%       0.20%
Other costs   0   0   0       0       0.0%       0.0%       0.0%       0.0%       0.00%
Total costs   82,799,018   3,795,602   101       103       34.8%       35.3%       2.6%       2.7%       2.68%
Total net income   141,415,171   6,447,671   171       170       59.1%       58.1%       4.4%       4.4%       4.56%

 



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Summary 2

 

Results

 

 

    Periods | nominal cashflows
        1   2   3   4   5   6   7   8   9   10   Exit
Incomes   Ann.
%
project.		    01.01.2022
- 31.12.2022		   01.01.2023
- 31.12.2023		   01.01.2024
- 31.12.2024		   01.01.2025
- 31.12.2025		   01.01.2026
- 31.12.2026		   01.01.2027
- 31.12.2027		   01.01.2028
- 31.12.2028		   01.01.2029
- 31.12.2029		   01.01.2030
- 31.12.2030		   01.01.2031
- 31.12.2031		   01.01.2032
Gross target income   100.0%   10,961,111   11,000,536   10,796,967   10,839,344   10,804,303   10,932,903   10,977,446   11,032,333   11,284,189   11,318,436   11,562,552
Est. rental inc.   100.0%   10,961,111   11,000,536   10,796,967   10,839,344   10,804,303   10,932,903   10,977,446   11,032,333   11,284,189   11,318,436   11,562,552
Income reductions   6.1%   438,326   178,277   600,433   506,667   587,575   794,167   689,862   693,311   834,299   729,050   759,274
Actual gross income   93.9%   10,522,785   10,822,259   10,196,535   10,332,677   10,216,728   10,138,736   10,287,585   10,339,023   10,449,890   10,589,386   10,803,278
                                                 
Costs    
Operating costs   10.5%   1,207,886   1,151,720   1,163,640   1,149,693   1,150,979   1,179,840   1,165,759   1,171,588   1,206,950   1,192,108   1,208,337
Maintenance costs   3.1%   278,752   280,146   281,546   282,954   284,369   285,791   287,220   288,656   290,099   291,550   396,112
Refurbishment costs   18.6%   3,529,000   2,261,250   0   2,283,919   2,295,339   0   2,318,349   2,329,941   2,341,591   2,353,299   2,187,428
Ground lease fee (costs)   2.5%   277,125   278,511   279,903   281,303   282,709   284,123   285,543   286,971   288,406   289,848   291,297
Total costs   34.8%   5,292,763   3,971,627   1,725,089   3,997,869   4,013,396   1,749,754   4,056,872   4,077,156   4,127,046   4,126,805   4,083,173
                                                 
Total net income   59.1%   5,230,023   6,850,632   8,471,445   6,334,809   6,203,332   8,388,982   6,230,713   6,261,866   6,322,844   6,462,581   6,720,105
                                                 
Market value as at start of period       141,415,171   143,376,977   143,771,168   142,516,765   143,398,243   144,461,327   143,327,234   144,357,638   145,409,583   146,452,688   147,406,193
Gross yield p.a.       7.75%   7.67%   7.51%   7.61%   7.53%   7.57%   7.66%   7.64%   7.76%   7.73%   7.84%
Net yield after repair p.a.       3.70%   4.78%   5.89%   4.45%   4.33%   5.81%   4.35%   4.34%   4.35%   4.41%   4.56%
Capital growth return p.a.       1.39%   0.27%   -0.87%   0.62%   0.74%   -0.79%   0.72%   0.73%   0.72%   0.65%    
Total return p.a.       5.09%   5.05%   5.02%   5.06%   5.07%   5.02%   5.07%   5.07%   5.07%   5.06%    

  

Sensitivity analysis

 

Presentation in relative terms

    Δ  

+30

5.00%

  

+10

4.80%

  

+/-

4.70%

  

-10

4.60%

  

-30

4.40%
Target rental income   -10%   -21%   -18%   -16%   -15%   -11%
    +0%   -6%   -2%   0%   2%   7%
    +10%   9%   14%   16%   19%   24%
Vacancy   +100%   -15%   -12%   -10%   -8%   -4%
    +0%   -6%   -2%   0%   2%   7%
    -100%   3%   8%   10%   12%   17%
Repair costs   -10%   -3%   1%   3%   5%   10%
    +0%   -6%   -2%   0%   2%   7%
    +10%   -9%   -5%   -3%   -1%   4%

 

 

 

 

 

 

Contract terms

 

Usage  

Expected

end Ø [a]

  

WAULT

Ø

   WAULT min  

WAULT

max

  

Index

Ø
Special use with area   4.2               100%
Warehousing   3.6   3.7   0.2   9.3   100%
Office   2.7   2.7   0.1   9.3   100%
Indoor parking   2.3               100%
Outdoor parking   2.2               100%
Hotel   1.7   1.7   1.7   1.7   100%
Gastronomy   0.8   0.8   0.8   0.8   100%
Total   2.6   2.7   0.1   9.3   100%

 

 

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Contents

Title 1
Summary 2
Summary 2 3
Contents 4
Description 5
Property data (plots, buildings) 11
Use-type overview 13
Area list 15
Summary by tenant and use type 23
Summary by tenant and use type outlook 28
Expenses/budget 33
Projected accounts summary 34
Sensitivity analysis 36
Quality profile 37
Photo documentation 39
Maps (macro and micro location) 41
Plans 42
Context 43
Documentation index 44
Glossary 45

 

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Description

 

Update

Update as at 31.12.2021 (Property was not newly inspected)

 

+ Area change compared to previous valuation: 2,899 m2 

+ Current target earnings increased by +8.73% (currently CHF 11,749,052 p.a.) 

- Current vacancies increased to 12.0% (increased compared to previous valuation by 5.8 percentage points)

+ The weighted average unexpired lease term (WAULT) has increased by +2.2 years (currently 2.7 years)

+ Annual market rent increased by 9.0% (currently CHF 11,000,010 p.a.)

- Structural vacancy increased to 6.5% (Increase compared to previous valuation by 0.1 percentage points)

- Annuity operating costs increased by 8.0% to CHF 1,149,522 p.a.

- Annuity maintenance costs increased by 13.6% to CHF 341,000 p.a.

- The sum of capital expenditures in the first 10 years has increased by CHF 14,232,000

- Annuity capital expenditures increased by 50.9% to CHF 54/m2 p.a.

+ Discount rate reduced by -20 basis points to 4.70%

 

Market value (100%) per 31.12.2021: CHF 141,420,000 (CHF +1,060,000; +0.8%)

Market value (100%) per 31.12.2019: CHF 140,360,000

 

The following text refers to the valuation with site visit in 2011 (except for the «Makro location» and «Comments/Remarks»)

 

Comments

  

Rents:

- New leases taken into account (including step rents).

- Increase of structural vacancy for hotel and restaurant usage.

- New office areas progressively added in rent roll after construction.

- Increase of offices market rent following the futur CAPEX investment on the 4 main buildings.

 

Vacant and new office areas:

- Letting period admitted over 6 months.

- Incentives: 2x months rent free period for offices.

- 10% of letting fees.

 

Discount rate:

- Reduced by -20bp given the current market conditions.

 

CAPEX:

- New CAPEX projections taken into account: CHF 18,000,000.- admitted in the next 10 years for the

 

 

enlargement of the 4 main buildings last levels, cooling system and façade improvement. This amount represents a total of CHF 4,500,000.- per building (including risk premium).

- We have admitted that this project would benefit of a building permit. This is an important hypothesis and our value would probably be different if a permit is not delivered or if this project is not fully performed in the future.

- No property tax reduction taken into account for the moment given the uncertainty of the CAPEX investments (no detailed project description, no permit).

 

OPEX:

- Adjustment of the OPEX with all the new office areas taken into account.

 

Macro location

 

General locational factors

With a population of 10,657 (up by 3.7% between 2014 and 2018), the municipality of Plan-les-Ouates (GE) is located in the Genève (CH) urban agglomeration. People with a higher income (executives and senior management) accounted for 12% of Plan-les-Ouates’s population in 2018, compared to the Swiss average of 12%.

313,000 people live within a 10-minute and 469,000 within a 20-minute drive of Plan-les-Ouates (the corresponding figures for the city of Zurich being around 420,000 and 704,000).

Within half an hour’s drive of Plan-les-Ouates, 530,000 residents and 366,000 employees (full time equivalent) can be reached in Switzerland (equivalent figures for the city of Zurich: approx. 1,655,000 residents and 1,189,000 employees).

The number of people working in the industrial or service sector (full time equivalent) was 13,412 in 2018, 44.2% being employed in the service sector (Switzerland: 75.1%). Since 2016, the employment figure for Plan-les-Ouates has increased by 4.4%, with both the industrial and service sector providing additional jobs. Between 2019 and 2020, the region of Geneva, which Plan-les-Ouates is part of, has shown a net inward corporate migration, i.e. fewer companies moved out of the area than arrived from other regions.

 

Office premises 

The average asking rent (net) for office space in Plan-les-Ouates is CHF 308 per sqm p.a. This value is above the Swiss average of CHF 218 per sqm p.a.

Overall, the urban agglomeration Genève (CH) provides some 6,074,000 sqm of office space (including 148,000 sqm in Plan-les-Ouates). The volume of new-build office development (in relation to the existing stock) over the last few years in the urban agglomeration Genève (CH) has been above par for Switzerland.

 

Retail premises 

The average asking rent (net) for retail space in Plan-les-Ouates is CHF 275 per sqm p.a. This value is above the Swiss average of CHF 240 per sqm p.a.



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Overall, the urban agglomeration Genève (CH) provides some 1,803,000 sqm of retail space (including 30,000 sqm in Plan-les-Ouates). This is equivalent to some 3.0 sqm retail space per resident of urban agglomeration, a figure below the Swiss average (4.2 sqm per resident). The volume of new-build retail development (in relation to the existing stock) over the last few years in the urban agglomeration Genève (CH) has been above par for Switzerland.

 

Conclusion 

According to Wüest Partner AG’s location and market rating, Plan-les-Ouates ranks as a municipality with an excellent location quality for office premises (4.7 points) and a very good location quality for retail premises (4.5 points on a scale from 1 [municipality with an extremely poor location quality] to 5 [municipality with an excellent location quality]).

 

Micro location 

The building park is located in the industrial zone Plan-les-Ouates (subsequently referred to as ZIPLO), which extends over 64 hectares. This area mainly accommodates businesses in the watch sector (Rolex, Vacheron-Constantin, Piaget, Patek Philippe, Harry Winston, Frédérique Constant, etc.), although divers companies in the nutritional, bio-technical (CTN – Centre des Technologies Nouvelles), and mechanical fields as well as luxury car dealerships (Ferrari, Lamborghini) are also located here.

In 2012 Polo Ralph Lauren will base its’ European headquarters in the building being constructed on the neighboring lot at the intersection of the route de la Galaise and the chemin des Aulx (total surface ca. 8’500 m2).

This area is booming with various development projects such as a new building for biotechnologies next to the new Blue Box building on the chemin de Pré-Fleuri, as well a project similar to the CTN, the CIT on the route de la Galaise.

Most of the buildings in this area were constructed about 20 years ago and are of an industrial design. The urban design isn’t conjoint and comprises several stories. The architecture chosen by the watch companies is often bolder and bestows a more modern feel to this industrial zone.

The area is quite well accessible by public transport during working hours: the bus routes 23 and 42 have stops in the ZIPLO and the lines 4 and D run along the route de Saint Julien. The access by private means of transportation is very easy with the highway exit Perly from the Geneva bypass as well as the route de Saint Julien, which connects Geneva with France. However, parking spaces are very limited in the area.
The restaurant and shopping possibilities are very sparse in the proximity; the options are greater at 10 min. distance by car. Nonetheless, nuisances are minor and the slight topographical slope of the area offer a panorama of the Rhone plain and the Jura.

In the near future, this Geneva area’s appeal will grow even more with the rezoning for the future development project ‘Quartier des Cherpines-Charrotons’ located on the other side of the route de Base. This rezoning should be carried out this fall and will comprise an area of 58 hectares with a mixed utilization of 62% residential, 23% industrial, and 15% business.

 

Building/Surrounding area

A ground lease comprising a “droit distinct et permanent DDP” has been established and registered under sheet N° 11095 for the plot N° 11138 in the Plan-les-Ouates community with 22’001 sqm.

The plot N° 11138 belongs to the State of Geneva.

 

This valuation concerns the ground lease N° 11095, owned by Eldista Sarl.The plot is situated in an industrial and commercial development area (ZDIA) which was created by the law dating 27.11.1970 regarding the rezoning of an industrial area (ZIPLO) in the Plan-les-Ouates community. The Master Plan N° 26650 for this industrial zone came into effect 28.11.1979.

The ZIPLO directive reserves this area solely for industrial, commercial or coequal use. Office use is only permitted in the case of necessity and in direct connection with production and industrial businesses. However an enactment, passed the 3.8.2010, indicates that the exclusive industrial occupancy is generally speaking. In this regard, a bill or modification of the general law, concerning the industrial development zones will be presented at the Great Council (Grand Conseil).

 

Several easements in favor of Services Industriels de Genève are mentioned. None of these easements in the land register are relevant to the property’s value. The land register of the plot N° 11138 also contains two notations referring to the restricted use within the ZIPLO directive, as well as the restriction for foreign investors (LFAIE) that does not concern this type of property since modification of Lex Friedrich in Lex Koller in 1997. The first notation refers to the legal first right of refusal in favor of the State of Geneva and the Plan-les-Ouates community, which is typical for plots situated in the development zone in the canton of Geneva.

 

According to the Register of Contaminated Sites (KbS) on the website www.sitg.ch, the plot N° 11138 has not been register as a contaminated site. This does not represent a proof that the plot is free from such a contamination, but confirms that an urgent suspicion of a contamination doesn’t exist.This valuation doesn’t include the eventual costs of a possible depollution and cleanup in the presence of hazardous materials such as asbestos, PCB, etc.

 

6 buildings are constructed above ground on the plot:

-office building (N° 3385) chemin des Aulx 8 with a floor area of 2’276 sqm (G + 3)

-restaurant with incorporated hotel (N° 3383) chemin des Aulx 10 with a floor area of 544 sqm (G +2)

-office building (N° 3381) chemin des Aulx 12 with a floor area of 2’279 sqm (G + 3)

-workshop type building (N° 3382) chemin des Aulx 14 with a floor area of 2’278 sqm (G + 3)

-factory building (N° 3384) chemin des Aulx 16 with a floor area of 523 sqm (G + 2)

-office building (N° 3386) chemin des Aulx 18 with a floor area of 2’276 sqm (G + 3)

 

The underground garage (N° 3388) with a floor area of 12’261 sqm has 674 parking spaces for cars as well as 28 parking spaces for motorcycles on 2 levels with a ‘Rue Centrale’ in the middle of the property. There are another 111 outdoor parking spaces for cars and 25 parking spaces for motorcycles.

 

Building fabric/Condition

 

The 6 buildings and the underground parking were built between 1986 and 1991.



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They can be divided into two types:

 

Four of the buildings are of an office/laboratory type with :

-2 levels under ground, 3 floors above ground, 1 top floor

-flat roof with terraces

-open space plan with a skeleton structure with prefabricated concrete foundation slabs

-non-load bearing metal facades

-metal, isolated, double pane windows with cloth awnings inside

-fore-structure with cloth awnings outside

-Knauf drywall or concrete brick dividing walls

-Radiator heating

-Tenant build outThese buildings are organized around a central staircase running through the building with 2 elevators (as well as a freight elevator by the two older buildings of this type). A delivery entrance also feeds into this area. The ancillary spaces are located on both sides of the staircase. Two further staircases with an elevator each are situated in the middle or end of the building and are accessible from the underground parking.

 

Two smaller buildings (hotel, restaurant, fitness use) with :

-1 level under ground, 3 floors above ground

-load bearing facades with apparent concrete

-metal, isolated, double pane windows with cloth awnings inside

-flat roof

-Radiator heating

-Tenant build out

These buildings have an adjacent staircase with elevator. The ancillary spaces are clustered around the staircase area. The chemin des Aulx 10 with the restaurant has an additionnal staircase with a freight elevator mirroring the first staircase.

 

The complex was conceptually designed as a factory/laboratory site. The interior standard reflects this concept with a raw feel in it’s finishing. The buildings are well maintained, yet without any major capital expenditures since completion, several investments will need to be made in the years to come.

 

The underground parking garage will need to be refreshed shortly.

 

Technical installations are as following: 

-smoke and exhaust emission detectors in the parking garage (there is no sprinkler system in the buildings)

-air conditioning / ventilation with monoblocs in the chemin des Aulx 8, 12, 14 (these were all installed by the old or current tenants; some are no longer in use)

-air conditioning in the restaurant area and CTN 14

-gas heating (1991) 2x 520 kW as well as a CHP (combined heat & power; 1995 with a new motor in 2009). The gas heating is still maintained and was used during the CHP revision in 2009.

 

Usage

 

The building is mainly used for office/laboratories as following:

- 30’338 sqm office area

- 131 sqm as an apartment

- 3’129 sqm storage area

- 547 sqm restaurant area

- 430 sqm hotel area

- 674 indoor car parking spaces

- 111 outdoor car parking spaces

- 53 motorcycle parking spaces (indoor and outdoor)

 

Rental income

  

In general the rental contracts are of a 5 years duration with further contract extensions with periods of 5 years at a time, given a 6 or 12 months notice. These contracts have an indexation of 100% CPI; as an indexation of the rental contracts is only possible if the contract is of a min. 5 years duration. That means, all contracts with a renewal on a year-to-year basis may not be indexed. This valuation relies on the rent roll for this information. They have been randomly checked with the lease agreements.

 

The buildings currently have 6 major tenants that represent 76.1% of total rental revenue of the property :

-LEM SA, rental contract of 15 years, expires on 31.3.2020 (30% of the property revenue)

-ADDEX, rental contract, expires on 31.12.2012, 31.3.2013, and 31.12.2016 (17.9% of the property revenue)

-NOVIMMUNE SA, rental contract, expires on 31.12.2012, 30.4.2015, and 31.12.2018 (11.3% of the property revenue)

-ANTEIS SA, rental contract, expires on 31.12.2015, 31.5.2016, and 31.5.2017 (7% of the property revenue)

-AGILENT, rental contract, expires on 31.12.2016 (5% of the property revenue)

-FONGIT, rental contract, expires on 31.1.2017, 30.4.2017, 31.10.2016, 30.4.2013, and 31.5.2015 (4.9% of the property revenue)

 

The current average rent for offices is CHF 289.-/sqm, ranging between CHF 125.-/sqm and CHF 340.-/sqm. The market potential (market rent) for these areas is estimated at CHF 270.-/sqm.

The current average rent for storage is CHF 118.-/sqm, ranging between CHF 0.-/sqm and CHF 245.-/sqm. The market potential (market rent) for these areas is estimated at CHF 120.-/sqm.

The current average rent for the restaurant and the hotel is respectively CHF 222.-/sqm and CHF 152.-/sqm corresponding to the market potential (market rent).

The current rent for the caretaker’s apartment (part of the area let by LEM SA) is CHF 311.-/sqm. The market potential (market rent) for these areas is estimated at CHF 270.-/sqm.

The current rent for the indoor and outdoor parking spaces is respectively at CHF 150.-/month and CHF 135.-/month. The market potential (market rent) is estimated at CHF 160.-/month and CHF 130.-/month.

 

In summary, the market rental revenue for the property is estimated at CHF 10’248’195.-, which corresponds to ca. -4% of the current rental revenue at CHF CHF 10’682’003.-. The current vacancy is at 1.1% representing CHF 120’630.-. This corresponds to a office area of ca. 285 sqm, ca. 427 sqm of storage area, 26 indoor parking spaces, 30 outdoor parking spaces, and 4 parking spaces for motorcycles.



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This valuation takes into consideration that the re-letting periods have been set to 24 months for inital vacancy. The structural vacancy rate is set at 4.5% overall, with 3% for the restaurant and hotel areas, 4% for the office areas, 10% for the storage areas, 5% for the indoor parking, 10% for the outdoor parking spaces and 15% for the motorcycle parking spaces.

 

Running and maintenance costs 

 

According to the operating cost accounts for the past 4 periods, the property revenue was between CHF 8’560’600.- and CHF 10’232’000.-, which corresponds to a increase of +19.5%. Nevertheless, significant losses were recorded in 2010 due to tenant’s disagreement to the service cost statements. Thus, the actual collected revenue was only in average CHF 9’334’500.- for the last 4 years.

Regarding past service costs statements, agreements and settlements were reached and signed with the tenants, granting rent-free period as compensation. Subject to the ground leaseholder’s information, this situation shouldn’t be of consequence in the accounts starting the 1.1.2012 as service costs are estimated now at 35.-/sqm for all 6 buildings, with CHF 56.15/sqm for the CTN 14. Therefore, the ground leaseholder only assumes a part of the operating costs:

- the insurance premium

- the administration and management cost, estimated at 4% of the building’s revenue

- property taxes: 2.0‰ of the tax value, capitalized with the rent revenues after deduction of the ground lease rent at 6.13% (average of the last 5 years of the allowed rate in 2011 by the “AFC - Administration Fiscale Cantonale” for commercial real estate located in other construction zoning than “zone de construction 1 & 2”)

- other expenses estimated at 1.5% of the building’s revenue

 

According to Wüest Partner’s benchmarks, the operating costs are estimated at CHF 1’040’000.-corresponding to 10% of the market rental revenue.

 

The annuity for the upkeep costs is estimated at ca. CHF 300’000.-, which represents CHF 8.70/sqm.

 

Refurbishment

 

The following repair costs are taken into account in the valuations for the years 1 -10. They are based on the CAPEX due diligence done by Knight Frank and verified by MIBAG, respectively A+W for the mechanical equipment. Not all repair suggestions could be verified during the survey. Furthermore the transformation of the fitness/sport area into office space in 2012 and the renovation of the stair case areas/toilets in 2021 were added by Wüest Partner.

 

2012: Total costs CHF 1’423’000

exterior repair costs CHF 305’000 (cleaning of photovoltaic panels, replacement flat roof CTN 10, replacement solar protection (fabric awnings), repair ladder safety)interior repair costs CHF 240’000 (security and emergency concepts for escape routes, electrical supply, fire protection & detection)

technical installations costs CHF 350’000 (replacement water cooling system (R22), replacement of air conditioning systems with R407C, replacement air handling system)

parking space repair costs CHF 128’000 (repair concrete surfaces in garage and outside, pavement walkway hotel)

transformation fitness area into office space costs CHF 400’000 (suggestion Wüest Partner)

 

> The facades should be cleaned in the very near future. The costs for the facade cleaning should be divided over 5 years and are to be made part of the service charge. As the facades should be cleaned on a regular basis, the charges would be carried by the tenant.

2013: Total costs CHF 232’000exterior repair costs CHF 158’000 (replacement solar protection (fabric awnings), replacement failed window units, replacement refrigeration system with R22 for cold rooms)parking space repair costs CHF 33’000 (repair concrete surfaces)

 

2014: Total costs CHF 396’000technical installations costs CHF 338’000 (emergency lighting system, elevators, repair heat coils rooftop air handling plant, replacement of air conditioning systems with R407C, R22)parking space repair costs CHF 58’000 (repair concrete surfaces in garage and outside, pavement) > Starting in 2014 the elevators should be changed and adapted to the new norms. This will be done over several years.

 

2015: Total costs CHF 167’000exterior repair costs CHF 108’000 (painting div. metal work, replacement failed window units, mastic seal replacement, technical installations costs CHF 25’000 (elevatorsparking space maintenance costs CHF 33’000 (repair concrete surfaces)

 

2016: Total costs CHF 556’000exterior repair costs CHF 296’000 (replacement solar protection (fabric awnings), painting div. metal work, mastic seal replacement,technical installations costs CHF 202’000 (elevators, replacement air handling system, parking space repair costs CHF 58’000 (repair concrete surfaces in garage and outside, pavement)

 

2021: Total costs CHF 3’206’000exterior repair costs CHF 458’000 (painting div. metal work, replacement failed window units, mastic seal replacement)interior repair costs CHF 90’000 (replacement domestic water services)technical installations costs CHF 1’385’000 (elevators, replacement main heating distribution, replacement air handling units, replacement water cooling systems)parking space repair costs CHF 83’000 (repair concrete surfaces in the parking garage)renovation staircases incl. painting, floors as well as toilets costs Total CHF 1’190’000 (suggestion Wüest Partner)



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Yield-Risk-Profile

  

+ The building benefits from a favourable micro-location for offices/laboratories uses with excellent transport facilities in for a non-central business location.

+ The property offers many outdoor and indoor parking spaces and other facilities (restaurant, hotel)

+ The property is home to 6 major tenants representing 76.1% of the total revenue, with a mid-term, long-term contract

+/- The property is in a good overall state of repair and yet without any major capital expenditures since completion, several investments will need to be made in the years to come.

- Office use restiction for industrial, commercial or coequal use

- In the coming years, the property will face higher competition as similar projects aiming the same end-users are about to be launched in ZIPLO area and with the future development project ‘Quartier des Cherpines-Charrotons’ located on the other side of the route de Base.

 

Consequently, a market- and risk-adjusted discount rate of 5% has been applied to the valuation.

 

Special risks

  

This valuation doesn’t take into consideration an increase of the ground lease rent that the State of Geneva could implicate as more than 1/2 of the buildings are rented to third parties. The ground lease rent increase could represent ca. CHF 40’000 (the difference between CHF 410’000 and CHF 370’000) ; as foreseen in the agreement of the ground lease.

 

Dated the 13.3.2008, the ground leaseholder signed a contract with SIG (Services Industriel de Genève) with the following objectives:

-takeover and replacement of the heating installations

-financing of the replacement work

-use and maintenance of the installations

-supply of the complete heating needed for the CTN

The ground leaseholder charges the tenants the entire costs related to this contract with SIG, including all costs in relation to the replacement of the installations and their financing.

This valuation doesn’t take into consideration an eventual complaint from tenants for the unduly collected sums concerning the heating costs statements nor for the part that should be assumed in the future by the owner for the replacement costs of the installations.

 

Ground lease

  

Property owner: State of Geneva

Ground lease holder (lessee) : Eldista GmbH – ground lease N° 11095 in Plan-les-Ouates

 

The State of Geneva granted a servitude to the société Liaisons Electroniques-Mécaniques LEM SA on 22.7.1986 and 6.8.1986. The Eldista GmbH currently owns the easement in form of a ground lease N° 11095

in the Plan-les-Ouates community according to the ground lease transfer dating from 15.3.2005 and 24.3.2005 between CTN, Centre de Technologies Nouvelles SA, Eldista GmbH and the State of Geneva.

 

The purpose is as followed: The ground leaseholder’s company is allowed to use the granted land for a building park reserved for industrial or commercial businesses, which have been agreed upon beforehand by the Fondation pour les terrains industriels de Genève (FTI), who acts on behalf of the State of Geneva.

 

The ground lease has been established for a period of 90 years from 1.7.1986 until 1.7.2076. The ground lease is renewable for further periods of max. 30 years each given a 5 year notice. It is assumed in this valuation that the ground lease will be renewed ad eternum.

At the start of the contract, the annual rent for the ground lease was set at CHF 8.-/sqm. It’s stipulated that a 100% increase could be achieved on this amount, given that the ground lease holder rents a net area greater than 50% to a third party.

On the 15.3.2005 and 24.3.2005, the ground lease contract was modified, and because the whole building is let to third parties, the annual rent of the ground lease was raised by 80% over a period of 8 years from CHF 202’381.80 to CHF 369’566.40.

As of 1.7.2011 and until 30.6.2012: CHF 16.80/sqma or CHF 369’566.40

At this time, the ground lease rent would be indexed in accordance with the ground lease clauses and terms until the end of the 5 years period, ca. 30.06.2016.

It was agreed upon between parties that this rent increase is made at a rate of only 80% over this period of 8 years. Nevertheless, the State of Geneva would have the right to increase the ground lease rent to 100% after the 9th year, depending on the economic situation of the ground lease company. In this case, the situation would be examined a year before echelon period is up.

 

The compensation for damages at the expiration of the contract is regulated as follows:

In the case, that the ground leaseholder refuses to renew the ground lease, he must bear the expenses without compensation for the removal of the construction and installations on the land. The State of Geneva has the right to acquire the buildings at their construction/real value after deduction of outdatedness.

In the case that the property owner refuses to renew the ground lease, he must compensate a maximum equal to the construction/real value of the buildings after deduction of outdatedness.

 

The State of Geneva has a legal right of first refusal. However the ground leaser holder’s legal right of first refusal is repealed by the notation in the land register of plot N° 11138 as well as in the ground lease sheet N° 11095. The legal mortgage, equals to three times the annual rent of the ground lease, is revised at the same time and to the same conditions as the ground lease rent. The legal mortgage was set to CHF 857’922.- at the time of the ground lease contract last modification and corresponds to three times the ground lease rent adopted in 2007/2008. Keeping in account that the current ground lease rent is being raised to CHF 369’566.40, an adaptation of the legal mortgage to CHF 1’108’699.- could be proposed by the State of Geneva.

 

In addition, a ground lease contract clause requires the complete redemption of debt guaranteed by real estate securities at least three years before the expiration of the ground lease.



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Previous updates

 

Update as at 31.12.2020 (Property was not newly inspected)

 

+ Area change compared to previous valuation: 56 m2

+ Current target earnings increased by +0.95% (currently CHF 10,908,209 p.a.)

+ Current vacancies decreased to 5.7% (Improvement compared to previous valuation by -0.5 percentage points)

+ The weighted average unexpired lease term (WAULT) has increased by +2.0 years (currently 2.5 years)

- Annual market rent decreased by -0.7% (currently CHF 10,023,810 p.a.)

- Structural vacancy increased to 6.5% (Increase compared to previous valuation by 0.1 percentage points) - Annuity operating costs increased by 0.8% to CHF 1,073,587 p.a.

± Annuity maintenance costs unchanged at CHF 300,000 p.a.

- The sum of capital expenditures in the first 10 years has increased by CHF 3,857,000

- Annuity capital expenditures increased by 9.0% to CHF 39/m2 p.a.

+ Discount rate reduced by -10 basis points to 4.80%

 

Market value (100%) per 31.12.2020: CHF 140,970,000 (CHF +610,000; +0.4%)

Market value (100%) per 31.12.2019: CHF 140,360,000

 

The following text refers to the valuation with site visit in 2011 (except for the «Makro location» and «Comments/Remarks»)

 

Update as at 31.12.19

 

Preamble: the space previously occupied by CryoSave, under police investigation, has been released by end of November (based on our information). Therefore, we do not take into account any extraordinary vacancy in that respect.

 

The current rental income as at 31.12.19 is CHF 10,805,937.-, which represents a decrease of -0.2% compared to the last valuation. It can be explained by some tenant leavings (Answer Solutions SA, Cryo Save AG, Fokeladeh Samir, Geneuro and Union Horlogère SA), a decrease of some tenant rents (NovImmune SA and So Be Cosmetics SA) uncompensated by new lease contracts (Cramatte Cedric and Illine Daria) and the increase of some tenant rents (DFI services SA, Emaco SA, GFI International SA, Lemsys SA and Prexton Therapeutics).

The vacancy rate has increased from 2.5% to 6.2% of the current rental income which represents CHF 669,413.-.

The market rent has increased by +0.1% and is explained by the slight increase of the lettable area (34,694 sqm to 34,785 sqm).

Running costs have been updated, in particular for property taxes. The tax value has been estimated by capitalizing the rent revenue after deduction of the ground lease rent at 5.03% (average of the last 5 years of the allowed rate in 2019 by the “AFC - Administration Fiscale Cantonale” for commercial real estate located in other construction zoning than “zone de construction 1 & 2”).

Repair costs annuity has increased compared to the last valuation due to the aging of the building

uncompensated by the capex paid in 2019.

For the first year, the forecasted capex has been adjusted from CHF 1,470,000.- to CHF 1,426,000.-. The land rent remains unchanged at CHF 277,125.-.

The discount rate remains unchanged at 4.9% in order to reflect the yields/returns demanded by the market for such properties.

 

Consequently, the market value as at 31.12.19 of this property is estimated at CHF 140,360,000.-, which represents a decrease of -2.2% compared to the last valuation.

 

Update as at 31.12.18

 

The current rental income as at 31.12.18 is CHF 10,827,773.-, which represents an increase of +0.2% compared to the last valuation. It can be explained by new lease contracts signed for Ansura Associates SA and Finastra Switzerland GmbH (Fusion ex. D+H) and the increase of premises for ObsEVA, Factor Lead, Plair SA and SGS M-Scan SA uncompensated by the leaving of BinC Industries SA, Cyrus.ch and Omac, the release of premises from Answer Solutions and Union Horlogères and the decrease of the rent of Epic Restaurant. The vacancy rate has decreased from 2.8% to 2.5% of the current rental income which represents CHF 275,231.-.

The market rent has decreased by -0.7% due to the decrease of the market rent of office premises from CHF 280.-/sqm per year to CHF 270.-/sqm per year.

Running costs have been updated, in particular for property taxes. The tax value has been estimated by capitalizing the rent revenue after deduction of the ground lease rent at 5.18% (average of the last 5 years of the allowed rate in 2018 by the “AFC - Administration Fiscale Cantonale” for commercial real estate located in other construction zoning than “zone de construction 1 & 2”).

Repair costs annuity has increased compared to the last valuation due to the aging of the building uncompensated by the capex paid in 2018.

For 1st year, the forecasted capex has increased from CHF 547,000.- to CHF 1,470,000.-.

The land rent has been updated from CHF 370,000.- to CHF 277,125.- due to adjustment in the index.

The discount rate remains unchanged at 4.9% in order to reflect the yields/returns demanded by the market for such properties.

 

Consequently, the market value as at 31.12.18 of this property is estimated at CHF 143,470,000.-, which represents an increase of +0.3% compared to the last valuation.



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Property data (plots, buildings)

 

Property unit    
     
Property ID    
PU Id   74902
PU reference number (PURN)    
PU name   Plan-les-Ouates, Chemin des Aulx 8-18
Owner    
Ownership   Leasehold
Type   Commercial property
Address   Chemin des Aulx 8-18
1228 Plan-les-Ouates
Country   Switzerland
Coord. [Long./Lat. CH1903]   496994/113830

 

Land plots        
    Buildings   sqm
Plan-les-Ouates, Chemin des Aulx 8-18   1   22,001
Total   1   22,001

 

Buildings        
    Land plots   BF sqm
CTN   1    
Total   1    
     
Details for land plot Plan-les-Ouates, Chemin des Aulx 8-18
     
Reference number    
Name   Plan-les-Ouates, Chemin des Aulx 8-18
Ownership   Leasehold
Comments    
Owner   Eldista GmbH
EGRID    
Parcel area [sqm]   22,001
Coord. [Long./Lat. CH1903]   496994/113830
     
     
Land registry
Local court   Plan-les-Ouates
Municipality of land registry   6633
Name of the corridor    
Land registry sheet number    
Serial registration number    
Plan number    
Cadastral no.   11138
Land registry entry   several
Servitude    
Annotation    
Caution    
Land registry extract date    
     
     
Planning law
Planning zone   ZDIA - industrial and commercial area
Design plan   ZIPLO Master Plan
Utilisation potential    
Contaminated sites   Not listed
Listed building   No
     
     
Leasehold    
Leasehold role   Ground lessee
Counter party   State of Geneva
Duration   01.07.1986 until 01.07.2076
     
Details for building CTN
     
Reference number    
Name   CTN
EGID    
Building category   1220 Office buildings
Address   Chemin des Aulx 8-18
1228 Plan-les-Ouates
Country   Switzerland
Coord. [Long./Lat. CH1903]   496994/113830
Volume (V)    
Gross floor area (GFA)    
Usable area    
Building footprint (BF)    
Energy certificate    

 

Building construction activities
Construction year   Comments
1991   last building completed

 

Associated land plot    
Land plot   Share of building area
Plan-les-Ouates, Chemin des Aulx 8-18   100.0%
     


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Reference value

 

 

Total [CHF]        
Type   Date  

Value Comments

 
Building insurance value   08.03.2007   137,988,063    
             
             
Details [CHF]            
Transaction price/construction
costs		 Reconstruction/renovation costs   Parking   Hobby room   Other
                                     
                 

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Use-type overview

 

Use type   Current rent   Market rent        
                 
                                                         
    No.   Area   CHF p.a.   Share CHF/sqm           CHF p.a.   Share CHF/sqm           Dev.    
                    Min   Max   Ø           Min   Max   Ø       CHF/sqm p.a.
                                                         
Office                                                        
Target income   67   32,898   9,486,644   80.7%   212   340   288   8,882,460   80.7%   270   270   270   -6%  
Vacancy   11   4,160   11.8%       270   270   270   6.5%                   -45%  
Actual rental income   56   28,738   8,363,444       212   340   291   8,305,100                   -1%  
                                                       
Indoor parking                                                  
Target income   690   0   1,412,197   12.0%               1,324,800   12.0%               -6%  
Vacancy   62   0   9.8%                   5.0%                   -49%    
Actual rental income   628   0   1,273,837                   1,258,560                   -1%    
                                                         
Warehousing                                                    
Target income   55   3,235   410,893   3.5%   0   300   127   388,200   3.5%   120   120   120   -6%    
Vacancy   5   305   9.9%       0   270   133   10.0%                   2%    
Actual rental income   50   2,930   370,417       11   300   126   349,380                   -6%    
                                                         
Outdoor parking                                                    
Target income   125   0   240,900   2.1%               195,000   1.8%               -19%    
Vacancy   38   0   30.1%                   10.0%                   -67%    
Actual rental income   87   0   168,300                   175,500                   4%    

 

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Use type   Current rent   Market rent        
                                                         
    No.   Area   CHF p.a.   Share CHF/sqm           CHF p.a.   Share CHF/sqm         Dev.    
                    Min   Max   Ø           Min   Max   Ø       CHF/sqm p.a.
                                                         
Gastronomy                                                
Target income   2   547   91,346   0.8%   167   167   167   109,400   1.0%   200   200   200   20%    
Vacancy           0.0%                   6.5%                   100%    
Actual rental income   2   547   91,346       167   167   167   102,289                   12%    
                                                         
Hotel                                                        
Target income   3   430   71,172   0.6%   165   166   166   66,650   0.6%   155   155   155   -6%    
Vacancy           0.0%                   6.5%                   100%    
Actual rental income   3   430   71,172       165   166   166   62,318                   -12%    
                                                         
Leisure/Culture/Education                                                        
Target income   1   574   28,700   0.2%   50   50   50   28,700   0.3%   50   50   50   0%    
Vacancy   1   574   100.0%       50   50   50   10.0%                   -90%    
Actual rental income                               25,830                        
                                                         
                                                         
Special use with area                                                        
Target income   20   0   7,200   0.1%               4,800   0.0%               -33%    
Vacancy   2   0   10.0%                   15.0%                   50%    
Actual rental income   18   0   6,480                   4,080                   -37%    
                                                         
                                                         
Total                                                        
Target income   963   37,684   11,749,052   100.0%   0   340   312   11,000,010   100.0%   50   270   292   -6%   Legend:
Vacancy   119   5,039   1,404,056   12.0%   0   270   279   716,953   6.5%               -49%   Red marking = Min, Ø, Max Market rent
Actual rental income   844   32,645   10,344,996   88.0%   11   340   317   10,283,057   93.5%               -1%   Green marking = Min, Ø, Max Current rent
                                                        Blue = Quantiles municipality/city quarter

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18
 Created by Wüest Partner, 06.12.2021 Page 14 of 47

 

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

  

 

Area list

 

Rental unit  

Current rent

  

Market rent

  

Δ

  

Current lease agreement
Ref. No.   Tenant name   Floor   UT   No.   Ro   Area
[sqm]		  

CHF p.a.

  

Unit/month
[CHF]

  

per sqm
[CHF]

  

CHF p.a.

  

Unit/month
[CHF]

  

Q.

  

per sqm
[CHF]

  

Q.

  

Vacant

  

Trans.
[a]

  

Dev.

  

Start

  

End

  

Early
break/1st
notice

  

Options
real/false

  

Index
    ■   3   O   1       700   189,000   15,750   270   189,000   15,750       270   47%   6.5%         +0%                    
    ■   3   O   1       700   189,000   15,750   270   189,000   15,750       270   47%   6.5%         +0%                    
    ■   3   O   1       700   189,000   15,750   270   189,000   15,750       270   47%   6.5%         +0%                    
    ■   3   O   1       700   189,000   15,750   270   189,000   15,750       270   47%   6.5%         +0%                    
818-81-02   Acqiris SA   1   O   1       1,029   257,250   21,438   250   277,830   23,153       270   47%   6.5%   0.00     +8%   01.02.21   31.01.26           100%
818-81-02   Acqiris SA   -1   IP   20       0   43,200   180       38,400   160               5.0%   5.00     -11%   01.02.21               100%
818-03-14   Addex Pharma SA   -1   W   1       66   9,240   770   140   7,920   660       120       10.0%   5.00     -14%   01.12.15               100%
818-03-14   Addex Pharma SA   -2   W   1       32   4,480   373   140   3,840   320       120       10.0%   5.00     -14%   01.12.15               100%
808-08-06   Amico Lab SA   -1   W   1       30   5,400   450   180   3,600   300       120       10.0%   0.00     -33%   01.01.21   31.12.25           100%
818-08-03   Amico Lab SA   0   OP   1       0   2,400   200       1,560   130               10.0%   0.00     -35%   01.01.21   31.12.25           100%
818-08-04/1   Amico Lab SA   0   OP   1       0   2,400   200       1,560   130               10.0%   5.00     -35%   01.12.18               100%
818-08-04/3   Amico Lab SA   0   OP   1       0   2,400   200       1,560   130               10.0%   5.00     -35%   01.12.19               100%
818-08-05   Amico Lab SA   0   OP   2       0   5,280   220       3,120   130               10.0%   5.00     -41%   01.02.20               100%
818-08-06   Amico Lab SA   0   O   1       80   22,400   1,867   280   21,600   1,800       270   47%   6.5%   0.00     -4%   01.01.21   31.12.25           100%
818-08-06   Amico Lab SA   0   O   1       162   45,360   3,780   280   43,740   3,645       270   47%   6.5%   0.00     -4%   01.01.21   31.12.25           100%
818-08-06   Amico Lab SA   0   OP   5       0   10,200   170       7,800   130               10.0%   0.00     -24%   01.01.21   31.12.25           100%
818-04-02/2   Anteis SA   3   O   1       564   177,144   14,762   314   152,280   12,690       270   47%   6.5%   0.00     -14%   01.10.07   31.12.25           100%
818-04-03/1   Anteis SA   0   O   1       620   171,312   14,276   276   167,400   13,950       270   47%   6.5%   0.00     -2%   01.09.08   31.12.25           100%
818-04-04/3   Anteis SA   -2   IP   2       0   3,624   151       3,840   160               5.0%   0.00     +6%   01.01.18   31.12.25           100%
818-04-04/3   Anteis SA   -2   IP   1       0   1,812   151       1,920   160               5.0%   0.00     +6%   01.01.18   31.12.25           100%
818-04-04/3   Anteis SA   -2   IP   10       0   18,108   151       19,200   160               5.0%   0.00     +6%   01.10.05   31.12.25           100%
818-04-05/3   Anteis SA   -1   IP   1       0   1,740   145       1,920   160               5.0%   0.00     +10%   16.05.07   31.12.25           100%
818-04-05/3   Anteis SA   -1   IP   10       0   17,460   146       19,200   160               5.0%   0.00     +10%   16.05.07   31.12.25           100%
818-04-11/1   Anteis SA   -2   W   1       81   12,048   1,004   149   9,720   810       120       10.0%   0.00     -19%   16.05.07   31.12.25           100%
818-04-13   Anteis SA   2   O   1       309   105,000   8,750   340   83,430   6,953       270   47%   6.5%   0.00     -21%   01.01.21   31.12.25           100%
818-04-13   Anteis SA   -2   IP   5       0   10,800   180       9,600   160               5.0%   0.00     -11%   01.01.21   31.12.25           100%
818-04-14   Anteis SA   -1   IP   4       0   10,560   220       7,680   160               5.0%   0.00     -27%   01.01.21   31.12.25           100%
818-04-15   Anteis SA   -1   IP   1       0   2,640   220       1,920   160               5.0%   5.00     -27%   01.01.21               100%
818-04-15   Anteis SA   -1   IP   1       0   2,640   220       1,920   160               5.0%   5.00     -27%   01.01.21               100%
818-83-01   Anura Associates SA   0   O   1       81   23,490   1,958   290   21,870   1,823       270   47%   6.5%   0.00     -7%   15.11.17   30.09.22           100%
818-83-01   Anura Associates SA   -1   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   15.10.17   30.09.22           100%
818-83-02   Anura Associates SA   -1   IP   2       0   4,800   200       3,840   160               5.0%   5.00     -20%   15.10.17               100%
818-83-02/2   Anura Associates SA   -1   IP   2       0   4,800   200       3,840   160               5.0%   5.00     -20%   01.04.19               100%
818-14-02/2   Black Orange SA   1   O   1       111   29,970   2,498   270   29,970   2,498       270   47%   6.5%   0.00     +0%   01.07.21   30.06.26           100%
818-14-02/2   Black Orange SA   1   O   1       161   43,470   3,623   270   43,470   3,623       270   47%   6.5%   0.00     +0%   01.07.21   30.06.26           100%
818-99-99   Black Orange SA   -1   IP   5       0   13,200   220       9,600   160               5.0%   0.00     -27%   01.07.21   30.06.26           100%
818-91-01   CDC LAB SA   2   O   1       960   259,200   21,600   270   259,200   21,600       270   47%   6.5%   0.00     +0%   16.04.21   30.04.31           100%
818-91-01   CDC LAB SA   -1   W   1       80   13,620   1,135   170   9,600   800       120       10.0%   0.00     -30%   01.06.21   30.04.31           100%
818-91-01   CDC LAB SA   -1   W   1       360   65,580   5,465   182   43,200   3,600       120       10.0%   0.00     -34%   16.04.21   30.04.31           100%
818-91-01   CDC LAB SA   0   IP   6       0   15,840   220       11,520   160               5.0%   0.00     -27%   16.04.21   30.04.31           100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18
 Created by Wüest Partner, 06.12.2021 Page 15 of 47

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit   Current rent   Market rent   Δ   Current lease agreement
Ref. No.   Tenant name   Floor   UT   No.   Ro   Area
[sqm]		   CHF p.a.   Unit/month
[CHF]		   per sqm
[CHF]		   CHF p.a.   Unit/month
[CHF]		   Q.   per sqm
[CHF]		   Q.   Vacant   Trans.
[a]		   Dev.   Start   End   Early
break/1st
notice		   Options
real/false		   Index
818-91-01   CDC LAB SA   0   OP   1       0   2,640   220       1,560   130               10.0%   0.00     -41%   16.04.21   30.04.31           100%
818-84-01   Cramatte Cédric   -2   W   1       62   3,600   300   58   7,440   620       120       10.0%   5.00     +107%   01.02.19               100%
818-15-10   DFI Services SA   2   O   1       616   184,800   15,400   300   166,320   13,860       270   47%   6.5%   0.00     -10%   01.02.17   31.01.27           100%
818-15-10   DFI Services SA   -1   SU…   2       0   720   30       480   20               15.0%   0.00     -33%   01.02.17   31.01.27           100%
818-15-10   DFI Services SA   0   IP   20       0   48,000   200       38,400   160               5.0%   0.00     -20%   01.02.17   31.01.27           100%
818-15-10   DFI Services SA   0   OP   1       0   2,400   200       1,560   130               10.0%   0.00     -35%   01.02.17   31.01.27           100%
818-15-10/1   DFI Services SA   -1   SU…   3       0   1,080   30       720   20               15.0%   0.00     -33%   01.01.17   31.01.27           100%
818-15-10/2   DFI Services SA   -1   SU…   2       0   720   30       480   20               15.0%   0.00     -33%   01.10.17   31.01.27           100%
818-15-10/3   DFI Services SA   -1   SU…   1       0   360   30       240   20               15.0%   0.00     -33%   01.12.18   31.01.27           100%
818-15-10/4   DFI Services SA   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.12.19               100%
818-15-11   DFI Services SA   0   OP   2       0   5,280   220       3,120   130               10.0%   5.00     -41%   01.04.19               100%
818-15-12   DFI Services SA   -2   W   1       36   5,550   463   154   4,320   360       120       10.0%   5.00     -22%   01.05.19               100%
818-28-01   Epic Restaurant AG   1   G   1       80   13,360   1,113   167   16,000   1,333       200       6.5%   0.00     +20%   01.11.07   31.10.22           100%
818-28-01   Epic Restaurant AG   0   G   1       467   77,987   6,499   167   93,400   7,783       200       6.5%   0.00     +20%   01.11.07   31.10.22           100%
818-28-01   Epic Restaurant AG   -1   W   1       256   16,654   1,388   65   30,720   2,560       120       10.0%   0.00     +84%   01.11.07   31.10.22           100%
818-28-02   Epic Restaurant AG   0   OP   1       0   1,800   150       1,560   130               10.0%   0.00     -13%   16.01.08   31.10.22           100%
818-28-03   Epic Restaurant AG   0   OP   2       0   4,800   200       3,120   130               10.0%   0.00     -35%   01.10.13   31.10.22           100%
818-18-05   Epithelix S.a.r.l.   3   O   1       406   119,400   9,950   294   109,620   9,135       270   47%   6.5%   0.00     -8%   01.05.17   28.02.22           100%
818-18-05   Epithelix S.a.r.l.   -1   IP   7       0   16,008   191       13,440   160               5.0%   0.00     -16%   01.05.13   28.02.22           100%
818-18-05   Epithelix S.a.r.l.   0   OP   2       0   3,600   150       3,120   130               10.0%   0.00     -13%   01.09.17   28.02.22           100%
818-18-06   Epithelix S.a.r.l.   3   O   1       94   29,760   2,480   317   25,380   2,115       270   47%   6.5%   0.00     -15%   01.07.20   30.04.22           100%
818-18-06   Epithelix S.a.r.l.   -1   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   01.07.20   30.04.22           100%
818-17-01/6   Fondation Eclosion   -2   IP   2       0   3,816   159       3,840   160               5.0%   0.00     +1%   01.03.07   28.02.22           100%
818-17-01/7   Fondation Eclosion   -1   IP   1       0   1,908   159       1,920   160               5.0%   5.00     +1%   01.09.17               100%
818-17-01/8   Fondation Eclosion   -2   IP   1       0   1,452   121       1,920   160               5.0%   5.00     +32%   01.11.17               100%
818-17-01/9   Fondation Eclosion   0   O   1       920   239,391   19,949   260   248,400   20,700       270   47%   6.5%   0.00     +4%   01.03.07   28.02.22           100%
818-17-02   Fondation Eclosion   0   OP   2       0   3,600   150       3,120   130               10.0%   0.00     -13%   01.08.08   28.02.22           100%
818-17-04/1   Fondation Eclosion   -2   IP   1       0   1,908   159       1,920   160               5.0%   5.00     +1%   01.11.17               100%
818-17-06   Fondation Eclosion   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.04.14               100%
818-17-09   Fondation Eclosion   -1   W   1       37   5,291   441   143   4,440   370       120       10.0%   0.00     -16%   01.03.17   28.02.22           100%
818-06-02   Fongit   1   O   1       280   73,860   6,155   264   75,600   6,300       270   47%   6.5%   0.00     +2%   01.11.06   30.04.22           100%
818-06-05   Fongit   1   O   1       582   161,592   13,466   278   157,140   13,095       270   47%   6.5%   0.00     -3%   01.02.07   31.01.22           100%
818-06-07   Fongit   1   O   1       511   108,300   9,025   212   137,970   11,498       270   47%   6.5%   0.00     +27%   01.05.07   30.04.22           100%
818-06-07   Fongit   -1   W   1       10   1,200   100   120   1,200   100       120       10.0%   0.00     +0%   01.05.15   30.04.22           100%
818-06-07   Fongit   -1   W   1       51   6,120   510   120   6,120   510       120       10.0%   0.00     +0%   01.05.07   30.04.22           100%
818-06-07   Fongit   -2   IP   2       0   3,120   130       3,840   160               5.0%   0.00     +23%   01.05.07   30.04.22           100%
818-06-07   Fongit   -1   IP   10       0   14,400   120       19,200   160               5.0%   0.00     +33%   01.05.07   30.04.22           100%
818-06-08   Fongit   0   IP   7       0   12,180   145       13,440   160               5.0%   0.00     +10%   01.02.07   31.01.22           100%
818-06-08   Fongit   0   IP   5       0   8,700   145       9,600   160               5.0%   0.00     +10%   01.02.07   31.01.22           100%
818-06-09   Fongit   0   IP   5       0   7,860   131       9,600   160               5.0%   0.00     +22%   01.11.00   30.04.22           100%
818-06-09   Fongit   0   IP   3       0   4,716   131       5,760   160               5.0%   0.00     +22%   01.04.05   30.04.22           100%
818-21-01/1   Genkyotex (Suisse) SA   2   O   1       281   84,300   7,025   300   75,870   6,323       270   47%   6.5%   0.00     -10%   01.02.11   31.12.22           100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 16 of 47

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit   Current rent   Market rent   Δ   Current lease agreement
Ref. No.   Tenant name   Floor   UT   No.   Ro   Area
[sqm]		   CHF p.a.   Unit/month
[CHF]		   per sqm
[CHF]		   CHF p.a.   Unit/month
[CHF]		   Q.   per sqm
[CHF]		   Q.   Vacant   Trans.
[a]		   Dev.   Start   End   Early
break/1st
notice		   Options
real/false		   Index
818-21-01/1   Genkyotex (Suisse) SA   -1   W   1       67   10,050   838   150   8,040   670       120       10.0%   0.00     -20%   01.02.11   31.12.22   30.09.2021       100%
818-21-02/1   Genkyotex (Suisse) SA   -2   IP   4       0   8,928   186       7,680   160               5.0%   0.00     -14%   01.09.17   31.12.22   30.09.2021       100%
818-21-03/1   Genkyotex (Suisse) SA   -1   IP   5       0   12,000   200       9,600   160               5.0%   0.00     -20%   01.02.11   31.12.22           100%
818-21-06/1   Genkyotex (Suisse) SA   -1   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.10.13   31.12.22           100%
818-06-04   HED Technologies Sàrl   -2   IP   2       0   5,280   220       3,840   160               5.0%   5.00     -27%   01.04.21               100%
818-76-02   HED Technologies Sàrl   3   O   1       488   151,280   12,607   310   131,760   10,980       270   47%   6.5%   0.00     -13%   01.06.17   28.02.27           100%
818-76-02   HED Technologies Sàrl   -1   IP   11       0   26,400   200       21,120   160               5.0%   0.00     -20%   01.09.17   28.02.27           100%
818-76-03   HED Technologies Sàrl   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.01.18               100%
818-76-04   HED Technologies Sàrl   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.02.18               100%
818-76-05   HED Technologies Sàrl   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.02.18               100%
818-76-06   HED Technologies Sàrl   -1   IP   2       0   5,280   220       3,840   160               5.0%   5.00     -27%   15.01.20               100%
818-76-07   HED Technologies Sàrl   -1   IP   1       0   2,640   220       1,920   160               5.0%   5.00     -27%   01.09.20               100%
818-23-01   Hermenjat Serigraphie   0   O   1       145   37,116   3,093   256   39,150   3,263       270   47%   6.5%   0.00     +5%   01.01.06   31.12.25           100%
818-23-01   Hermenjat Serigraphie   -2   IP   1       0   1,488   124       1,920   160               5.0%   0.00     +29%   01.01.06   31.12.25           100%
818-93-01   IBF Suisse Sàrl   2   O   1       22   7,194   600   327   5,940   495       270   47%   6.5%   0.00     -17%   01.05.21   30.04.26           100%
818-75-01   ILEM   3   O   1       652   156,480   13,040   240   176,040   14,670       270   47%   6.5%   0.00     +13%   01.04.15   31.03.25           100%
818-75-01   ILEM   -2   IP   6       0   14,400   200       11,520   160               5.0%   0.00     -20%   01.04.15   31.03.25           100%
818-75-01   ILEM   -2   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.04.15   31.03.25           100%
818-75-01/1   ILEM   -2   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.09.15   31.03.25           100%
818-75-01/1   ILEM   -2   IP   5       0   12,000   200       9,600   160               5.0%   0.00     -20%   01.09.15   31.03.25           100%
818-75-01/2   ILEM   -2   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   01.09.17   31.03.25           100%
818-75-01/3   ILEM   -2   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.11.17   31.03.25           100%
818-75-02   ILEM   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.04.15               100%
818-75-02   ILEM   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.04.15               100%
818-75-02   ILEM   -2   IP   2       0   4,800   200       3,840   160               5.0%   5.00     -20%   01.04.15               100%
818-75-03   ILEM   -1   W   1       30   5,400   450   180   3,600   300       120       10.0%   5.00     -33%   01.01.16               100%
818-84-01   Iline Daria   2   W   1       1   300   25   300   120   10       120       10.0%   5.00     -60%   01.04.19               100%
818-41-04   KBI Biopharma SA   3   O   1       542   166,226   13,852   307   146,340   12,195       270   47%   6.5%   0.00     -12%   01.08.21   31.01.27           100%
818-41-04   KBI Biopharma SA   2   O   1       991   303,920   25,327   307   267,570   22,298       270   47%   6.5%   0.00     -12%   01.08.21   31.01.27           100%
818-41-04   KBI Biopharma SA   -2   W   1       17   3,060   255   180   2,040   170       120       10.0%   0.00     -33%   01.08.21   31.01.27           100%
818-41-04   KBI Biopharma SA   0   IP   9       0   21,600   200       17,280   160               5.0%   0.00     -20%   01.08.21   31.01.27           100%
818-41-04/1   KBI Biopharma SA   -1   SU…   3       0   1,080   30       720   20               15.0%   0.00     -33%   01.08.21   31.01.27           100%
818-41-04/2   KBI Biopharma SA   -2   IP   16       0   26,400   138       30,720   160               5.0%   0.00     +16%   01.08.21   31.01.27           100%
818-41-04/3   KBI Biopharma SA   -1   W   1       38   4,296   358   113   4,560   380       120       10.0%   0.00     +6%   01.08.21   31.01.27           100%
818-41-04/5   KBI Biopharma SA   -2   IP   3       0   5,700   158       5,760   160               5.0%   0.00     +1%   01.08.21   31.01.27           100%
818-41-04/6   KBI Biopharma SA   0   OP   1       0   2,400   200       1,560   130               10.0%   0.00     -35%   01.08.21   31.01.27           100%
818-41-04/7   KBI Biopharma SA   -2   IP   1       0   2,640   220       1,920   160               5.0%   0.00     -27%   01.08.21   31.01.27           100%
818-41-05/2   KBI Biopharma SA   -2   IP   2       0   5,280   220       3,840   160               5.0%   0.00     -27%   01.08.21   31.01.27           100%
818-41-06   KBI Biopharma SA   -2   IP   2       0   5,280   220       3,840   160               5.0%   0.00     -27%   01.08.21   31.01.27           100%
818-41-06   KBI Biopharma SA   -2   IP   1       0   2,640   220       1,920   160               5.0%   0.00     -27%   01.08.21   31.01.27           100%
818-41-07   KBI Biopharma SA   -2   IP   1       0   2,640   220       1,920   160               5.0%   0.00     -27%   01.08.21   31.01.27           100%
818-41-07   KBI Biopharma SA   -2   IP   1       0   2,640   220       1,920   160               5.0%   5.00     -27%   01.08.21               100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 17 of 47

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit   Current rent   Market rent   Δ   Current lease agreement
Ref. No.   Tenant name   Floor   UT   No.   Ro   Area
[sqm]		   CHF p.a.   Unit/month
[CHF]		   per sqm
[CHF]		   CHF p.a.   Unit/month
[CHF]		   Q.   per sqm
[CHF]		   Q.   Vacant   Trans.
[a]		   Dev.   Start   End   Early
break/1st
notice		   Options
real/false		   Index
818-41-08   KBI Biopharma SA   -2   IP   2       0   5,280   220       3,840   160               5.0%   0.00     -27%   01.08.21   31.01.27           100%
818-87-01   KBI Biopharma SA   1   O   1       142   39,760   3,313   280   38,340   3,195       270   47%   6.5%   0.00     -4%   01.10.20   31.01.27           100%
818-87-01   KBI Biopharma SA   -2   IP   1       0   2,640   220       1,920   160               5.0%   0.00     -27%   01.10.20   31.01.27           100%
818-24-01   Lanier Cyril   -2   W   1       5   600   50   120   600   50       120       10.0%   5.00     +0%   01.01.03               100%
818-01-02   ■   -1   W   1       90   11,280   940   125   10,800   900       120       10.0%         -4%                    
818-01-07   ■   0   IP   11       0   29,040   220       21,120   160               5.0%         -27%                    
818-01-07   ■   0   OP   4       0   10,560   220       6,240   130               10.0%         -41%                    
818-06-04   ■   0   IP   4       0   5,736   120       7,680   160               5.0%         +34%                    
818-14-02/2   ■   -2   IP   5       0   13,200   220       9,600   160               5.0%         -27%                    
818-17-07   ■   -2   IP   1       0   2,640   220       1,920   160               5.0%         -27%                    
818-17-09   ■   0   OP   2       0   5,280   220       3,120   130               10.0%         -41%                    
818-22-01   ■   1   O   1       202   54,540   4,545   270   54,540   4,545       270   47%   6.5%         +0%                    
818-22-02   ■   -2   IP   5       0   12,000   200       9,600   160               5.0%         -20%                    
818-35-02   ■   -2   W   1       32   8,640   720   270   3,840   320       120       10.0%         -56%                    
818-69-03   ■   -2   IP   4       0   10,560   220       7,680   160               5.0%         -27%                    
818-69-04   ■   -1   IP   2       0   5,280   220       3,840   160               5.0%         -27%                    
818-77-01/1   ■   0   O   1       128   34,560   2,880   270   34,560   2,880       270   47%   6.5%         +0%                    
818-77-01/1   ■   -1   IP   1       0   2,400   200       1,920   160               5.0%         -20%                    
818-77-01/1   ■   0   OP   1       0   2,400   200       1,560   130               10.0%         -35%                    
818-77-02   ■   -2   IP   2       0   4,800   200       3,840   160               5.0%         -20%                    
818-77-03   ■   0   O   1       48   12,960   1,080   270   12,960   1,080       270   47%   6.5%         +0%                    
818-77-03   ■   -1   W   1       7   0   0   0   840   70       120       10.0%                              
818-85-02   ■   -2   IP   1       0   1,464   122       1,920   160               5.0%         +31%                    
818-86-01   ■   -1   IP   1       0   2,640   220       1,920   160               5.0%         -27%                    
818-99-99   ■   2   LCE   1       574   28,700   2,392   50   28,700   2,392       50       10.0%         +0%                    
818-99-99   ■   3   O   1       35   9,450   788   270   9,450   788       270   47%   6.5%         +0%                    
818-99-99   ■   1   O   1       449   121,230   10,103   270   121,230   10,103       270   47%   6.5%         +0%                    
818-99-99   ■   1   O   1       498   134,460   11,205   270   134,460   11,205       270   47%   6.5%         +0%                    
818-99-99   ■   2   O   1       0   0   0       0   0               6.5%                              
818-99-99   ■   -2   W   1       30   5,400   450   180   3,600   300       120       10.0%         -33%                    
818-99-99   ■   -1   W   1       146   15,156   1,263   104   17,520   1,460       120       10.0%         +16%                    
818-99-99   ■   -1   SU…   2       0   720   30       480   20               15.0%         -33%                    
818-99-99   ■   -1   IP   1       0   2,640   220       1,920   160               5.0%         -27%                    
818-99-99   ■   -2   IP   1       0   2,640   220       1,920   160               5.0%         -27%                    
818-99-99   ■   -1   IP   1       0   2,400   200       1,920   160               5.0%         -20%                    
818-99-99   ■   0   IP   14       0   21,000   125       26,880   160               5.0%         +28%                    
818-99-99   ■   0   IP   8       0   19,920   208       15,360   160               5.0%         -23%                    
818-99-99   ■   0   OP   25       0   39,000   130       39,000   130               10.0%         +0%                    
818-99-99   ■   0   OP   2       0   5,280   220       3,120   130               10.0%         -41%                    
818-99-99   ■   0   OP   4       0   10,080   210       6,240   130               10.0%         -38%                    
818-01-01   LEM INTERNATIONAL SA   0   O   1       7,698   2,392,416   199,368   311   2,078,460   173,205       270   47%   6.5%   0.00     -13%   01.04.05   31.12.23           100%
818-01-01   LEM INTERNATIONAL SA   -2   W   1       314   33,312   2,776   106   37,680   3,140       120       10.0%   0.00     +13%   01.04.05   31.12.23           100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 18 of 47

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit   Current rent   Market rent   Δ   Current lease agreement
Ref. No.   Tenant name   Floor   UT   No.   Ro   Area
[sqm]		   CHF p.a.   Unit/month
[CHF]		   per sqm
[CHF]		   CHF p.a.   Unit/month
[CHF]		   Q.   per sqm
[CHF]		   Q.   Vacant   Trans.
[a]		   Dev.   Start   End   Early
break/1st
notice		   Options
real/false		   Index
818-01-01   LEM INTERNATIONAL SA   0   IP   154       0   288,288   156       295,680   160               5.0%   0.00     +3%   01.04.05   31.12.23           100%
818-01-03   LEM INTERNATIONAL SA   -2   W   1       224   23,676   1,973   106   26,880   2,240       120       10.0%   0.00     +14%   01.04.05   31.12.23           100%
818-01-03   LEM INTERNATIONAL SA   -2   IP   17       0   32,028   157       32,640   160               5.0%   0.00     +2%   01.04.05   31.12.23           100%
818-01-04   LEM INTERNATIONAL SA   0   OP   4       0   7,248   151       6,240   130               10.0%   0.00     -14%   01.09.06   31.12.23           100%
818-01-05   LEM INTERNATIONAL SA   0   OP   25       0   31,500   105       39,000   130               10.0%   0.00     +24%   01.04.05   31.12.23           100%
818-01-06   LEM INTERNATIONAL SA   -2   W   1       38   3,996   333   105   4,560   380       120       10.0%   0.00     +14%   01.04.05   31.12.23           100%
818-26-15   Lemsys SA   0   O   1       259   77,700   6,475   300   69,930   5,828       270   47%   6.5%   0.00     -10%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   0   O   1       134   38,860   3,238   290   36,180   3,015       270   47%   6.5%   0.00     -7%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   0   O   1       449   98,780   8,232   220   121,230   10,103       270   47%   6.5%   0.00     +23%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   -1   W   1       39   5,850   488   150   4,680   390       120       10.0%   0.00     -20%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   -1   W   1       47   7,050   588   150   5,640   470       120       10.0%   0.00     -20%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   -1   W   1       37   4,070   339   110   4,440   370       120       10.0%   0.00     +9%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   -1   SU…   3       0   1,080   30       720   20               15.0%   0.00     -33%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   0   IP   16       0   26,641   139       30,720   160               5.0%   0.00     +15%   01.07.19   30.06.27           100%
818-26-15   Lemsys SA   0   OP   5       0   13,200   220       7,800   130               10.0%   0.00     -41%   01.07.19   30.06.27           100%
818-82-01   Leone Giulio Ferblanterie Sarl   -2   W   1       35   3,600   300   103   4,200   350       120       10.0%   5.00     +17%   01.10.17               100%
818-27-04   Les Chambres du CTN   3   Hot.   1       142   23,508   1,959   166   22,010   1,834       155       6.5%   0.00     -6%   01.10.13   30.09.23           100%
818-27-04   Les Chambres du CTN   0   Hot.   1       9   1,488   124   165   1,395   116       155       6.5%   0.00     -6%   01.10.13   30.09.23           100%
818-27-04   Les Chambres du CTN   3   Hot.   1       279   46,176   3,848   166   43,245   3,604       155       6.5%   0.00     -6%   01.10.13   30.09.23           100%
818-02-02/1   NovImmune SA   -1   IP   5       0   10,800   180       9,600   160               5.0%   0.00     -11%   01.04.09   31.12.23           100%
818-02-03/3   NovImmune SA   1   O   1       2,164   627,564   52,297   290   584,280   48,690       270   47%   6.5%   0.00     -7%   01.01.07   31.12.23           100%
818-02-03/3   NovImmune SA   -1   IP   28       0   41,064   122       53,760   160               5.0%   0.00     +31%   01.01.07   31.12.23           100%
818-02-04   NovImmune SA   1   O   1       190   49,752   4,146   262   51,300   4,275       270   47%   6.5%   0.00     +3%   01.02.06   30.04.23           100%
818-02-04   NovImmune SA   -1   IP   2       0   2,952   123       3,840   160               5.0%   0.00     +30%   01.02.06   30.04.23           100%
818-02-09/4   NovImmune SA   -1   IP   1       0   2,640   220       1,920   160               5.0%   5.00     -27%   15.08.19               100%
818-02-09/5   NovImmune SA   0   IP   4       0   9,600   200       7,680   160               5.0%   0.00     -20%   01.11.13   31.12.23           100%
818-02-09/5   NovImmune SA   -1   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.09.17   31.12.23           100%
818-02-10/1   NovImmune SA   -2   W   1       66   10,890   908   165   7,920   660       120       10.0%   0.00     -27%   01.01.19   31.12.23           100%
818-57-01   ObsEva SA   -2   IP   2       0   4,800   200       3,840   160               5.0%   5.00     -20%   01.09.15               100%
818-57-02   ObsEva SA   2   O   1       536   160,800   13,400   300   144,720   12,060       270   47%   6.5%   0.00     -10%   01.07.13   30.06.23           100%
818-57-02/2   ObsEva SA   0   O   1       61   18,300   1,525   300   16,470   1,373       270   47%   6.5%   0.00     -10%   01.01.15   30.06.23           100%
818-57-02/3   ObsEva SA   2   O   1       86   26,660   2,222   310   23,220   1,935       270   47%   6.5%   0.00     -13%   01.06.17   30.06.23           100%
818-57-03   ObsEva SA   -2   IP   9       0   21,600   200       17,280   160               5.0%   0.00     -20%   01.07.13   30.06.23           100%
818-57-03   ObsEva SA   0   OP   1       0   2,400   200       1,560   130               10.0%   0.00     -35%   01.06.16   30.06.23           100%
818-57-03/1   ObsEva SA   -1   IP   1       0   3,000   250       1,920   160               5.0%   0.00     -36%   01.08.20   30.06.23           100%
818-57-04   ObsEva SA   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.06.17               100%
818-57-05   ObsEva SA   3   O   1       405   121,500   10,125   300   109,350   9,113       270   47%   6.5%   0.00     -10%   11.09.18   30.06.23           100%
818-57-05   ObsEva SA   0   IP   9       0   21,600   200       17,280   160               5.0%   5.00     -20%   01.07.18               100%
818-57-05   ObsEva SA   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.07.18               100%
818-57-05   ObsEva SA   0   OP   1       0   2,400   200       1,560   130               10.0%   5.00     -35%   01.07.18               100%
818-35-01   Omnitec SA   -2   W   1       18   1,584   132   88   2,160   180       120       10.0%   0.00     +36%   01.11.06   31.10.22           100%
818-35-03   Omnitec SA   0   O   1       208   56,160   4,680   270   56,160   4,680       270   47%   6.5%   0.00     +0%   01.10.20   30.09.25           100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 19 of 47

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit   Current rent   Market rent   Δ   Current lease agreement
Ref. No.   Tenant name   Floor   UT   No.   Ro   Area
[sqm]		   CHF p.a.   Unit/month
[CHF]		   per sqm
[CHF]		   CHF p.a.   Unit/month
[CHF]		   Q.   per sqm
[CHF]		   Q.   Vacant   Trans.
[a]		   Dev.   Start   End   Early
break/1st
notice		   Options
real/false		   Index
818-35-03   Omnitec SA   -2   IP   1       0   2,640   220       1,920   160               5.0%   0.00     -27%   01.10.20   30.09.25           100%
818-80-01   PhytoXtract SA   -1   W   1       25   3,750   313   150   3,000   250       120       10.0%   0.00     -20%   01.05.17   30.04.22           100%
818-80-02   PhytoXtract SA   -1   W   1       25   1,800   150   72   3,000   250       120       10.0%   0.00     +67%   01.07.20   30.04.22           100%
818-79-02   Plair SA   -2   W   1       19   3,420   285   180   2,280   190       120       10.0%   5.00     -33%   01.12.17               100%
818-88-01   Prolabo Sàrl   2   O   1       43   11,610   968   270   11,610   968       270   47%   6.5%   0.00     +0%   15.10.20   31.10.25           100%
818-31-01   Protectas Electronic Security Sàrl …   0   O   1       219   65,700   5,475   300   59,130   4,928       270   47%   6.5%   0.00     -10%   01.01.11   31.12.25           100%
818-31-01   Protectas Electronic Security Sàrl …   -2   IP   4       0   8,640   180       7,680   160               5.0%   0.00     -11%   01.01.11   31.12.25           100%
818-31-01   Protectas Electronic Security Sàrl …   0   OP   2       0   3,600   150       3,120   130               10.0%   0.00     -13%   01.01.11   31.12.25           100%
818-31-01/3   Protectas Electronic Security Sàrl …   0   OP   3       0   6,480   180       4,680   130               10.0%   0.00     -28%   01.08.16   31.12.25           100%
818-31-02   Protectas Electronic Security Sàrl …   -1   W   1       55   7,536   628   137   6,600   550       120       10.0%   0.00     -12%   16.01.11   31.01.26           100%
818-31-02/2   Protectas Electronic Security Sàrl …   0   OP   2       0   4,800   200       3,120   130               10.0%   0.00     -35%   01.08.16   31.01.26           100%
818-38-01   QAD Europe SA   -2   W   1       7   1,050   88   150   840   70       120       10.0%   0.00     -20%   01.05.09   30.04.24           100%
818-39-01   René Faigle SA   2   O   1       273   78,864   6,572   289   73,710   6,143       270   47%   6.5%   0.00     -7%   01.04.08   31.03.23           100%
818-39-01   René Faigle SA   -2   IP   2       0   5,784   241       3,840   160               5.0%   0.00     -34%   01.04.08   31.03.23           100%
818-39-01/2   René Faigle SA   -2   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.04.09   31.03.23           100%
818-39-01/3   René Faigle SA   2   O   1       71   21,300   1,775   300   19,170   1,598       270   47%   6.5%   0.00     -10%   01.07.13   31.03.23           100%
818-39-01/3   René Faigle SA   -1   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   01.07.13   31.03.23           100%
818-39-01/3   René Faigle SA   0   OP   2       0   4,800   200       3,120   130               10.0%   0.00     -35%   01.07.13   31.03.23           100%
818-39-01/4   René Faigle SA   -2   W   1       34   4,296   358   126   4,080   340       120       10.0%   0.00     -5%   01.07.17   31.03.23           100%
818-39-02   René Faigle SA   0   OP   2       0   3,648   152       3,120   130               10.0%   0.00     -14%   01.04.08   31.03.23           100%
818-39-03   René Faigle SA   -2   W   1       44   6,000   500   136   5,280   440       120       10.0%   0.00     -12%   01.04.10   31.03.25           100%
818-39-03   René Faigle SA   -2   IP   1       0   2,916   243       1,920   160               5.0%   0.00     -34%   01.04.08   31.03.25           100%
818-39-05   René Faigle SA   -1   IP   2       0   4,800   200       3,840   160               5.0%   5.00     -20%   01.01.16               100%
818-42-01   Services Industriels de Genève   -2   W   1       168   1,848   154   11   20,160   1,680       120       10.0%   0.00     +991%   01.09.08   31.08.25           100%
818-30-01   SGS M-Scan SA   3   O   1       414   122,352   10,196   296   111,780   9,315       270   47%   6.5%   0.00     -9%   01.01.16   01.01.22           100%
818-30-01   SGS M-Scan SA   -2   IP   11       0   18,720   142       21,120   160               5.0%   0.00     +13%   01.01.07   01.01.22           100%
818-30-01/1   SGS M-Scan SA   -2   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   01.09.12   01.01.22           100%
818-30-02   SGS M-Scan SA   -1   W   1       9   1,080   90   120   1,080   90       120       10.0%   0.00     +0%   01.01.97   01.01.22           100%
818-30-03   SGS M-Scan SA   -2   W   1       55   7,236   603   132   6,600   550       120       10.0%   0.00     -9%   01.02.07   01.01.22           100%
818-30-05   SGS M-Scan SA   -2   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.03.13   28.02.22           100%
818-30-07   SGS M-Scan SA   -2   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   01.04.13   31.03.22           100%
818-30-08   SGS M-Scan SA   3   O   1       146   42,348   3,529   290   39,420   3,285       270   47%   6.5%   0.00     -7%   01.07.13   31.05.23           100%
818-30-09   SGS M-Scan SA   0   O   1       194   56,260   4,688   290   52,380   4,365       270   47%   6.5%   0.00     -7%   01.10.17   30.09.22           100%
818-30-09   SGS M-Scan SA   -1   IP   3       0   7,200   200       5,760   160               5.0%   0.00     -20%   01.10.17   30.09.22           100%
818-43-09   Sitex MAD SA   1   O   1       103   30,900   2,575   300   27,810   2,318       270   47%   6.5%   0.00     -10%   01.12.19   30.11.24           100%
818-43-09   Sitex MAD SA   -1   IP   3       0   7,920   220       5,760   160               5.0%   0.00     -27%   01.12.19   30.11.24           100%
818-43-01/3   Sitex SA   0   O   1       325   83,472   6,956   257   87,750   7,313       270   47%   6.5%   0.00     +5%   01.04.07   30.11.24           100%
818-43-01/3   Sitex SA   1   O   1       79   23,700   1,975   300   21,330   1,778       270   47%   6.5%   0.00     -10%   01.09.15   30.11.24           100%
818-43-01/3   Sitex SA   -1   W   1       22   3,708   309   169   2,640   220       120       10.0%   0.00     -29%   01.04.07   30.11.24           100%
818-43-01/4   Sitex SA   -1   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   01.08.20   30.11.24           100%
818-43-02   Sitex SA   -1   IP   8       0   18,480   193       15,360   160               5.0%   0.00     -17%   01.04.07   31.03.22           100%
818-43-03   Sitex SA   0   OP   3       0   3,744   104       4,680   130               10.0%   0.00     +25%   01.11.07   31.01.22           100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 20 of 47

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit   Current rent   Market rent   Δ   Current lease agreement
Ref. No.   Tenant name   Floor UT   No.   Ro   Area
[sqm]		   CHF p.a.   Unit/month
[CHF]		   per sqm
[CHF]		   CHF p.a.   Unit/month
[CHF]		   Q.   per sqm
[CHF]		   Q.   Vacant   Trans.
[a]		   Dev.   Start   End   Early
break/1st
notice		   Options
real/false		   Index
                                                                                       
818-43-03/2   Sitex SA   -1   SU…   4       0   1,440   30       960   20               15.0%   0.00     -33%   01.11.07   30.11.22           100%
818-43-04   Sitex SA   0   OP   4       0   9,600   200       6,240   130               10.0%   0.00     -35%   01.09.11   31.08.22           100%
818-43-04/2   Sitex SA   0   OP   3       0   7,200   200       4,680   130               10.0%   0.00     -35%   01.10.13   31.08.22           100%
818-43-04/3   Sitex SA   0   OP   1       0   2,400   200       1,560   130               10.0%   0.00     -35%   01.10.13   31.08.22           100%
818-43-04/4   Sitex SA   0   OP   1       0   2,400   200       1,560   130               10.0%   0.00     -35%   01.12.18   31.08.22           100%
818-43-05   Sitex SA   -1   IP   2       0   4,800   200       3,840   160               5.0%   0.00     -20%   01.09.11   31.08.22           100%
818-43-06   Sitex SA   0   IP   3       0   7,200   200       5,760   160               5.0%   0.00     -20%   01.05.12   30.04.22           100%
818-43-06/1   Sitex SA   -1   IP   1       0   2,400   200       1,920   160               5.0%   0.00     -20%   01.09.15   30.04.22           100%
818-43-07   Sitex SA   -1   W   1       12   2,160   180   180   1,440   120       120       10.0%   0.00     -33%   01.10.14   30.09.24           100%
818-43-07/1   Sitex SA   -2   W   1       55   8,800   733   160   6,600   550       120       10.0%   0.00     -25%   01.10.17   30.09.24           100%
818-43-07/3   Sitex SA   0   W   1       23   3,450   288   150   2,760   230       120       10.0%   0.00     -20%   01.07.18   30.09.24           100%
818-43-08   Sitex SA   -1   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.12.17               100%
818-43-10   Sitex SA   -1   IP   1       0   2,640   220       1,920   160               5.0%   5.00     -27%   01.11.19               100%
818-43-11   Sitex SA   -1   W   1       15   2,700   225   180   1,800   150       120       10.0%   5.00     -33%   01.12.20               100%
818-44-06   So Be Cosmetics SA   2   O   1       101   30,300   2,525   300   27,270   2,273       270   47%   6.5%   0.00     -10%   01.02.14   31.01.24           100%
818-44-07   So Be Cosmetics SA   0   IP   4       0   9,600   200       7,680   160               5.0%   0.00     -20%   01.07.08   31.01.22           100%
818-89-01   SP Groups SA   2   O   1       223   62,440   5,203   280   60,210   5,018       270   47%   6.5%   0.00     -4%   01.03.21   28.02.22           100%
818-85-01   Swedish Orphan Biovitrum AG   0   O   1       524   144,504   12,042   276   141,480   11,790       270   47%   6.5%   0.00     -2%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   0   O   1       622   201,900   16,825   325   167,940   13,995       270   47%   6.5%   0.00     -17%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   2   O   1       930   288,300   24,025   310   251,100   20,925       270   47%   6.5%   0.00     -13%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   -1   W   1       33   5,445   454   165   3,960   330       120       10.0%   0.00     -27%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   -1   W   1       34   5,244   437   154   4,080   340       120       10.0%   0.00     -22%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   -2   W   1       35   5,400   450   154   4,200   350       120       10.0%   0.00     -22%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   -1   W   1       38   5,548   462   146   4,560   380       120       10.0%   0.00     -18%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   -1   W   1       114   18,810   1,568   165   13,680   1,140       120       10.0%   0.00     -27%   01.08.20   31.03.24           100%
818-85-01   Swedish Orphan Biovitrum AG   0   IP   9       0   19,704   182       17,280   160               5.0%   0.00     -12%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   -1   IP   1       0   2,184   182       1,920   160               5.0%   0.00     -12%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   0   IP   21       0   50,196   199       40,320   160               5.0%   0.00     -20%   10.07.19   31.12.23           100%
818-85-01   Swedish Orphan Biovitrum AG   -1   IP   12       0   26,064   181       23,040   160               5.0%   0.00     -12%   10.07.19   31.12.23           100%
818-85-02   Swedish Orphan Biovitrum AG   -1   IP   2       0   2,928   122       3,840   160               5.0%   0.00     +31%   10.07.19   31.12.23           100%
818-85-02   Swedish Orphan Biovitrum AG   0   IP   34       0   49,776   122       65,280   160               5.0%   0.00     +31%   10.07.19   31.12.23           100%
818-85-03   Swedish Orphan Biovitrum AG   2   O   1       526   157,800   13,150   300   142,020   11,835       270   47%   6.5%   0.00     -10%   01.04.20   30.04.24           100%
818-99-99   Swedish Orphan Biovitrum AG   -2   IP   1       0   1,464   122       1,920   160               5.0%   0.00     +31%   01.04.21   31.12.23           100%
818-46-01   Tavitian SA   2   O   1       177   47,790   3,983   270   47,790   3,983       270   47%   6.5%   0.00     +0%   01.06.08   31.05.23           100%
818-46-02   Tavitian SA   2   W   1       14   1,680   140   120   1,680   140       120       10.0%   0.00     +0%   01.06.08   31.05.23           100%
818-46-03   Tavitian SA   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.04.15               100%
818-47-01/4   Technoplan Engineering SA   0   O   1       197   50,432   4,203   256   53,190   4,433       270   47%   6.5%   0.00     +5%   01.07.16   30.06.26           100%
818-47-03   Technoplan Engineering SA   -1   W   1       4   600   50   150   480   40       120       10.0%   0.00     -20%   01.07.16   30.06.26           100%
818-47-04/1   Technoplan Engineering SA   0   OP   2       0   3,840   160       3,120   130               10.0%   5.00     -19%   01.07.16               100%
818-47-05   Technoplan Engineering SA   -1   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.07.16               100%
818-89-01   Ultrafroid SA   0   O   1       209   54,340   4,528   260   56,430   4,703       270   47%   6.5%   0.00     +4%   15.01.21   31.01.26           100%
818-89-01   Ultrafroid SA   -2   IP   2       0   5,280   220       3,840   160               5.0%   0.00     -27%   15.01.21   31.01.26           100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 21 of 47

 

 

 

  

Wüest Dimensions - Business intelligence by Wüest Partner

  

Rental unit   Current rent   Market rent   Δ   Current lease agreement
Ref. No.   Tenant name   Floor UT   No.   Ro   Area
[sqm]		   CHF p.a.   Unit/month
[CHF]		   per sqm
[CHF]		   CHF p.a.   Unit/month
[CHF]		   Q.   per sqm
[CHF]		   Q.   Vacant   Trans.
[a]		   Dev.   Start   End   Early
break/1st
notice		   Options
real/false		   Index
818-89-01   Ultrafroid SA   0   OP   1       0   2,640   220       1,560   130               10.0%   0.00     -41%   15.01.21   31.01.26           100%
818-60-01   World Courier (Switzerland) SA   0   O   1       423   122,664   10,222   290   114,210   9,518       270   47%   6.5%   0.00     -7%   01.10.13   30.09.23           100%
818-60-01/1   World Courier (Switzerland) SA   -1   W   1       13   2,340   195   180   1,560   130       120       10.0%   0.00     -33%   01.06.15   30.06.23           100%
818-60-02   World Courier (Switzerland) SA   -2   IP   5       0   12,000   200       9,600   160               5.0%   5.00     -20%   01.10.13               100%
818-60-02   World Courier (Switzerland) SA   0   OP   3       0   7,200   200       4,680   130               10.0%   5.00     -35%   01.10.13               100%
818-60-03   World Courier (Switzerland) SA   -2   IP   1       0   2,400   200       1,920   160               5.0%   5.00     -20%   01.10.16               100%
818-60-40   World Courier (Switzerland) SA   -2   IP   1       0   2,640   220       1,920   160               5.0%   5.00     -27%   01.03.21               100%
                                                                                       
                                                                                       
                                                                                       
    % project.   % proj…                                  
Total budgeted rental income   963   37,684   11,749,052   100.0%   312   11,000,010   952       292   100.0%             -6%                    
Total vacancy   119   5,039   1,404,056   12.0%       716,953               6.5%             -49%                    
Total tenants   844   32,645   10,344,996   88.0%       10,283,057               93.5%             -1%                    

 

Legend:      
 ■   Vacancy  
 ■ Tenant name   Vacant, but the future tenant is already known.  
       

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 22 of 47

 

 

 

 

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Summary by tenant and use type

 

Breakdown by tenants and areas   Breakdown by tenants and current rent   Breakdown by tenants and market rent
         
         

 

Rental property   Current rent   Market rent   Δ   Current lease agreement
Tenant   UT   No.   sqm   Share   CHF p.a. CHF/sqm   Q.   Share   CHF p.a. CHF/sqm       Q.   Vac.   Dev.   Start   End   Early break   End   Index
            Min   Max   Ø               Min   Max   Ø               Min   Max   earliest termin.   [a]   Ø
LEM INTERNATIONAL SA       204   8,274   27%   2,812,464   105   311   340   59%   26%   2,521,140   120   270   305   47%   6.5%   -10%   01.04.05   31.12.23       2.0   100%
    O   1   7,698   85%   2,392,416   311   311   311   59%   82%   2,078,460   270   270   270   47%   6.5%   -13%   01.04.05   31.12.23       2.0   100%
    IP   171   0   11%   320,316                   13%   328,320                   5.0%   2%   01.04.05   31.12.23       2.0   100%
    W   3   576   2%   60,984   105   106   106       3%   69,120   120   120   120       10.0%   13%   01.04.05   31.12.23       2.0   100%
    OP   29   0   1%   38,748                   2%   45,240                   10.0%   17%   01.04.05   31.12.23       2.0   100%
Swedish Orphan Biovitrum AG       89   2,856   10%   985,267   146   325   345   57%   9%   886,620   120   270   310   47%   6.4%   -10%   10.07.19   30.04.24       2.1   100%
    O   4   2,602   80%   792,504   276   325   305   57%   79%   702,540   270   270   270   47%   6.5%   -11%   10.07.19   30.04.24       2.1   100%
    IP   80   0   15%   152,316                   17%   153,600                   5.0%   1%   10.07.19   31.12.23       2.0   100%
    W   5   254   4%   40,447   146   165   159       3%   30,480   120   120   120       10.0%   -25%   10.07.19   31.03.24       2.1   100%
NovImmune SA       44   2,420   7%   757,662   165   290   313   49%   7%   722,220   120   270   298   47%   6.4%   -5%   01.02.06   31.12.23       1.9   100%
    O   2   2,354   89%   677,316   262   290   288   49%   88%   635,580   270   270   270   47%   6.5%   -6%   01.02.06   31.12.23       1.9   100%
    IP   41   0   9%   69,456                   11%   78,720                   5.0%   13%   01.02.06   31.12.23       1.9   100%
    W   1   66   1%   10,890   165   165   165       1%   7,920   120   120   120       10.0%   -27%   01.01.19   31.12.23       2.0   100%
KBI Biopharma SA       48   1,730   6%   603,482   113   307   349   56%   6%   536,010   120   270   310   47%   6.4%   -11%   01.10.20   31.01.27       5.1   100%
    O   3   1,675   84%   509,906   280   307   304   56%   84%   452,250   270   270   270   47%   6.5%   -11%   01.10.20   31.01.27       5.1   100%
    IP   39   0   14%   82,740                   14%   74,880                   5.0%   -9%   01.10.20   31.01.27       4.9   100%
    W   2   55   1%   7,356   113   180   134       1%   6,600   120   120   120       10.0%   -10%   01.08.21   31.01.27       5.1   100%
    OP   1   0   0%   2,400                   0%   1,560                   10.0%   -35%   01.08.21   31.01.27       5.1   100%
    SUw   3   0   0%   1,080                   0%   720                   15.0%   -33%   01.08.21   31.01.27       5.1   100%
    A                                                                                    
Anteis SA       39   1,574   5%   534,888   149   340   340   60%   5%   480,030   120   270   305   47%   6.4%   -10%   01.10.05   31.12.25       4.0   100%
    O   3   1,493   85%   453,456   276   340   304   60%   84%   403,110   270   270   270   47%   6.5%   -11%   01.10.07   31.12.25       4.0   100%
    IP   35   0   13%   69,384                   14%   67,200                   5.0%   -3%   01.10.05   31.12.25       3.7   100%
    W   1   81   2%   12,048   149   149   149       2%   9,720   120   120   120       10.0%   -19%   16.05.07   31.12.25       4.0   100%
Fongit       37   1,434   4%   402,048   120   278   280   41%   5%   439,470   120   270   306   47%   6.3%   9%   01.11.00   30.04.22       0.2   100%
    O   3   1,373   86%   343,752   212   278   250   41%   84%   370,710   270   270   270   47%   6.5%   8%   01.11.06   30.04.22       0.2   100%

 

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Rental property   Current rent   Market rent   Δ   Current lease agreement
Tenant   UT   No.   sqm   Share   CHF p.a. CHF/sqm   Q.   Share   CHF p.a. CHF/sqm       Q.   Vac.   Dev.   Start   End   Early break   End   Index
            Min   Max   Ø               Min   Max   Ø               Min   Max   earliest termin.   [a]   Ø
    IP   32   0   13%   50,976                   14%   61,440                   5.0%   21%   01.11.00   30.04.22       0.2   100%
    W   2   61   2%   7,320   120   120   120       2%   7,320   120   120   120       10.0%   0%   01.05.07   30.04.22       0.3   100%
ObsEva SA       29   1,088   4%   387,860   300   310   356   57%   4%   341,040   270   270   313   47%   6.3%   -12%   01.07.13   30.06.23       1.4   100%
    O   4   1,088   84%   327,260   300   310   301   57%   86%   293,760   270   270   270   47%   6.5%   -10%   01.07.13   30.06.23       1.5   100%
    IP   23   0   14%   55,800                   13%   44,160                   5.0%   -21%   01.07.13   30.06.23       1.0   100%
    OP   2   0   1%   4,800                   1%   3,120                   10.0%   -35%   01.06.16   30.06.23       1.2   100%
CDC LAB SA       10   1,400   3%   356,880   170   270   255   47%   3%   325,080   120   270   232   47%   7.0%   -9%   16.04.21   30.04.31       9.3   100%
    O   1   960   73%   259,200   270   270   270   47%   80%   259,200   270   270   270   47%   6.5%   0%   16.04.21   30.04.31       9.3   100%
    W   2   440   22%   79,200   170   182   180       16%   52,800   120   120   120       10.0%   -33%   16.04.21   30.04.31       9.3   100%
    IP   6   0   4%   15,840                   4%   11,520                   5.0%   -27%   16.04.21   30.04.31       9.3   100%
    OP   1   0   1%   2,640                   0%   1,560                   10.0%   -41%   16.04.21   30.04.31       9.3   100%
Acqiris SA       21   1,029   3%   300,450   250   250   292   39%   3%   316,230   270   270   307   47%   6.3%   5%   01.02.21   31.01.26       3.5   100%
    O   1   1,029   86%   257,250   250   250   250   39%   88%   277,830   270   270   270   47%   6.5%   8%   01.02.21   31.01.26       4.1   100%
    IP   20   0   14%   43,200                   12%   38,400                   5.0%   -11%   01.02.21           0.2   100%
Lemsys SA       30   965   3%   273,231   110   300   283   47%   3%   281,340   120   270   292   47%   6.6%   3%   01.07.19   30.06.27       5.5   100%
    O   3   842   79%   215,340   220   300   256   47%   81%   227,340   270   270   270   47%   6.5%   6%   01.07.19   30.06.27       5.5   100%
    IP   16   0   10%   26,641                   11%   30,720                   5.0%   15%   01.07.19   30.06.27       5.5   100%
    W   3   123   6%   16,970   110   150   138       5%   14,760   120   120   120       10.0%   -13%   01.07.19   30.06.27       5.5   100%
    OP   5   0   5%   13,200                   3%   7,800                   10.0%   -41%   01.07.19   30.06.27       5.5   100%
    SUw   3   0   0%   1,080                   0%   720                   15.0%   -33%   01.07.19   30.06.27       5.5   100%
    A                                                                                    
SGS M-Scan SA       24   818   3%   267,196   120   296   327   54%   3%   247,740   120   270   303   47%   6.4%   -7%   01.01.97   31.05.23       0.4   100%
    O   3   754   83%   220,960   290   296   293   54%   82%   203,580   270   270   270   47%   6.5%   -8%   01.07.13   31.05.23       0.5   100%
    IP   19   0   14%   37,920                   15%   36,480                   5.0%   -4%   01.01.07   30.09.22       0.2   100%
    W   2   64   3%   8,316   120   132   130       3%   7,680   120   120   120       10.0%   -8%   01.01.97   01.01.22       0.0   100%
Fondation Eclosion       10   957   3%   259,766   143   260   271   43%   3%   267,480   120   270   279   47%   6.5%   3%   01.03.07   28.02.22       0.2   100%
    O   1   920   92%   239,391   260   260   260   43%   93%   248,400   270   270   270   47%   6.5%   4%   01.03.07   28.02.22       0.2   100%
    IP   6   0   4%   11,484                   4%   11,520                   5.0%   0%   01.03.07   28.02.22       0.5   100%
    W   1   37   2%   5,291   143   143   143       2%   4,440   120   120   120       10.0%   -16%   01.03.17   28.02.22       0.2   100%
    OP   2   0   1%   3,600                   1%   3,120                   10.0%   -13%   01.08.08   28.02.22       0.2   100%
DFI Services SA       34   652   2%   251,310   154   300   385   56%   2%   217,560   120   270   334   47%   6.4%   -13%   01.01.17   31.01.27       4.9   100%
    O   1   616   74%   184,800   300   300   300   56%   76%   166,320   270   270   270   47%   6.5%   -10%   01.02.17   31.01.27       5.1   100%
    IP   21   0   20%   50,400                   19%   40,320                   5.0%   -20%   01.02.17   31.01.27       4.9   100%
    OP   3   0   3%   7,680                   2%   4,680                   10.0%   -39%   01.02.17   31.01.27       2.3   100%
    W   1   36   2%   5,550   154   154   154       2%   4,320   120   120   120       10.0%   -22%   01.05.19           1.0   100%
    SUw   8   0   1%   2,880                   1%   1,920                   15.0%   -33%   01.01.17   31.01.27       5.1   100%
    A                                                                                    
ILEM       22   682   2%   209,880   180   240   308   34%   2%   218,040   120   270   320   47%   6.3%   4%   01.04.15   31.03.25       3.0   100%
    O   1   652   75%   156,480   240   240   240   34%   81%   176,040   270   270   270   47%   6.5%   13%   01.04.15   31.03.25       3.2   100%
    IP   20   0   23%   48,000                   18%   38,400                   5.0%   -20%   01.04.15   31.03.25       2.7   100%
    W   1   30   3%   5,400   180   180   180       2%   3,600   120   120   120       10.0%   -33%   01.01.16           0.1   100%
HED Technologies Sàrl       20   488   2%   198,080   310   310   406   59%   2%   168,240   270   270   345   47%   6.2%   -15%   01.06.17   28.02.27       4.7   100%
    O   1   488   76%   151,280   310   310   310   59%   78%   131,760   270   270   270   47%   6.5%   -13%   01.06.17   28.02.27       5.2   100%

 

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Rental property   Current rent   Market rent   Δ   Current lease agreement
Tenant   UT   No.   sqm   Share   CHF p.a. CHF/sqm   Q.   Share   CHF p.a. CHF/sqm       Q.   Vac.   Dev.   Start   End   Early break   End   Index
            Min   Max   Ø               Min   Max   Ø               Min   Max   earliest termin.   [a]   Ø
    IP   19   0   24%   46,800                   22%   36,480                   5.0%   -22%   01.09.17   28.02.27       3.3   100%
Sitex SA       41   531   2%   197,494   150   300   372   49%   2%   178,560   120   270   336   47%   6.9%   -10%   01.04.07   30.11.24       2.1   100%
    O   2   404   54%   107,172   257   300   265   49%   61%   109,080   270   270   270   47%   6.5%   2%   01.04.07   30.11.24       2.9   100%
    IP   18   0   22%   42,720                   19%   34,560                   5.0%   -19%   01.04.07   30.11.24       0.7   100%
    OP   12   0   13%   25,344                   10%   18,720                   10.0%   -26%   01.11.07   31.08.22       0.6   100%
    W   5   127   11%   20,818   150   180   164       9%   15,240   120   120   120       10.0%   -27%   01.04.07   30.11.24       2.5   100%
    SUw   4   0   1%   1,440                   1%   960                   15.0%   -33%   01.11.07   30.11.22       0.9   100%
    A                                                                                    
Epithelix S.a.r.l.       13   500   2%   173,568   294   317   347   58%   2%   155,400   270   270   311   47%   6.4%   -10%   01.05.13   30.04.22       0.2   100%
    O   2   500   86%   149,160   294   317   298   58%   87%   135,000   270   270   270   47%   6.5%   -9%   01.05.17   30.04.22       0.2   100%
    IP   9   0   12%   20,808                   11%   17,280                   5.0%   -17%   01.05.13   30.04.22       0.2   100%
    OP   2   0   2%   3,600                   2%   3,120                   10.0%   -13%   01.09.17   28.02.22       0.2   100%
World Courier (Switzerland) SA       12   436   1%   149,244   180   290   342   53%   1%   133,890   120   270   307   47%   6.5%   -10%   01.10.13   30.09.23       1.5   100%
    O   1   423   82%   122,664   290   290   290   53%   85%   114,210   270   270   270   47%   6.5%   -7%   01.10.13   30.09.23       1.7   100%
    IP   7   0   11%   17,040                   10%   13,440                   5.0%   -21%   01.10.13           0.1   100%
    OP   3   0   5%   7,200                   3%   4,680                   10.0%   -35%   01.10.13           0.1   100%
    W   1   13   2%   2,340   180   180   180       1%   1,560   120   120   120       10.0%   -33%   01.06.15   30.06.23       1.5   100%
René Faigle SA       16   422   1%   139,608   126   300   331   55%   1%   123,840   120   270   293   47%   6.8%   -11%   01.04.08   31.03.25       1.4   100%
    O   2   344   72%   100,164   289   300   291   55%   75%   92,880   270   270   270   47%   6.5%   -7%   01.04.08   31.03.23       1.2   100%
    IP   8   0   15%   20,700                   12%   15,360                   5.0%   -26%   01.04.08   31.03.25       1.5   100%
    W   2   78   7%   10,296   126   136   132       8%   9,360   120   120   120       10.0%   -9%   01.04.10   31.03.25       2.4   100%
    OP   4   0   6%   8,448                   5%   6,240                   10.0%   -26%   01.04.08   31.03.23       1.2   100%
Genkyotex (Suisse) SA       12   348   1%   117,678   150   300   338   56%   1%   103,110   120   270   296   47%   6.5%   -12%   01.02.11   31.12.22   30.09.2021   1.0   100%
    O   1   281   72%   84,300   300   300   300   56%   74%   75,870   270   270   270   47%   6.5%   -10%   01.02.11   31.12.22       1.0   100%
    IP   10   0   20%   23,328                   19%   19,200                   5.0%   -18%   01.02.11   31.12.22   30.09.2021   1.0   100%
    W   1   67   9%   10,050   150   150   150       8%   8,040   120   120   120       10.0%   -20%   01.02.11   31.12.22   30.09.2021   1.0   100%
Epic Restaurant AG       6   803   1%   114,600   65   167   143       2%   144,800   120   200   180       7.4%   26%   01.11.07   31.10.22       0.8   100%
    G   2   547   80%   91,346   167   167   167       76%   109,400   200   200   200       6.5%   20%   01.11.07   31.10.22       0.8   100%
    W   1   256   15%   16,654   65   65   65       21%   30,720   120   120   120       10.0%   84%   01.11.07   31.10.22       0.8   100%
    OP   3   0   6%   6,600                   3%   4,680                   10.0%   -29%   16.01.08   31.10.22       0.8   100%
Protectas Electronic Security       13   274   1%   96,756   137   300   353   56%   1%   84,330   120   270   308   47%   7.1%   -13%   01.01.11   31.01.26       4.0   100%
    O   1   219   68%   65,700   300   300   300   56%   70%   59,130   270   270   270   47%   6.5%   -10%   01.01.11   31.12.25       4.0   100%
    OP   7   0   15%   14,880                   13%   10,920                   10.0%   -27%   01.01.11   31.01.26       4.0   100%
    IP   4   0   9%   8,640                   9%   7,680                   5.0%   -11%   01.01.11   31.12.25       4.0   100%
    W   1   55   8%   7,536   137   137   137       8%   6,600   120   120   120       10.0%   -12%   16.01.11   31.01.26       4.1   100%
Amico Lab SA       13   272   1%   95,840   180   280   352   51%   1%   84,540   120   270   311   47%   7.3%   -12%   01.12.18   31.12.25       3.6   100%
    O   2   242   71%   67,760   280   280   280   51%   77%   65,340   270   270   270   47%   6.5%   -4%   01.01.21   31.12.25       4.0   100%
    OP   10   0   24%   22,680                   18%   15,600                   10.0%   -31%   01.12.18   31.12.25       2.3   100%
    W   1   30   6%   5,400   180   180   180       4%   3,600   120   120   120       10.0%   -33%   01.01.21   31.12.25       4.0   100%
Black Orange SA       7   272   1%   86,640   270   270   319   47%   1%   83,040   270   270   305   47%   6.3%   -4%   01.07.21   30.06.26       4.5   100%
    O   2   272   85%   73,440   270   270   270   47%   88%   73,440   270   270   270   47%   6.5%   0%   01.07.21   30.06.26       4.5   100%
    IP   5   0   15%   13,200                   12%   9,600                   5.0%   -27%   01.07.21   30.06.26       4.5   100%
Les Chambres du CTN       3   430   1%   71,172   165   166   166       1%   66,650   155   155   155       6.5%   -6%   01.10.13   30.09.23       1.7   100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 25 of 47

 

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental property

  

Current rent

  

Market rent

  

Δ

  

Current lease agreement

Tenant

  

UT

  

No. 

  

sqm

  

Share 

  

CHF p.a. 

  

CHF/sqm 

           Q.  

Share 

  

CHF p.a. 

  

CHF/sqm 

           Q.  

Vac. 

  

Dev. 

  

Start 

  

End 

  

Early break 

  

End 

  

Index 
                       

Min 

  

Max 

  

Ø 

  

 

          

Min 

  

Max 

  

Ø 

              

Min 

  

Max 

  

earliest termin. 

  

[a] 

  

Ø 
    Hot.   3   430   100%   71,172   165   166   166       100%   66,650   155   155   155       6.5%   -6%   01.10.13   30.09.23       1.7   100%
SP Groups SA       1   223   1%   62,440   280   280   280   51%   1%   60,210   270   270   270   47%   6.5%   -4%   01.03.21   28.02.22       0.2   100%
    O   1   223   100%   62,440   280   280   280   51%   100%   60,210   270   270   270   47%   6.5%   -4%   01.03.21   28.02.22       0.2   100%
Ultrafroid SA       4   209   1%   62,260   260   260   298   43%   1%   61,830   270   270   296   47%   6.5%   -1%   15.01.21   31.01.26       4.1   100%
    O   1   209   87%   54,340   260   260   260   43%   91%   56,430   270   270   270   47%   6.5%   4%   15.01.21   31.01.26       4.1   100%
    IP   2   0   8%   5,280                   6%   3,840                   5.0%   -27%   15.01.21   31.01.26       4.1   100%
    OP   1   0   4%   2,640                   3%   1,560                   10.0%   -41%   15.01.21   31.01.26       4.1   100%
Omnitec SA       3   226   1%   60,384   88   270   267   47%   1%   60,240   120   270   267   47%   6.6%   -0%   01.11.06   30.09.25       3.7   100%
    O   1   208   93%   56,160   270   270   270   47%   93%   56,160   270   270   270   47%   6.5%   0%   01.10.20   30.09.25       3.7   100%
    IP   1   0   4%   2,640                   3%   1,920                   5.0%   -27%   01.10.20   30.09.25       3.7   100%
    W   1   18   3%   1,584   88   88   88       4%   2,160   120   120   120       10.0%   36%   01.11.06   31.10.22       0.8   100%
Technoplan Engineering SA       5   201   1%   57,272   150   256   285   41%   1%   58,710   120   270   292   47%   6.7%   3%   01.07.16   30.06.26       4.0   100%
    O   1   197   88%   50,432   256   256   256   41%   91%   53,190   270   270   270   47%   6.5%   5%   01.07.16   30.06.26       4.5   100%
    OP   2   0   7%   3,840                   5%   3,120                   10.0%   -19%   01.07.16           0.1   100%
    IP   1   0   4%   2,400                   3%   1,920                   5.0%   -20%   01.07.16           0.1   100%
    W   1   4   1%   600   150   150   150       1%   480   120   120   120       10.0%   -20%   01.07.16   30.06.26       4.5   100%
Tavitian SA       3   191   1%   51,870   120   270   272   47%   1%   51,390   120   270   269   47%   6.6%   -1%   01.06.08   31.05.23       1.4   100%
    O   1   177   92%   47,790   270   270   270   47%   93%   47,790   270   270   270   47%   6.5%   0%   01.06.08   31.05.23       1.4   100%
    IP   1   0   5%   2,400                   4%   1,920                   5.0%   -20%   01.04.15           0.1   100%
    W   1   14   3%   1,680   120   120   120       3%   1,680   120   120   120       10.0%   0%   01.06.08   31.05.23       1.4   100%
So Be Cosmetics SA       5   101   0%   39,900   300   300   395   56%   0%   34,950   270   270   346   47%   6.2%   -12%   01.07.08   31.01.24       1.6   100%
    O   1   101   76%   30,300   300   300   300   56%   78%   27,270   270   270   270   47%   6.5%   -10%   01.02.14   31.01.24       2.1   100%
    IP   4   0   24%   9,600                   22%   7,680                   5.0%   -20%   01.07.08   31.01.22       0.1   100%
Sitex MAD SA       4   103   0%   38,820   300   300   377   56%   0%   33,570   270   270   326   47%   6.2%   -14%   01.12.19   30.11.24       2.9   100%
    O   1   103   80%   30,900   300   300   300   56%   83%   27,810   270   270   270   47%   6.5%   -10%   01.12.19   30.11.24       2.9   100%
    IP   3   0   20%   7,920                   17%   5,760                   5.0%   -27%   01.12.19   30.11.24       2.9   100%
Hermenjat Serigraphie       2   145   0%   38,604   256   256   266   41%   0%   41,070   270   270   283   47%   6.4%   6%   01.01.06   31.12.25       4.0   100%
    O   1   145   96%   37,116   256   256   256   41%   95%   39,150   270   270   270   47%   6.5%   5%   01.01.06   31.12.25       4.0   100%
    IP   1   0   4%   1,488                   5%   1,920                   5.0%   29%   01.01.06   31.12.25       4.0   100%
Anura Associates SA       7   81   0%   37,890   290   290   468   53%   0%   33,390   270   270   412   47%   6.0%   -12%   15.10.17   30.09.22       0.8   100%
    O   1   81   62%   23,490   290   290   290   53%   65%   21,870   270   270   270   47%   6.5%   -7%   15.11.17   30.09.22       0.7   100%
    IP   6   0   38%   14,400                   35%   11,520                   5.0%   -20%   15.10.17   30.09.22       0.9   100%
Addex Pharma SA       2   98   0%   13,720   140   140   140       0%   11,760   120   120   120       10.0%   -14%   01.12.15           0.5   100%
    W   2   98   100%   13,720   140   140   140       100%   11,760   120   120   120       10.0%   -14%   01.12.15           0.5   100%
Prolabo Sàrl       1   43   0%   11,610   270   270   270   47%   0%   11,610   270   270   270   47%   6.5%   0%   15.10.20   31.10.25       3.8   100%
    O   1   43   100%   11,610   270   270   270   47%   100%   11,610   270   270   270   47%   6.5%   0%   15.10.20   31.10.25       3.8   100%
IBF Suisse Sàrl       1   22   0%   7,194   327   327   327   64%   0%   5,940   270   270   270   47%   6.5%   -17%   01.05.21   30.04.26       4.3   100%
    O   1   22   100%   7,194   327   327   327   64%   100%   5,940   270   270   270   47%   6.5%   -17%   01.05.21   30.04.26       4.3   100%
PhytoXtract SA       2   50   0%   5,550   72   150   111       0%   6,000   120   120   120       10.0%   8%   01.05.17   30.04.22       0.3   100%
    W   2   50   100%   5,550   72   150   111       100%   6,000   120   120   120       10.0%   8%   01.05.17   30.04.22       0.3   100%
Leone Giulio Ferblanterie Sarl       1   35   0%   3,600   103   103   103       0%   4,200   120   120   120       10.0%   17%   01.10.17           1.0   100%
    W   1   35   100%   3,600   103   103   103       100%   4,200   120   120   120       10.0%   17%   01.10.17           1.0   100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 26 of 47

 

 
Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental property   Current rent   Market rent   Δ   Current lease agreement
Tenant UT

No. 

sqm 

  

Share

  

CHF p.a. 

CHF/sqm

  

Q. 

  

Share 

  

CHF p.a.

CHF/sqm 

    

Q. 

  

Vac. 

  

Dev. 

   Start

 

 End  

Early break

End 

Index 
     

Min 

Max 

Ø 

      

Min 

Max 

Ø 

           Min   Max  

earliest termin.

[a] 

  

Ø 
Cramatte Cédric       1   62   0%   3,600   58   58   58       0%   7,440   120   120   120       10.0%   107%   01.02.19           1.0   100%
    W   1   62   100%   3,600   58   58   58       100%   7,440   120   120   120       10.0%   107%   01.02.19           1.0   100%
Plair SA       1   19   0%   3,420   180   180   180       0%   2,280   120   120   120       10.0%   -33%   01.12.17           1.0   100%
    W   1   19   100%   3,420   180   180   180       100%   2,280   120   120   120       10.0%   -33%   01.12.17           1.0   100%
Services Industriels de Genève       1   168   0%   1,848   11   11   11       0%   20,160   120   120   120       10.0%   991%   01.09.08   31.08.25       3.7   100%
    W   1   168   100%   1,848   11   11   11       100%   20,160   120   120   120       10.0%   991%   01.09.08   31.08.25       3.7   100%
QAD Europe SA       1   7   0%   1,050   150   150   150       0%   840   120   120   120       10.0%   -20%   01.05.09   30.04.24       2.3   100%
    W   1   7   100%   1,050   150   150   150       100%   840   120   120   120       10.0%   -20%   01.05.09   30.04.24       2.3   100%
Lanier Cyril       1   5   0%   600   120   120   120       0%   600   120   120   120       10.0%   0%   01.01.03           0.0   100%
    W   1   5   100%   600   120   120   120       100%   600   120   120   120       10.0%   0%   01.01.03           0.0   100%
Iline Daria       1   1   0%   300   300   300   300       0%   120   120   120   120       10.0%   -60%   01.04.19           0.1   100%
    W   1   1   100%   300   300   300   300       100%   120   120   120   120       10.0%   -60%   01.04.19           0.1   100%
                                                                                         
Total tenants       844   32,645   100%   10,344,996   11   340   317   52%   100%   9,632,710   120   270   295   47%   6.5%   -7%   01.01.97   30.04.31   30.09.2021   2.6   100%

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 27 of 47

 

 
Wüest Dimensions - Business intelligence by Wüest Partner

 

Summary by tenant and use type outlook

 

Rental unit   Rents           Periods | nominal cashflows                
                    Actual       Market   1   2   3   4    5    6    7    8    9    10 
Tenant   UT   No.   sqm   end [a]   Share   CHF p.a.   CHF p.a.   01.01.2022
- 31.12.2022		   01.01.2023
- 31.12.2023		   01.01.2024
- 31.12.2024		   01.01.2025
- 31.12.2025		   01.01.2026
- 31.12.2026		   01.01.2027
- 31.12.2027		   01.01.2028
- 31.12.2028		   01.01.2029
- 31.12.2029		   01.01.2030
- 31.12.2030		   01.01.2031 - 31.12.2031
LEM INTERNATIONAL SA       204   8,274   2.0   27.2%   2,812,464   2,521,140   2,812,464   2,826,526   2,546,414   2,559,147   2,571,942   2,584,802   2,597,726   2,610,715   2,623,768   2,636,887
    W   3   576   2.0   2.2%   60,984   69,120   60,984   61,289   69,813   70,162   70,513   70,865   71,220   71,576   71,934   72,293
    OP   29   0   2.0   1.4%   38,748   45,240   38,748   38,942   45,694   45,922   46,152   46,382   46,614   46,847   47,082   47,317
    IP   171   0   2.0   11.4%   320,316   328,320   320,316   321,918   331,611   333,269   334,936   336,610   338,294   339,985   341,685   343,393
    O   1   7,698   2.0   85.1%   2,392,416   2,078,460   2,392,416   2,404,378   2,099,297   2,109,793   2,120,342   2,130,944   2,141,598   2,152,306   2,163,068   2,173,883
Swedish Orphan Biovitrum AG       89   2,856   2.1   9.5%   985,267   886,620   985,267   990,194   902,116   899,986   904,486   909,008   913,553   918,121   922,712   927,325
    W   5   254   2.1   4.1%   40,447   30,480   40,447   40,649   32,081   30,939   31,094   31,250   31,406   31,563   31,721   31,879
    IP   80   0   2.0   15.5%   152,316   153,600   152,316   153,078   155,140   155,916   156,695   157,479   158,266   159,057   159,853   160,652
    O   4   2,602   2.1   80.4%   792,504   702,540   792,504   796,467   714,896   713,131   716,697   720,280   723,881   727,501   731,138   734,794
NovImmune SA       44   2,420   1.9   7.3%   757,662   722,220   757,657   762,973   729,933   733,436   736,956   740,498   744,159   747,880   751,619   755,378
    W   1   66   2.0   1.4%   10,890   7,920   10,890   10,944   7,999   8,039   8,080   8,120   8,161   8,201   8,242   8,284
    O   2   2,354   1.9   89.4%   677,316   635,580   677,316   681,740   641,952   645,161   648,387   651,629   654,887   658,162   661,453   664,760
    IP   41   0   1.9   9.2%   69,456   78,720   69,451   70,289   79,981   80,235   80,489   80,749   81,111   81,517   81,924   82,334
KBI Biopharma SA       48   1,730   5.1   5.8%   603,482   536,010   603,410   606,283   609,169   612,068   614,982   555,248   552,293   555,054   557,829   560,619
    W   2   55   5.1   1.2%   7,356   6,600   7,356   7,393   7,430   7,467   7,504   6,831   6,800   6,834   6,869   6,903
    OP   1   0   5.1   0.4%   2,400   1,560   2,400   2,412   2,424   2,436   2,448   1,671   1,607   1,615   1,624   1,632
   

SUw

A

   3   0   5.1   0.2%   1,080   720   1,080   1,085   1,091   1,096   1,102   769   742   746   749   753
    IP   39   0   4.9   13.7%   82,740   74,880   82,668   82,937   83,206   83,476   83,747   77,381   77,155   77,540   77,928   78,318
    O   3   1,675   5.1   84.5%   509,906   452,250   509,906   512,455   515,018   517,593   520,181   468,596   465,988   468,318   470,660   473,013
Anteis SA       39   1,574   4.0   5.2%   534,888   480,030   534,827   537,284   539,680   542,086   490,008   492,225   494,612   497,085   499,571   502,068
    W   1   81   4.0   2.3%   12,048   9,720   12,048   12,108   12,169   12,230   9,916   9,965   10,015   10,065   10,116   10,166
    IP   35   0   3.7   13.0%   69,384   67,200   69,323   69,453   69,509   69,564   68,859   68,971   69,241   69,588   69,936   70,285
    O   3   1,493   4.0   84.8%   453,456   403,110   453,456   455,723   458,002   460,292   411,233   413,289   415,355   417,432   419,519   421,617
Fongit       37   1,434   0.2   3.9%   402,048   439,470   426,423   441,667   443,876   446,095   448,326   450,567   452,820   455,084   457,360   459,646
    W   2   61   0.3   1.8%   7,320   7,320   7,320   7,357   7,393   7,430   7,468   7,505   7,542   7,580   7,618   7,656
    IP   32   0   0.2   12.7%   50,976   61,440   58,492   61,747   62,056   62,366   62,678   62,991   63,306   63,623   63,941   64,261
    O   3   1,373   0.2   85.5%   343,752   370,710   360,611   372,564   374,426   376,298   378,180   380,071   381,971   383,881   385,801   387,730
ObsEva SA       29   1,088   1.4   3.7%   387,860   341,040   387,714   368,535   348,879   349,186   349,487   349,932   351,400   353,157   354,923   356,697
    OP   2   0   1.2   1.2%   4,800   3,120   4,800   4,317   3,745   3,593   3,439   3,284   3,215   3,231   3,247   3,263
    O   4   1,088   1.5   84.4%   327,260   293,760   327,260   312,062   296,705   298,188   299,679   301,178   302,684   304,197   305,718   307,247
    IP   23   0   1.0   14.4%   55,800   44,160   55,654   52,156   48,429   47,405   46,368   45,470   45,501   45,729   45,958   46,187
CDC LAB SA       10   1,400   9.3   3.4%   356,880   325,080   356,880   358,664   360,458   362,260   364,071   365,892   367,721   369,560   371,408   351,091
    W   2   440   9.3   22.2%   79,200   52,800   79,200   79,596   79,994   80,394   80,796   81,200   81,606   82,014   82,424   64,428
    OP   1   0   9.3   0.7%   2,640   1,560   2,640   2,653   2,666   2,680   2,693   2,707   2,720   2,734   2,747   2,008
    IP   6   0   9.3   4.4%   15,840   11,520   15,840   15,919   15,999   16,079   16,159   16,240   16,321   16,403   16,485   13,555
    O   1   960   9.3   72.6%   259,200   259,200   259,200   260,496   261,798   263,107   264,423   265,745   267,074   268,409   269,751   271,100
Acqiris SA       21   1,029   3.5   2.9%   300,450   316,230   306,861   325,210   348,178   346,995   326,547   324,305   325,836   327,465   329,103   330,748
    IP   20   0   0.2   14.4%   43,200   38,400   49,611   49,438   46,776   44,087   41,369   39,460   39,566   39,764   39,963   40,163
    O   1   1,029   4.1   85.6%   257,250   277,830   257,250   275,772   301,402   302,909   285,178   284,846   286,270   287,701   289,140   290,585

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 28 of 47

 

 
Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit       Rents           Periods | nominal cashflows                  
                    Actual       Market   1   2   3   4   5   6   7   8   9   10
Tenant   UT   No.   sqm   end [a]   Share   CHF p.a.   CHF p.a.   01.01.2022
- 31.12.2022		   01.01.2023
- 31.12.2023		   01.01.2024
- 31.12.2024		   01.01.2025  -31.12.2025   01.01.2026 -31.12.2026   01.01.2027
- 31.12.2027		   01.01.2028
- 31.12.2028		   01.01.2029
- 31.12.2029		   01.01.2030
- 31.12.2030		   01.01.2031 -31.12.2031
Lemsys SA       30   965   5.5   2.6%   273,231   281,340   273,231   274,597   275,970   277,350   278,737   284,287   289,886   291,336   292,793   294,256
    W   3   123   5.5   6.2%   16,970   14,760   16,970   17,055   17,140   17,226   17,312   16,266   15,208   15,284   15,361   15,438
    OP   5   0   5.5   4.8%   13,200   7,800   13,200   13,266   13,332   13,399   13,466   10,765   8,037   8,077   8,118   8,158
   

SUw

A

   3   0   5.5   0.4%   1,080   720   1,080   1,085   1,091   1,096   1,102   923   742   746   749   753
    IP   16   0   5.5   9.8%   26,641   30,720   26,641   26,774   26,908   27,043   27,178   29,405   31,653   31,811   31,971   32,130
    O   3   842   5.5   78.8%   215,340   227,340   215,340   216,417   217,499   218,586   219,679   226,929   234,246   235,417   236,594   237,777
SGS M-Scan SA       24   818   0.4   2.6%   267,196   247,740   255,005   250,205   250,224   251,475   252,732   253,996   255,266   256,542   257,825   259,114
    W   2   64   0.0   3.1%   8,316   7,680   7,682   7,718   7,757   7,796   7,835   7,874   7,913   7,953   7,993   8,033
    IP   19   0   0.2   14.2%   37,920   36,480   37,876   36,662   36,846   37,030   37,215   37,401   37,588   37,776   37,965   38,155
    O   3   754   0.5   82.7%   220,960   203,580   209,448   205,824   205,621   206,649   207,682   208,721   209,764   210,813   211,867   212,926
Fondation Eclosion       10   957   0.2   2.5%   259,766   267,480   266,197   268,856   270,203   271,556   272,916   274,270   275,605   276,983   278,368   279,760
    W   1   37   0.2   2.0%   5,291   4,440   4,582   4,462   4,485   4,507   4,529   4,552   4,575   4,598   4,621   4,644
    OP   2   0   0.2   1.4%   3,600   3,120   3,200   3,136   3,151   3,167   3,183   3,199   3,215   3,231   3,247   3,263
    O   1   920   0.2   92.2%   239,391   248,400   246,899   249,642   250,890   252,145   253,405   254,672   255,946   257,226   258,512   259,804
    IP   6   0   0.5   4.4%   11,484   11,520   11,517   11,616   11,677   11,737   11,798   11,847   11,870   11,929   11,989   12,049
DFI Services SA       34   652   4.9   2.4%   251,310   217,560   251,310   252,175   252,655   253,132   253,608   226,001   224,169   225,290   226,416   227,548
    W   1   36   1.0   2.2%   5,550   4,320   5,550   5,453   5,232   5,009   4,783   4,554   4,451   4,473   4,496   4,518
    OP   3   0   2.3   3.1%   7,680   4,680   7,680   7,500   7,101   6,698   6,291   5,090   4,822   4,846   4,871   4,895
   

SUw

A

   8   0   5.1   1.1%   2,880   1,920   2,880   2,894   2,909   2,923   2,938   2,051   1,978   1,988   1,998   2,008
    IP   21   0   4.9   20.1%   50,400   40,320   50,400   50,603   50,760   50,916   51,073   42,207   41,545   41,753   41,961   42,171
    O   1   616   5.1   73.5%   184,800   166,320   184,800   185,724   186,653   187,586   188,524   172,099   171,372   172,229   173,090   173,956
ILEM       22   682   3.0   2.0%   209,880   218,040   209,647   210,045   210,344   219,685   223,054   223,645   224,664   225,787   226,916   228,050
    W   1   30   0.1   2.6%   5,400   3,600   5,248   4,913   4,574   4,232   3,886   3,692   3,709   3,728   3,747   3,765
    IP   20   0   2.7   22.9%   48,000   38,400   47,919   47,869   47,721   41,723   39,581   39,468   39,566   39,764   39,963   40,163
    O   1   652   3.2   74.6%   156,480   176,040   156,480   157,262   158,049   173,730   179,587   180,485   181,388   182,295   183,206   184,122
HED Technologies Sàrl       20   488   4.7   1.9%   198,080   168,240   198,080   198,561   198,536   198,505   198,469   177,240   173,351   174,217   175,089   175,964
    O   1   488   5.2   76.4%   151,280   131,760   151,280   152,036   152,796   153,560   154,328   138,423   135,763   136,441   137,124   137,809
    IP   19   0   3.3   23.6%   46,800   36,480   46,800   46,525   45,739   44,945   44,141   38,817   37,588   37,776   37,965   38,155
Sitex SA       41   531   2.1   1.9%   197,494   178,560   191,825   185,028   184,607   182,243   182,726   183,237   183,984   184,904   185,829   186,758
    W   5   127   2.5   10.5%   20,818   15,240   20,818   20,831   19,752   15,926   15,822   15,717   15,703   15,781   15,860   15,940
    OP   12   0   0.6   12.8%   25,344   18,720   23,682   18,814   18,908   19,002   19,097   19,193   19,289   19,385   19,482   19,579
   

SUw

A

   4   0   0.9   0.7%   1,440   960   1,400   965   970   974   979   984   989   994   999   1,004
    IP   18   0   0.7   21.6%   42,720   34,560   38,753   36,710   36,570   35,616   35,550   35,509   35,610   35,788   35,967   36,147
    O   2   404   2.9   54.3%   107,172   109,080   107,172   107,708   108,407   110,724   111,278   111,834   112,394   112,956   113,520   114,088
Epithelix S.a.r.l.     13   500   0.2   1.7%   173,568   155,400   159,318   156,177   156,958   157,743   158,531   159,324   160,121   160,921   161,726   162,535
    OP   2   0   0.2   2.1%   3,600   3,120   3,200   3,136   3,151   3,167   3,183   3,199   3,215   3,231   3,247   3,263
    IP   9   0   0.2   12.0%   20,808   17,280   18,028   17,366   17,453   17,540   17,628   17,716   17,805   17,894   17,983   18,073
    O   2   500   0.2   85.9%   149,160   135,000   138,090   135,675   136,353   137,035   137,720   138,409   139,101   139,796   140,495   141,198
World Courier (Switzerland) SA       12   436   1.5   1.4%   149,244   133,890   148,727   145,728   138,423   137,872   137,313   137,275   137,957   138,647   139,340   140,037
    W   1   13   1.5   1.6%   2,340   1,560   2,340   1,960   1,576   1,584   1,591   1,599   1,607   1,615   1,624   1,632

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 29 of 47

 

 
Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit   Rents           Periods | nominal cashflows                      
                    Actual       Market   1   2   3   4   5   6   7   8   9   10
Tenant   UT   No.   sqm   end [a]   Share   CHF p.a.   CHF p.a.   01.01.2022
- 31.12.2022		   01.01.2023 -31.12.2023   01.01.2024 -31.12.2024   01.01.2025 -31.12.2025   01.01.2026
- 31.12.2026		   01.01.2027 -31.12.2027   01.01.2028 -31.12.2028   01.01.2029 -31.12.2029   01.01.2030 -31.12.2030   01.01.2031 -31.12.2031
    OP   3   0   0.1   4.8%   7,200   4,680   6,987   6,517   6,041   5,559   5,073   4,800   4,822   4,846   4,871   4,895
    IP   7   0   0.1   11.4%   17,040   13,440   16,736   16,098   15,451   14,798   14,137   13,782   13,848   13,918   13,987   14,057
    O   1   423   1.7   82.2%   122,664   114,210   122,664   121,153   115,355   115,932   116,511   117,094   117,679   118,268   118,859   119,453
René Faigle SA       16   422   1.4   1.3%   139,608   123,840   139,608   130,341   127,493   126,629   126,629   127,065   127,602   128,240   128,881   129,526
    W   2   78   2.4   7.4%   10,296   9,360   10,296   10,185   10,181   9,684   9,549   9,596   9,644   9,693   9,741   9,790
    OP   4   0   1.2   6.1%   8,448   6,240   8,448   6,826   6,303   6,334   6,366   6,398   6,430   6,462   6,494   6,526
    IP   8   0   1.5   14.8%   20,700   15,360   20,700   18,156   17,198   16,331   15,963   15,846   15,827   15,906   15,985   16,065
    O   2   344   1.2   71.7%   100,164   92,880   100,164   95,175   93,811   94,280   94,752   95,225   95,701   96,180   96,661   97,144
Genkyotex (Suisse) SA       12   348   1.0   1.1%   117,678   103,110   117,678   103,626   104,144   104,664   105,188   105,714   106,242   106,773   107,307   107,844
    W   1   67   1.0   8.5%   10,050   8,040   10,050   8,080   8,121   8,161   8,202   8,243   8,284   8,326   8,367   8,409
    IP   10   0   1.0   19.8%   23,328   19,200   23,328   19,296   19,392   19,489   19,587   19,685   19,783   19,882   19,982   20,081
    O   1   281   1.0   71.6%   84,300   75,870   84,300   76,249   76,631   77,014   77,399   77,786   78,175   78,566   78,958   79,353
Epic Restaurant AG       6   803   0.8   1.1%   114,600   144,800   119,633   145,524   146,252   146,983   147,718   148,456   149,199   149,945   150,694   151,448
    W   1   256   0.8   14.5%   16,654   30,720   18,998   30,874   31,028   31,183   31,339   31,496   31,653   31,811   31,971   32,130
    OP   3   0   0.8   5.8%   6,600   4,680   6,280   4,703   4,727   4,751   4,774   4,798   4,822   4,846   4,871   4,895
    G   2   547   0.8   79.7%   91,346   109,400   94,355   109,947   110,497   111,049   111,604   112,162   112,723   113,287   113,853   114,423
Protectas Electronic Security S...       13   274   4.0   0.9%   96,756   84,330   96,756   97,240   97,726   98,215   86,252   86,459   86,892   87,326   87,763   88,202
    W   1   55   4.1   7.8%   7,536   6,600   7,536   7,574   7,612   7,650   6,813   6,767   6,800   6,834   6,869   6,903
    OP   7   0   4.0   15.4%   14,880   10,920   14,880   14,954   15,029   15,104   11,283   11,196   11,252   11,308   11,365   11,421
    IP   4   0   4.0   8.9%   8,640   7,680   8,640   8,683   8,727   8,770   7,835   7,874   7,913   7,953   7,993   8,033
    O   1   219   4.0   67.9%   65,700   59,130   65,700   66,029   66,359   66,690   60,321   60,623   60,926   61,231   61,537   61,845
Amico Lab SA       13   272   3.6   0.9%   95,840   84,540   95,622   95,352   95,053   94,749   86,829   86,699   87,108   87,544   87,981   88,421
    W   1   30   4.0   5.6%   5,400   3,600   5,400   5,427   5,454   5,481   3,673   3,691   3,709   3,728   3,747   3,765
    OP   10   0   2.3   23.7%   22,680   15,600   22,462   21,826   21,160   20,486   16,500   16,018   16,074   16,154   16,235   16,316
    O   2   242   4.0   70.7%   67,760   65,340   67,760   68,099   68,439   68,781   66,657   66,990   67,325   67,661   68,000   68,340
Black Orange SA       7   272   4.5   0.8%   86,640   83,040   86,640   87,073   87,509   87,946   86,550   85,137   85,563   85,990   86,420   86,852
    IP   5   0   4.5   15.2%   13,200   9,600   13,200   13,266   13,332   13,399   11,630   9,842   9,892   9,941   9,991   10,041
    O   2   272   4.5   84.8%   73,440   73,440   73,440   73,807   74,176   74,547   74,920   75,294   75,671   76,049   76,430   76,812
Les Chambres du CTN       3   430   1.7   0.7%   71,172   66,650   71,172   70,392   67,318   67,655   67,993   68,333   68,675   69,018   69,363   69,710
    Hot.   3   430   1.7   100.0%   71,172   66,650   71,172   70,392   67,318   67,655   67,993   68,333   68,675   69,018   69,363   69,710
SP Groups SA       1   223   0.2   0.6%   62,440   60,210   60,582   60,511   60,814   61,118   61,423   61,730   62,039   62,349   62,661   62,974
    O   1   223   0.2   100.0%   62,440   60,210   60,582   60,511   60,814   61,118   61,423   61,730   62,039   62,349   62,661   62,974
Ultrafroid SA       4   209   4.1   0.6%   62,260   61,830   62,260   62,572   62,884   63,199   63,112   63,391   63,708   64,027   64,347   64,669
    OP   1   0   4.1   4.2%   2,640   1,560   2,640   2,653   2,666   2,680   1,683   1,599   1,607   1,615   1,624   1,632
    IP   2   0   4.1   8.5%   5,280   3,840   5,280   5,306   5,333   5,360   4,040   3,937   3,957   3,976   3,996   4,016
    O   1   209   4.1   87.3%   54,340   56,430   54,340   54,612   54,885   55,159   57,389   57,855   58,144   58,435   58,727   59,021
Omnitec SA       3   226   3.7   0.6%   60,384   60,240   60,480   61,265   61,571   61,696   61,454   61,761   62,070   62,380   62,692   63,006
    W   1   18   0.8   2.6%   1,584   2,160   1,680   2,171   2,182   2,193   2,204   2,215   2,226   2,237   2,248   2,259
    IP   1   0   3.7   4.4%   2,640   1,920   2,640   2,653   2,666   2,497   1,959   1,968   1,978   1,988   1,998   2,008
    O   1   208   3.7   93.0%   56,160   56,160   56,160   56,441   56,723   57,007   57,292   57,578   57,866   58,155   58,446   58,738
Technoplan Engineering SA       5   201   4.0   0.6%   57,272   58,710   57,171   57,216   57,260   57,303   58,690   60,193   60,493   60,796   61,100   61,405
    W   1   4   4.5   1.0%   600   480   600   603   606   609   551   492   495   497   500   502

 

102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 Created by Wüest Partner, 06.12.2021 Page 30 of 47

 

 

 

Wüest Dimensions - Business intelligence by Wüest Partner

 

Rental unit                 Rents       Periods | nominal cashflows                
                    Actual       Market   1 2 3 4 5 6 7 8 9 10
Tenant UT   No.   sqm   end [a]   Share   CHF p.a.   CHF p.a. 01.01.2022 01.01.2023 01.01.2024 01.01.2025 01.01.2026 01.01.2027 01.01.2028 01.01.2029 01.01.2030 01.01.2031
                                - 31.12.2022 - 31.12.2023 - 31.12.2024 - 31.12.2025 - 31.12.2026 - 31.12.2027 - 31.12.2028 - 31.12.2029 - 31.12.2030 - 31.12.2031
    OP   2   0   0.1   6.7%   3,840   3,120   3,779   3,654   3,527   3,398   3,268   3,199   3,215   3,231   3,247   3,263
    IP   1   0   0.1   4.2%   2,400   1,920   2,359   2,275   2,189   2,103   2,016   1,969   1,978   1,988   1,998   2,008
    O   1   197   4.5   88.1%   50,432   53,190   50,432   50,685   50,938   51,193   52,855   54,533   54,806   55,080   55,355   55,632
Tavitian SA       3   191   1.4   0.5%   51,870   51,390   51,829   51,992   52,155   52,319   52,482   52,688   52,951   53,216   53,482   53,749
    W   1   14   1.4   3.2%   1,680   1,680   1,680   1,688   1,697   1,705   1,714   1,722   1,731   1,740   1,748   1,757
    IP   1   0   0.1   4.6%   2,400   1,920   2,359   2,275   2,189   2,103   2,016   1,969   1,978   1,988   1,998   2,008
    O   1   177   1.4   92.1%   47,790   47,790   47,790   48,029   48,269   48,510   48,753   48,997   49,242   49,488   49,735   49,984
So Be Cosmetics SA       5   101   1.6   0.4%   39,900   34,950   38,140   38,170   35,555   35,477   35,654   35,833   36,012   36,192   36,373   36,555
    IP   4   0   0.1   24.1%   9,600   7,680   7,840   7,718   7,757   7,796   7,835   7,874   7,913   7,953   7,993   8,033
    O   1   101   2.1   75.9%   30,300   27,270   30,300   30,452   27,798   27,681   27,820   27,959   28,098   28,239   28,380   28,522
Sitex MAD SA       4   103   2.9   0.4%   38,820   33,570   38,820   39,014   38,767   34,076   34,246   34,418   34,590   34,763   34,937   35,111
    IP   3   0   2.9   20.4%   7,920   5,760   7,920   7,960   7,818   5,847   5,876   5,905   5,935   5,965   5,994   6,024
    O   1   103   2.9   79.6%   30,900   27,810   30,900   31,055   30,950   28,229   28,370   28,512   28,655   28,798   28,942   29,087
Hermenjat Serigraphie       2   145   4.0   0.4%   38,604   41,070   38,604   38,797   38,991   39,186   41,898   42,107   42,318   42,529   42,742   42,956
    IP   1   0   4.0   3.9%   1,488   1,920   1,488   1,495   1,503   1,510   1,959   1,968   1,978   1,988   1,998   2,008
    O   1   145   4.0   96.1%   37,116   39,150   37,116   37,302   37,488   37,676   39,939   40,139   40,339   40,541   40,744   40,947
Anura Associates SA       7   81   0.8   0.4%   37,890   33,390   37,245   35,293   35,081   34,867   34,649   34,429   34,404   34,576   34,749   34,923
    IP   6   0   0.9   38.0%   14,400   11,520   14,160   13,313   12,992   12,667   12,339   12,007   11,870   11,929   11,989   12,049
    O   1   81   0.7   62.0%   23,490   21,870   23,085   21,979   22,089   22,200   22,311   22,422   22,534   22,647   22,760   22,874
Addex Pharma SA       2   98   0.5   0.1%   13,720   11,760   13,670   13,393   13,064   12,732   12,396   12,107   12,117   12,178   12,239   12,300
    W   2   98   0.5   100.0%   13,720   11,760   13,670   13,393   13,064   12,732   12,396   12,107   12,117   12,178   12,239   12,300
Prolabo Sàrl       1   43   3.8   0.1%   11,610   11,610   11,610   11,668   11,726   11,785   11,844   11,903   11,963   12,022   12,083   12,143
    O   1   43   3.8   100.0%   11,610   11,610   11,610   11,668   11,726   11,785   11,844   11,903   11,963   12,022   12,083   12,143
IBF Suisse Sàrl       1   22   4.3   0.1%   7,194   5,940   7,194   7,230   7,266   7,302   6,486   6,090   6,120   6,151   6,182   6,213
    O   1   22   4.3   100.0%   7,194   5,940   7,194   7,230   7,266   7,302   6,486   6,090   6,120   6,151   6,182   6,213
PhytoXtract SA       2   50   0.3   0.1%   5,550   6,000   5,850   6,030   6,060   6,090   6,121   6,152   6,182   6,213   6,244   6,275
    W   2   50   0.3   100.0%   5,550   6,000   5,850   6,030   6,060   6,090   6,121   6,152   6,182   6,213   6,244   6,275
Leone Giulio Ferblanterie Sarl       1   35   1.0   0.0%   3,600   4,200   3,600   3,679   3,818   3,959   4,101   4,245   4,328   4,349   4,371   4,393
    W   1   35   1.0   100.0%   3,600   4,200   3,600   3,679   3,818   3,959   4,101   4,245   4,328   4,349   4,371   4,393
Cramatte Cédric       1   62   1.0   0.0%   3,600   7,440   3,600   4,006   4,802   5,605   6,417   7,236   7,666   7,704   7,743   7,782
    W   1   62   1.0   100.0%   3,600   7,440   3,600   4,006   4,802   5,605   6,417   7,236   7,666   7,704   7,743   7,782
Plair SA       1   19   1.0   0.0%   3,420   2,280   3,420   3,322   3,108   2,892   2,674   2,454   2,349   2,361   2,373   2,385
    W   1   19   1.0   100.0%   3,420   2,280   3,420   3,322   3,108   2,892   2,674   2,454   2,349   2,361   2,373   2,385
Services Industriels de Genève       1   168   3.7   0.0%   1,848   20,160   1,848   1,857   1,867   8,072   20,566   20,669   20,772   20,876   20,981   21,086
    W   1   168   3.7   100.0%   1,848   20,160   1,848   1,857   1,867   8,072   20,566   20,669   20,772   20,876   20,981   21,086
QAD Europe SA       1   7   2.3   0.0%   1,050   840   1,050   1,055   919   853   857   861   866   870   874   879
    W   1   7   2.3   100.0%   1,050   840   1,050   1,055   919   853   857   861   866   870   874   879
Lanier Cyril       1   5   0.0   0.0%   600   600   600   603   606   609   612   615   618   621   624   628
    W   1   5   0.0   100.0%   600   600   600   603   606   609   612   615   618   621   624   628
Iline Daria       1   1   0.1   0.0%   300   120   285   250   215   180   144   123   124   124   125   126
    W   1   1   0.1   100.0%   300   120   285   250   215   180   144   123   124   124   125   126
Total       844   32,645   2.6   100.0%   10,344,996   9,632,710   10,349,811   10,386,179   9,988,644   10,026,980   9,987,877   9,918,622   9,958,094   10,007,884   10,057,924   10,086,040

 

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Rental unit         Rents       Periods | nominal cashflows                  
          Actual       Market   1   2   3   4   5   6   7   8   9   10
Tenant   UT   No.   sqm   end [a]   Share   CHF p.a.   CHF p.a.   01.01.2022   01.01.2023   01.01.2024   01.01.2025   01.01.2026   01.01.2027   01.01.2028   01.01.2029   01.01.2030   01.01.2031
                                - 31.12.2022   - 31.12.2023   - 31.12.2024   - 31.12.2025   - 31.12.2026   - 31.12.2027   - 31.12.2028   - 31.12.2029   - 31.12.2030   - 31.12.2031
Share of rental income from rental contracts               83%   74%   31%   28%   16%   3%   3%   3%   3%   0%

 

Legend: 

The expected end dates (real options, early breaks, as well as the next termination dates and periods of notice are considered in the calculation if exercised)

 

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Expenses/budget

 

    Statement   Budget   Total
    -5   -4   -3   -2   -1   consolidated   1   2   3   4   5   consolidated   consolidated   Share
    01.01.2016   01.01.2017   01.01.2018   01.01.2019   01.01.2020   Average                       Average   Average   % project.
    - 31.12.2016   - 31.12.2017   - 31.12.2018   - 31.12.2019   - 31.12.2020                                    
Income                                                        
Est. rental inc.   10,293,866   10,484,874   10,805,937   10,332,550   10,203,460   10,424,137                           10,424,137   100.0%
Office   10,293,866   10,484,874   10,805,937   10,332,550   10,203,460   10,424,137                           10,424,137   100.0%
Vacancy   0                   0                           0   0.0%
Actual gross income   10,293,866   10,484,874   10,805,937   10,332,550   10,203,460   10,424,137                           10,424,137   100.0%
                                                         
Costs                                                        
Operating costs   353,953   656,101   621,632   570,926   577,804   556,083                           556,083   5.3%
Operating costs %   3.44%   6.26%   5.75%   5.53%   5.66%   5.33%                           5.33%   5.3%
Insurance   105,151   105,151   119,026   103,911   115,000   109,648                           109,648   1.1%
Property management   248,802   309,939   312,824   258,878   257,905   277,670                           277,670   2.7%
Other expenditures   0   65,011   13,782   32,137   28,899   27,966                           27,966   0.3%
Property taxes   0   176,000   176,000   176,000   176,000   140,800                           140,800   1.4%
Janitorial services   0                   0                           0   0.0%
Utilities   0                   0                           0   0.0%
Maintenance costs   1,166,997   391,345   378,414   376,995   376,022   537,955                           537,955   5.2%
Maintenance costs %   11.34%   3.73%   3.50%   3.65%   3.69%   5.16%                           5.16%   5.2%
Maintenance and repair   1,166,997   391,345   378,414   376,995   376,022   537,955                           537,955   5.2%
Refurbishment costs                   120,829   24,166                           24,166   0.2%
Refurbishment costs %                   1.18%   0.23%                           0.23%   0.2%
Refurbishment                   120,829   24,166                           24,166   0.2%
Ground lease fee (costs)   323,416   323,416   253,979   277,124   277,124   291,012                           291,012   2.8%
Total costs   1,844,366   1,370,862   1,254,025   1,225,045   1,351,779   1,409,215                           1,409,215   13.5%
                                                         
Total net income   8,449,500   9,114,012   9,551,912   9,107,505   8,851,681   9,014,922                           9,014,922   86.5%

 

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Projected accounts summary

 

    Statement   Annuity           Periods | nominal cashflows                  
    CHF p.a.   CHF p.a.   %   Q.   1   2   3   4   5   6   7   8   9   10   Exit
            project.                                                
    01.01.2012   01.01.2022           01.01.2022   01.01.2023   01.01.2024   01.01.2025   01.01.2026   01.01.2027   01.01.2028   01.01.2029   01.01.2030   01.01.2031   01.01.2032
    - 31.12.2020               - 31.12.2022   - 31.12.2023   - 31.12.2024   - 31.12.2025   - 31.12.2026   - 31.12.2027   - 31.12.2028   - 31.12.2029   - 31.12.2030   - 31.12.2031    
Income                                                            
Est. rental inc.   10,424,137   10,910,122   100.0%       10,961,111   11,000,536   10,796,967   10,839,344   10,804,303   10,932,903   10,977,446   11,032,333   11,284,189   11,318,436   11,562,552
Vacancy   0   659,815   6.0%       377,126   178,277   568,617   506,667   587,575   761,872   689,862   693,311   801,517   729,050   757,787
Income losses       7,034   0.1%       61,200   0   31,816   0   0   32,295   0   0   32,782   0   1,486
Rent-free       7,034   0.1%       61,200   0   31,816   0   0   32,295   0   0   32,782   0   1,486
Actual gross income   10,424,137   10,243,273   93.9%       10,522,785   10,822,259   10,196,535   10,332,677   10,216,728   10,138,736   10,287,585   10,339,023   10,449,890   10,589,386   10,803,278
                                                             
Costs                                                            
Operating costs   556,083   1,149,522   10.5%   81%   1,207,886   1,151,720   1,163,640   1,149,693   1,150,979   1,179,840   1,165,759   1,171,588   1,206,950   1,192,108   1,208,337
%   5.33%   10.54%           11.02%   10.47%   10.78%   10.61%   10.65%   10.79%   10.62%   10.62%   10.70%   10.53%   10.45%
Insurance   109,648   109,101   1.0%   63%   109,611   110,005   107,970   108,393   108,043   109,329   109,774   110,323   112,842   113,184   115,626
Property management   277,670   436,405   4.0%   60%   438,444   440,021   431,879   433,574   432,172   437,316   439,098   441,293   451,368   452,737   462,502
Other expenditures   27,966   163,000   1.5%   78%   163,000   163,815   164,634   165,457   166,285   167,116   167,952   168,791   169,635   170,483   171,336
Property taxes   140,800   435,700   4.0%   95%   435,700   437,879   440,068   442,268   444,480   446,702   448,935   451,180   453,436   455,703   457,982
Janitorial services   0   0   0.0%   10%   0   0   0   0   0   0   0   0   0   0   0
Utilities   0   0   0.0%   10%   0   0   0   0   0   0   0   0   0   0   0
Leasing costs       5,316   0.0%       61,130   0   19,089   0   0   19,377   0   0   19,669   0   892
Maintenance costs   537,955   340,717   3.1%   44%   278,752   280,146   281,546   282,954   284,369   285,791   287,220   288,656   290,099   291,550   396,112
%   5.16%   3.12%           2.54%   2.55%   2.61%   2.61%   2.63%   2.61%   2.62%   2.62%   2.57%   2.58%   3.43%
Maintenance and repair   537,955   340,717   3.1%   44%   278,752   280,146   281,546   282,954   284,369   285,791   287,220   288,656   290,099   291,550   396,112
Refurbishment costs   24,166   2,028,238   18.6%   76%   3,529,000   2,261,250   0   2,283,919   2,295,339   0   2,318,349   2,329,941   2,341,591   2,353,299   2,187,428
%   0.23%   18.59%           32.20%   20.56%   0.00%   21.07%   21.24%   0.00%   21.12%   21.12%   20.75%   20.79%   18.92%
Refurbishment   24,166   2,028,238   18.6%   76%   3,529,000   2,261,250   0   2,283,919   2,295,339   0   2,318,349   2,329,941   2,341,591   2,353,299   2,187,428
Ground lease fee (costs)   291,012   277,125   2.5%       277,125   278,511   279,903   281,303   282,709   284,123   285,543   286,971   288,406   289,848   291,297
Total costs   1,409,215   3,795,602   34.8%       5,292,763   3,971,627   1,725,089   3,997,869   4,013,396   1,749,754   4,056,872   4,077,156   4,127,046   4,126,805   4,083,173
                                                             
Total net income   9,014,922   6,447,671   59.1%       5,230,023   6,850,632   8,471,445   6,334,809   6,203,332   8,388,982   6,230,713   6,261,866   6,322,844   6,462,581   6,720,105

 

Vacant and new office areas: 

- Letting period admitted over 6 months. 

- Incentives: 2x months rent free period for offices. 

- 10% of letting fees.

 

Property taxes: 

- 2.0‰ of the tax value, capitalized with the rent revenues after deduction of the ground lease rent at 4.88% (average of the last 5 years of the allowed rate in 2021 by the “AFC - Administration Fiscale Cantonale” for commercial real estate located in other construction zoning than “zone de construction 1 & 2”)

 

Following repair costs in real terms are foreseen in the years 1-10: 

- 2022: rebranding investment, fire detection, heating measures, blinds, façades and various other CAPEX for a total of CHF 1,279,000.- (client estimate). 

 

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- 2022/23: cooling system, façade improvement and additional roof sqm creation for one building for CHF 4,000,000.- (client estimate). 

- 2025/26: cooling system, façade improvement and additional roof sqm creation for one building for CHF 4,000,000.- (client estimate). 

- 2028/29: cooling system, façade improvement and additional roof sqm creation for one building for CHF 4,000,000.- (client estimate). 

- 2030/31: cooling system, façade improvement and additional roof sqm creation for one building for CHF 4,000,000.- (client estimate).

 

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Sensitivity analysis

 

Change in annuities   Variation of discount rate (base points)                                
                 
            Presentation in absolute terms   Presentation in relative terms
                                                               
    Change   Annuity   +30   +20   +10   +/-   -10   -20   -30   +30   +20   +10   +/-   -10   -20   -30
    [Rate in %]   [CHF, %]   5.00%   4.90%   4.80%   4.70%   4.60%   4.50%   4.40%   5.00%   4.90%   4.80%   4.70%   4.60%   4.50%   4.40%
                                                                 
Target rental income   -10%   9,819,110   111,110,000   113,380,000   115,740,000   118,200,000   120,770,000   123,460,000   126,260,000   -21%   -20%   -18%   -16%   -15%   -13%   -11%
    -5%   10,364,616   122,020,000   124,510,000   127,100,000   129,810,000   132,630,000   135,580,000   138,660,000   -14%   -12%   -10%   -8%   -6%   -4%   -2%
    +0%   10,910,122   132,930,000   135,640,000   138,470,000   141,420,000   144,490,000   147,700,000   151,060,000   -6%   -4%   -2%   0%   2%   4%   7%
    +5%   11,455,628   143,840,000   146,780,000   149,830,000   153,020,000   156,350,000   159,820,000   163,450,000   2%   4%   6%   8%   11%   13%   16%
    +10%   12,001,134   154,750,000   157,910,000   161,200,000   164,630,000   168,210,000   171,950,000   175,850,000   9%   12%   14%   16%   19%   22%   24%
                                                                 
Vacancy   +100%   12.10%   119,730,000   122,180,000   124,720,000   127,380,000   130,150,000   133,040,000   136,060,000   -15%   -14%   -12%   -10%   -8%   -6%   -4%
    +50%   9.07%   126,330,000   128,910,000   131,600,000   134,400,000   137,320,000   140,370,000   143,560,000   -11%   -9%   -7%   -5%   -3%   -1%   2%
    +0%   6.05%   132,930,000   135,640,000   138,470,000   141,420,000   144,490,000   147,700,000   151,060,000   -6%   -4%   -2%   0%   2%   4%   7%
    -50%   3.02%   139,530,000   142,380,000   145,340,000   148,430,000   151,660,000   155,030,000   158,560,000   -1%   1%   3%   5%   7%   10%   12%
    -100%   0.00%   146,130,000   149,110,000   152,220,000   155,450,000   158,830,000   162,360,000   166,050,000   3%   5%   8%   10%   12%   15%   17%
                                                                 
Repair costs   -10%   1,825,414   136,990,000   139,780,000   142,690,000   145,730,000   148,900,000   152,210,000   155,670,000   -3%   -1%   1%   3%   5%   8%   10%
    -5%   1,926,826   134,960,000   137,710,000   140,580,000   143,570,000   146,690,000   149,950,000   153,360,000   -5%   -3%   -1%   2%   4%   6%   8%
    +0%   2,028,238   132,930,000   135,640,000   138,470,000   141,420,000   144,490,000   147,700,000   151,060,000   -6%   -4%   -2%   0%   2%   4%   7%
    +5%   2,129,650   130,900,000   133,570,000   136,360,000   139,260,000   142,280,000   145,450,000   148,750,000   -7%   -6%   -4%   -2%   1%   3%   5%
    +10%   2,231,061   128,870,000   131,500,000   134,240,000   137,100,000   140,080,000   143,190,000   146,450,000   -9%   -7%   -5%   -3%   -1%   1%   4%
                                                                 

 

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Quality profile 

 

      Weighting   Rating       Comments
  Commercial   100   3.6 - Above-average        
                   
  Location   40   3.6 - Above average        
Macro-location   10   4.8 - Excellent        
Micro-location   50   3.3 - Above average        
  Office   25   3.3 - Above average        
  Infrastructure   30   3.0 - Average        
  Clustering   20   2.0 - Moderate        
  Terrain   50   4.0 - Good        
                   
  Retail   25   3.3 - Above average        
  Infrastructure   30   3.0 - Average        
  Clustering   20   2.0 - Moderate        
  Terrain   50   4.0 - Good        
                   
  Industry   25   3.3 - Above average        
  Infrastructure   30   3.0 - Average        
  Clustering   20   2.0 - Moderate        
  Terrain   50   4.0 - Good        
                   
  Gastronomy   25   3.3 - Above average        
  Infrastructure   30   3.0 - Average        
  Clustering   20   2.0 - Moderate        
  Terrain   50   4.0 - Good        
                   
  Property   40   3.8 - Good        
Usability   20   4.0 - Good        
  Room quality   50   4.0 - High        
  Flexibility   30   4.0 - High        
  Parking / allotment   20   4.0 - Good        
                   
Standard   10   3.7 - Slightly above-average        
  Building shell   33   4.0 - Upmarket        
  Interior fit-out   33   3.5 - Slightly above-average        
  Technical installations   33   3.5 - Slightly above-average        
                   
Condition   20   3.7 - Sound to good        
  Building shell   20   3.5 - Sound to good        
  Interior fit-out   50   3.5 - Sound to good        
  Technical installations   30   4.0 - Good        

 



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      Weighting   Rating       Comments
  Investment   20   3.5 - Above-average        
Lettability   33   4.0 - Good        
Saleability   33   3.0 - Average        
Income risk   33   3.0 - Average        
                   
  Total                
  Macro-location   10   4.8 - Excellent        
  Micro-location   50   3.3 - Above average        
  Usability   20   4.0 - Good        
  Standard   10   3.7 - Slightly above-average        
  Condition   20   3.7 - Sound to good        
  Investment   20   3.5 - Above-average        

 



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Photo documentation

 

Delivery   Facade Detail   Roof
         
         
         
Reperations   Parking   Structural Damage
         
         

 

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Heating   Generator   Elevators
         
         
         
Toilets   Laboratory   Rückseite
         
         

 

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Maps

 

Macro location   Micro location
     
     

 

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Plans

 

Cadatral Plan   CTN
     
     

 

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Context

Order

 

Wüest Partner was commissioned by Eldista GmbH to value briefly (indication of value) the property in question as at 1st of January 2020. The property will be valued according to the accounting standards of IFRS and to the definition of market value from “International Valuation Standards Committe” (IVSC), which reads as follows :“Market value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgably, prudently and without compulsion.”

Assumption

 

The valuations are based on the following general assumptions:

● The property has been appraised as continuation scenario. That means, that no change of use scenarios have been calculated as well that would result to a higher value.

● A one-period DCF model was adopted. The valuation period extends for 100 years from the valuation date, with an implicit residual value in the 11th period.

 

● Discounting is based on a risk-adjusted real interest rate. Rates are determined individually for each property on the basis of appropriate benchmarks derived from arm’s-length transactions. They may be broken down as follows: risk-free interest rate + property risk (immobility of capital) + premium for macro-location + premium for micro-location depending on use + premium for property quality and income risk + any other specific premiums. – Unless otherwise stated, the valuations assume 1% annual inflation for income and all expenditure. Where a nominal discount rate is applied, this is adjusted accordingly.

 

● Credit risks posed by specific tenants are not explicitly factored into the valuation.

 

● Allowance is made for the specific indexing provisions in existing leases. An indexing factor of 80% (Swiss average) is assumed for the period following lease expiry.

● For existing tenancies, the timing of individual payments is assumed to comply with the terms of the lease.Following lease expiry, cash flows for commercial premises are taken to be quarterly in advance, for housing monthly in advance.

 

● In terms of running costs, entirely separate service charge accounts are assumed, with no tenancy-related ancillary costs to be borne by the owner.

 

● The maintenance (repair and upkeep) costs were calculated by means of a life cycle analysis of the individual building elements. The building structure's remaining lifespan was estimated and periodic refurbishments modelled on the basis of the general condition of the fabric as determined during the property inspection. Appropriate annual reserves were calculated accordingly and plausibility tested using comparables and Wüest & Partner's own benchmarks. The calculation factors in 100% of repair costs in the first 10 years; the

 

proportion applied from year 11 onwards is limited to the value-preserving investments (recoverable share).

Disclaimer

 

The commissioned valuation and, in particular, the forecasts presented therein were prepared by Wüest & Partner AG to the best of its knowledge and with due observance of current professional standards. The valuation is based on:

● site inspection (see list of documents);

● the documentation provided by the client, the absolute correctness of which is assumed;

● the relevant experience of Wüest & Partner AG in this field.

 

Wüest & Partner did not investigate any legal issues surrounding the properties. Nor did it examine any rent-law or rent-control issues; in particular the landlord assures that no federal, cantonal or municipal restrictions apply.

 

In the documentation provided byEldista GmbH, floor spaces were estimated by the propertymanager. On the visit the lettable areas (main effective area) have been verified as good as possible by Wüest & Partner. Given that fact the accuracy of square-metre data could not be guaranteed by Wüest & Partner.

 

The valuation was performed with reference to a specific valuation date and may be affected by subsequent events for which no allowance can be made at the present time. A revaluation shall become necessary should any such events occur.

 

Value and price may diverge. No allowance can be made in this valuation for any circumstances affecting the price.

 

The valuation was performed by Wüest & Partner AG independently and neutrally in conformity with its business policies. No conflicts of interest of any kind exist. The valuation was carried out solely for those purposes specified above; Wüest & Partner shall accept no liability in respect of third parties other than that mentioned above.

Method

 

The valuation of the main property uses the discounted cash-flow (DCF) method. With this method, the Current Market Value of a property is determined as the total of all projected future net earnings (before interest, taxes, depreciation and amortization) discounted to present-day equivalents. These net earnings are discounted individually for each property with due allowance for specific opportunities and threats, and with

adjustment in line with market conditions and risks. All projected cash flows are presented to ensure maximum transparency.



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Documentation index

 

Basics   Available   Appendix   Date   Broker   Source   Comment
Land registry sheet       02.12.2011       Registre foncier    
Leasehold documentation       02.05.2018           Amendments 2018
Land register plan                    
Building and zoning regulation       07.12.2011       www.sitg.ch   Online Information
Preservation order                    
Contaminated site       07.12.2011       www.sitg.ch   Online Information
Picture documentation       21.11.2011       Wüest Partner    
Site visit       21.11.2011       Wüest Partner    
                         
Property management   Available   Appendix   Date   Broker   Source   Comment
Area list       31.12.2021   Client       as at 31.12.2021
Net rents       31.12.2021   Client        
Ancillary costs       31.12.2021   Client        
Net rent area       31.12.2021   Client        
Contracts of business tenants       31.12.2021   Client        
Turnover sales                    
Property expenses       31.12.2020   Client       2013-2020
Property budget           Client       2022 forecast
Investment planning                    
                         
Construction   Available   Appendix   Date   Broker   Source   Comment
Building insurance certificate (BIC)       27.04.2005       Winterthur    
Building volume (BIC)                    
Construction year (BIC)                    
Building permit                    
Building plans       01.01.2003       CTN SA    
Building specification                    
Areas/volume                    
Building services information                    
Investment expenditure                    
Track record of maintenance/renovation                    
Condition analysis                    
                         
Miscellaneous   Available   Appendix   Date   Broker   Source   Comment
CAPEX budget 2022       31.12.2020   Swiss Real Management        
Floor enlargement plan       15.07.2021   Swiss Real Management        

 

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Glossary

 

 

Actual Rental Income: The actual rental income represents the target rental income minus other losses of income.

 

Annuity: In the portfolio report, an annuity is used for a constant value over a given period(s). The annuity of the values for the first ten periods is abbreviated by “Ann. 1-10” and, corresponding to that, with “Ann. 11” for the eleventh period.

 

Benchmarks: Benchmarks represent a reference value. The portfolio report shows the difference in percentage from the Swiss median (50% percentile) of the average rental income per square meter (per usage type: residential, office, retail and industry/trade).

 

Budget: The budget contains projected values for costs and revenues, according to the information provided by the owner or the property manager. See also statements.

 

Calculated end of contract (also called «end» in the report): The calculated end is the time difference in years as of the valuation date. Real options, early breaks, as well as the next termination dates and periods of notice for all uses are also taken into account in the calculation, if they are actually used in the valuation. The calculated end can differ due to the different definition of WAULT (see also definition of WAULT).

 

Capital growth return: The change in value (capital growth) is primarily caused by market developments and the investments made in the given period. Capital growth return = market value (end) - market value (start) - capital expenditure + capital revenue/market value (start) + capital expenditure. See Swiss Valuation Standards (SVS), 2017.

 

Cashflow: In general, a cashflow is a financial stream of either income or expenses.

 

Cash flow yield: Cash flow/market value (start date) + capital expenditure. See Swiss Valuation Standards (SVS), 2017.

 

Community Type: A summary of the community grouping produced by the Federal Office for Statistics (BfS).

 

Condition: Condition represents a qualitative assessment of the condition of the outer shell as well as the condition of the inside as well as services of the property. It is deduced in the quality profile of the property.

 

Condominium Ownership: Condominium ownership is a special kind of co-ownership. It is the co-ownership share of a plot, which gives the co-owner the special right of sole use and internal fit-out of distinct parts of a building (Civil Code Art. 712a-712t)

 

Contract (as % of income) Fix: «Contract Fix» represents the percentage of expected total future rental income contractually secured at the present time.

 

Co-ownership: Should several persons possess a unit (property) in fractions and without external divisions, they are classified as co-owners (Civil Code Art.646-651).

 

 

 

Current: Values valid as per the valuation date (date of the rent roll).

 

Discount Rate: The discount rate is the percentage rate used to discount all cash flows. The level of the chosen discount rate (per cashflow or valuation) reflects the risk assessment.

 

Distribution by Percentile: Summary A shows which revenue share per usage type (residential, office, retail, business) of the portfolio lies in each percentile segment.

 

E-Notation: The scientific notation used in Wüest Dimensions is the exponential expression (for base 10), for thousands: Xe3, for millions: Xe6 and for billions: Xe9 (X stands for any number).

 

Gross Yield: Two types of gross yields are shown: The current gross yield is defined as the proportion of today’s (current) target rental income as a share of market value. The gross annuity yield, the second measurement, is the rental income annuity as a percentage of the market value.

 

Ground Lease Income/Costs: Ground lease income or costs include income or costs arising from a ground lease contract (in accordance with Civil Code Art. 779 a. ff)

 

Income Losses: Income losses reflect the sum of all reductions to the target rental income (e.g. vacancy).

 

Lease (as % of income) + Option: «+Option» represents the percentage of the total rental income represented by «Contract Fix» plus the contractually guaranteed rental income, which is secured by means of a real or tenant-side-only contract renewal option.

 

Lease (as % of income) indexed: «Indexed» represents the average degree of indexation of the contracted rental positions.

 

Location Quality: The location quality of a property is a measure of the quality of the location. It is derived by combining both the macro location rating (location of the municipality within Switzerland) and the micro location rating (location of the property within the municipality).

 

Macro location: The macro location represents the quality of the local real estate market for the corresponding municipality. The basis for this measurement is a comprehensive, use-related municipal rating by Wüest Partner.

 

Maintenance Costs: The maintenance costs consist of the costs for upkeep and repair.

 

Maintenance or Upkeep costs (M): The upkeep costs are also referred to as “normal maintenance”. Upkeep measures include all measures undertaken to ensure the continued use of the property (e.g. service work, minor repairs).



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Market Matrix: The market matrix displays all properties in the portfolio according to the location quality (X-axis) and the property quality (Y-axis) depicted. The matrix is divided into nine segments (I to IX). If a property is located in the segment I, for example, this is classified as a top or prime property.

 

Market Value (MV): The market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.

 

Median: The median refers to a statistical measurement. It divides a number of values into two halves. 50% of the values are lower than the median and 50% are greater the median (median = 50% percentile).

 

Micro Location: The micro location describes the position of the property within the community. It is determined by factors such as access to public transport, topography of the plot (e.g. south-facing), shopping availability, etc. The assessments are recorded in the quality profile of the property.

 

MIRR – Modified internal rate of return: IRR is also known as the internal rate of return. In Wüest Dimensions, the modified IRR (MIRR) is being utilised. The MIRR is an indicator that reflects the attractiveness of an initial investment in view of future cash flows. In investment planning, the MIRR can be used to calculate various scenarios. In the DCF calculation, the MIRR is understood as a weighted discount rate or a backward calculation of the discount rate. The MIRR is currently regarded as the best method of calculating the IRR and also takes into account the conclusiveness and payment modality of all present values in the DCF calculation.

 

Net Yield: The net yield is the ratio of the net income annuity to the calculated market value of the property.

 

Nominal: Cash flows and values that are reported in nominal terms are not adjusted for inflation.

 

Overall Coefficient: The overall coefficient for each property is derived from the weighted average of the quality coefficients for the macro location, micro location, condition, standard, and usability.

 

Percentiles: Distribution indicators, which segment a range of values. The 50-percent-percentile marks the border between the higher-priced and the lower priced halves of values. Correspondingly, the 10-percent percentile marks the border between the lowest 10 percent values and the remaining values.

 

Period: The valuation period is divided into a certain number of equally large units of time (usually one year). Such a unit of time is called a period.

 

Portfolio: A collection of several property valuations is summarised in a portfolio.

 

Potential: The anticipated long-term and sustainable development of the revenues or costs is projected using an assessment of the estimated market value or “potential” for both revenues and costs (particularly rent income).

 

Projected Rental Income (Projected): The target or projected rental income is the sum of all rental income (including vacancies).

 

Property Accounts: The property accounts include the historical cost and revenue values as supplied by the owners or property management.

Property Quality: The property quality is a measurement of the quality of a property taking into account the property’s condition, prevailing standards, usability and usage-mix. The information required to determine the quality of the property is taken from the quality profile of the property.

 

Property Type (P-type): The following property types are recognised: residential property, residential/commercial property, commercial property (solely for commercial use), special property, ground lease property and building land.

 

Quality Coefficient: A market-value-weighted-average of the corresponding quality factor for each property. Factors include: macro location, micro location, condition, standard and usability.

 

Real: Real values shown are adjusted for inflation, in other words, deflated. Therein the nominal measurement or value is divided by a price index (e.g. CPI).

 

Region (Properties by -): Switzerland is divided by Wüest Partner into eight monitoring regions. This regionalisation is again based on a regional division of Switzerland – the so-called 106 MS regions – which was undertaken by the Federal Office for Statistics (BfS).

 

Rental Income: The rental income shows the current income generated by the letting of rental units and for each usage type i.e. residential, office, retail, industry/trade, special uses and other uses. The annuity is expressed as CHF per m2

 

Repair Costs (R): The repair costs are also known as “extraordinary maintenance”. They cover all investments that fully replace significant building components and/or are accompanied by a marked qualitative improvement. These may include value-adding investments.

 

Running or Operating Costs: Running or Operating costs are those costs carried by the owner of the property, incurred during operation and not (fully) passed on to the tenants (e.g. insurance premiums, administrative costs).

 

Sensitivity analysis (approximate): The deviating market values in the sensitivity analysis are derived approximately using a simplified model calculation; these market values may therefore differ from a detailed DCF valuation.

 

Sole Ownership: The owner of the property is a single private or legal entity.

 

Standard: The Standard represents the qualitative assessment of a building reflecting the existing spatial conditions, the materialisation and installed building services. The standard is a part of the quality profile.



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Tenant list and use-type abbreviations: – No. = Number

– Share of fixed-term contracts = Share of secured fixed-term contracts

– Opt. share = Share of secured contracts with real option extension

– End [a] = Calculated end of contract (see separate entry)

– Fl. = Floor

– Index % = Share of inflation that can be passed on to the tenant under tenancy law

– Vac. = Vacancy (market)

– Trans. per. [a] = Transition period in years between current rent and market rent (see separate entry)

– Rms = Number of rooms per apartment

 

Uses

– OA = Outside area

– O = Offices

– LCE = Leisure/culture/education

– I = Industry

– C = Catering

– H = Health

– H = Hotel

– W = Warehouse

– CSU = Commercial secondary use

– RSU = Residential secondary use

– OP = Outdoor parking

– IP = Indoor parking (parking space)

– SUwA = Special use with area

– SUwoA = Special use without area

– R = Retail

– R = Residential

 

Total Income: The total revenue includes the target or projected rental income plus any other income (e.g. ground lease revenues, sales revenues, etc.) minus any revenue losses.

 

Total Net Income: Total net income is calculated as the total of all income minus all costs.

 

Total Ownership: Owners of the property are several natural or legal persons who are in close (legal) relationship with each other. See, Civil Code Art. 652 - 654.

 

Total return: The total return of a property is made up of the cash flow of a given period and the change in value from the preceding period.

 

Usability: Usability measures the quality of the property in respect of: the floor layout, the flexibility of the building structure, the connectivity of the plot, etc. It is recorded in the quality profile of the property.

 

Usage Area (UA): The usage area is part of the net floor area (NFA), which, in general, serves the overall purpose and use of the building.

Vacancy: A rental unit is deemed to be empty and as such vacant if, as per the rent roll date, no rental contract exists for this rental unit.

 

WAULT: The WAULT (Weighted Average Unexpired Lease Term) adds up the weighted average remaining terms of contractually fixed rents in a portfolio (up to the earliest possible termination date without extension options). The WAULT must be reported in years.

 

The uses to be taken into account are:

- Office, hotel, sales, practices, hospitality, warehouse and other commercially used properties
- Unlimited rental contracts with a term of 6 months are taken into account for the calculation.

 

Property types not to be considered are:

- Apartments, parking spaces, advertising space, cellar/attic
- Vacancies are not taken into account

 

See definition «SFAMA FI Kennzahlen Immofonds_d_160913»



 

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