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As announced, SF Urban Properties Ltd (SFUP) largely completed its portfolio rotation in the year 2025. This involved the targeted sale of properties outside the cities of Zurich and Basel.

The SF Retail Properties Fund can look back on a successful development: The successful start of leasing at the Dorfstrasse Schöftland centre shows how sustainably planned construction projects are met with a great response. In addition, long-term leases have been signed at several locations, further consolidating the fund's position in the Switzerland market. With the planned capital increase in the fourth quarter of 2025, the fund is also laying the foundation for further growth and future-oriented portfolio expansion.

Sustainability manifests itself in many ways: from well-thought-out densification in urban areas to digital innovation in management.
AST Swiss Real Estate Investment Foundation successfully implements both. Modern, energy-efficient living space is being created in Zurich's Kreis 4 district, while a pilot project with ECCO2 Solutions AG demonstrates how artificial intelligence helps to save energy and reduce emissions. In addition, the SFP Investment Foundation is raising capital for the SFP AST Swiss Real Estate investment group in the fourth quarter of 2025 with a target volume of around CHF 200 million.

With a new flowering meadow and insect house in Möhlin, the SF Commercial Properties Fund is strengthening biodiversity right on its doorstep and sending a clear signal about its commitment to sustainability.
At the same time, the Commercial Fund has recorded several successful lease renewals and new additions in Buchs, which will secure the Quality of location in the long term.

Life has returned to Arnegg with the new village square – the apartments are almost fully let, and tenants are equally impressed by the concept.
Renovation is also progressing rapidly in the Ronchetto district: the first flats are ready for occupancy and demand is high.

Evergreen funds, open-ended private market vehicles with no fixed end date, have experienced rapid growth, particularly in illiquid asset classes such as private equity and infrastructure. Their appeal lies in structural flexibility, ongoing access to capital, and periodic liquidity, attracting investors seeking long-term exposure to illiquid, income-generating assets.

The global real estate asset class has entered a promising new cycle, catalysed by a combination of valuation resets, constrained construction pipelines, healthy demand, and increasingly accommodative monetary conditions.

The trade conflict initiated by the US and unpredictable tariff announcements are creating considerable uncertainty. This is further exacerbated by countermeasures taken by the countries affected.

The Outlook for Switzerland's real estate investments remains promising. The recent interest rate cut by the SNB has a supportive effect and strengthens positive expectations.

Infrastructure secondaries have emerged as a resilient and strategic investment avenue, offering investors immediate exposure to de-risked, cash-generating assets while providing enhanced portfolio flexibility, attractive pricing opportunities, and a favourable risk-return profile in an increasingly dynamic market environment.

Compared to the global or US equity markets (MSCI World Index- 1.4%, S&P 500 -5.1% as at the end of April), Switzerland's property stocks were able to confirm their "safe haven" status.

The global economy faces uncertainty from geopolitical risks and inflation, prompting central banks to ease policies while investors seek real assets for stability. Switzerland’s economy remains stable, but external risks could impact growth.