With copies to:
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Boaz Noiman, Adv.
Sharon Rosen, Adv.
FISCHER (FBC & Co.)
146 Menachem Begin Street
Tel Aviv 6492103, Israel
Telephone: +972-3-694-4111
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Andris Vizbaras, Esq.
Carter Ledyard & Milburn LLP
2 Wall Street
New York, NY 10005
Telephone: (212) 238-8698 |
CALCULATION OF FILING FEE
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Transaction Valuation*
$10,926,528
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Amount of Filing Fee**
$1,013
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*
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For purposes of calculating the filing fee only, this amount is based on the offer to purchase 941,942 ordinary shares of Optibase Ltd. at a purchase price of $11.60 cash per share.
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**
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The amount of the filing fee was calculated in accordance with Rule 0-11 of the Exchange Act and Fee Rate Advisory # 1 for Fiscal Year 2022 issued by the Securities and Exchange Commission, by multiplying the
transaction valuation by 0.00009270.
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☐ |
Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
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Amount Previously Paid: None.
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Filing Party: Not Applicable.
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Form or Registration No.: Not Applicable.
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Date Filed: Not Applicable.
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☐ |
Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
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Check the appropriate boxes below to designate any transaction to which the statement relates:
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☒
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third-party tender offer subject to Rule 14d-1
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☐
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issuer tender offer subject to Rule 13e-4
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☒
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going-private transaction subject to Rule 13e-3
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☐
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amendment to Schedule 13D under Rule 13d-2
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NO.
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DESCRIPTION
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(g)
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Not applicable.
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(h)
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Not applicable.
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*
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English translation from Hebrew.
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§
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Incorporated by reference to the Tender Offer Statement on Schedule TO filed by the Bidder on December 1, 2021 (File No. 005-58473).
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(d)
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The information set forth in the Offer to Purchase under “Section 14. Price Range of Shares; etc.” is incorporated herein by reference.
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(e)
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Not applicable.
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(f)
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Not applicable.
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(c)
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Not applicable
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(f)
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Not applicable.
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(b)
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The information set forth in the Offer to Purchase under “Section 3. Purpose of the Offer; Effects of the Offer; Plans for Optibase” is incorporated herein by reference.
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(c)(8)
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The information set forth in the Offer to Purchase under “Section 3. Purpose of the Offer; Effects of the Offer; Plans for Optibase” is incorporated herein by reference.
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(c)
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The information set forth in the Offer to Purchase under “Section 20. Fees and Expenses” is incorporated herein by reference.
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(a)
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The information set forth in the Offer to Purchase under “Section 16. Information Concerning Optibase” is incorporated herein by reference.
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(b)
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The pro forma financial information of Optibase is not material to the Offer.
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(b)
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The information set forth in the Offer to Purchase under “Section 4. Interests of Certain Persons in the Offer” is incorporated herein by reference.
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(b)
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Not applicable.
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(c)(5)
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Initial Evaluation of MNS Consulting, dated November 30, 2021.§
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(c)(6)
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Updated Evaluation of MNS Consulting, dated February 14, 2022.¶
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(e)
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Not applicable.
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(f)
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Sections 337 and 338 of the Israeli Companies Law.¶
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§
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Incorporated by reference to the Tender Offer Statement on Schedule TO filed by the Bidder on December 1, 2021 (File No. 005-58473).
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¶
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Attached as an annex to, and incorporated by reference to, Exhibit (a)(1)(A) hereto.
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THE CAPRI FAMILY FOUNDATION
By: /s/ Andreas Kothgasser
Name: Andreas Kothgasser
Title: Trustee
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/s/ S. T. Wyler
Shlomo (Tom) Wyler
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NO.
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DESCRIPTION
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(c)(6) |
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(e)
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Not applicable.
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(g)
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Not applicable.
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(h)
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Not applicable.
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107
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*
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English translation from Hebrew.
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§
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Incorporated by reference to the Tender Offer Statement on Schedule TO filed by the Bidder on December 1, 2021 (File No. 005-58473).
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¶
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Attached as an annex to, and incorporated by reference to, Exhibit (a)(1)(A) hereto.
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THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 10:00 A.M., NEW YORK TIME, OR
5:00 P.M., ISRAEL TIME, ON MARCH 17, 2022, UNLESS THE OFFER IS EXTENDED.
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The Offer Price, $11.60 per Optibase Share, is LESS than recent trading prices for the Optibase Shares on
Nasdaq and on the TASE.
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A-1
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B-1
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I-1
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• |
We are The Capri Family Foundation, a foundation organized under the laws of the Republic of Panama. See Introduction and Section 17 – “Information Concerning the Bidder Group.”
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• |
Mr. Shlomo (Tom) Wyler personally holds 159,218 Optibase Shares, or approximately 3.1% of the outstanding Optibase Shares, making him the next largest holder of Optibase Shares after Capri, and we consulted with him about the terms
and conditions of our offer. Mr. Wyler, directly or through entities that he controlled, transferred to us a portion of the Optibase Share that we hold, and our beneficiaries, as a foundation, are the children and grandchildren of Mr.
Wyler. Because of these connections, our offer may be deemed in part to be structured by or made on behalf of Mr. Wyler, and in this offer to purchase we refer to Mr. Wyler and ourselves collectively as our “bidder group.” For
clarity, Mr. Wyler disclaims control of us or beneficial ownership of the Optibase Shares that we hold.
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• |
We are offering to purchase all of the outstanding Optibase Shares not owned by the bidder group.
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• |
It is a condition of our offer that prior to the expiration of our offer either –
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o |
682,024 or more Optibase Shares shall have been validly tendered, and not validly withdrawn, and the majority of those Optibase Shares shall have been tendered by offerees who do not have a “personal interest,” within the meaning
of the Israeli Companies Law and as described below, in the offer; or
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837,975 or more Optibase Shares shall have been validly tendered, and not validly withdrawn.
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• |
Our offer is subject to customary additional conditions but our offer is not conditioned on the availability of financing or the approval of the board of directors of Optibase.
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Under the Israeli Companies Law, a “personal interest” of a person in an action or transaction of a company (i) includes a personal interest of (a) any spouse, sibling, parent, grandparent or descendant of the person, any
descendant, sibling or parent of a spouse of the person and the spouse of any of the foregoing; and (b) a company with respect to which the person (or any of the foregoing relatives of the person) owns at least 5% of the outstanding
shares or voting rights, serves as a director or chief executive officer or has the right to appoint one or more directors or the chief executive officer; and (ii) excludes a personal interest arising solely from the ownership of
shares. Under the Israeli Companies Law, in the case of a person tendering by proxy “personal interest” includes the personal interest of either the proxy holder or the shareholder granting the proxy, whether or not the proxy holder
has discretion how to tender the shares. We ask each shareholder to inform us, when tendering their Optibase Shares, whether or not the shareholder has a personal interest in the acceptance of the offer. A shareholder who fails to
provide this information will not be counted for the purposes of determining whether the alternative minimum of 682,024 Optibase Shares, described above in this section, has been satisfied.
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• |
If any condition is not satisfied, we may elect not to purchase, or may be prohibited from purchasing, any Optibase Shares tendered pursuant to the offer, or, subject to applicable law, we may waive such conditions. We will not
waive the minimum condition. See “Introduction,” Section 9 - “Terms of the Offer; Expiration Date” and Section 19 – “Conditions of the Offer.”
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• |
The purpose of the offer is for Capri to acquire the entire equity interest in Optibase. See “Special Factors – Purpose of the Offer; Effects of the Offer; Plans for Optibase.”
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• |
We are offering to pay $11.60 per Optibase Share, net to you (subject to withholding taxes, as applicable), in cash, without interest (the “Offer Price”). All shareholders tendering their Optibase Shares in the offer to the
U.S. Depositary will be paid in United States dollars, and shareholders tendering their Optibase Shares in the offer to the Israeli Depositary will be paid in NIS based on the NIS/United States dollar exchange rate on the Expiration
Date. See “Introduction,” Section 9 - “Terms of the Offer; Expiration Date,” Section 10 - “Acceptance for Payment and Payment,” and, with respect to withholding taxes, Section 13 - “Material U.S. Federal Income Tax and Israeli
Income Tax Consequences.”
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• |
Capri currently owns 4,097,201 Optibase Shares, or approximately 78.8% of the outstanding Optibase Shares, and Mr. Wyler owns an additional 159,218 Optibase Shares, or approximately 3.1% of the outstanding Optibase Shares.
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• |
On June 29, 2021, the last full trading day before we first announced our intention to make an offer for all of the outstanding Optibase Shares not owned by the bidder group, the last reported closing price per Optibase Share
reported on Nasdaq was $11.00 and on the TASE was NIS 35.78.
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The Offer Price is LESS than recent trading prices for the Optibase Shares on Nasdaq and on the TASE. On February 14, 2022, the last full trading day before we
commenced the offer, the last price per Optibase Share reported on Nasdaq was $11.75 and on the TASE was NIS 41.00. The Offer Price, $11.60 per Optibase Share, is 1.3% less than such last reported price on Nasdaq and 7.8% less
than such last reported price on the TASE, and less than the closing price of the Optibase Shares on Nasdaq on every U.S. trading day since January 5, 2022.
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During the six months prior to commencement of the offer, the average closing price of the Optibase Shares reported on Nasdaq was $11.10 and on the TASE was NIS 37.07. The Offer Price, $11.60 per
Optibase Share, is 4.4% greater than such six-month average price on Nasdaq and 2.1% greater than such six-month average price on the TASE.
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• |
Yes. We possess all of the necessary funds to consummate the offer from cash on hand and an existing loan facility with a third party lender. The offer is not conditioned on the availability of financing.
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According to Israeli law, to secure the payment for the Optibase Shares tendered pursuant to the offer, the Israeli Depositary, which is a TASE member, has agreed to guarantee our obligation to pay for the Optibase Shares tendered
and accepted by us for payment pursuant to the offer. To secure this guarantee, we have engaged the Israeli Depositary to act as an escrow agent and have deposited cash into an escrow account in an amount sufficient to pay for the
maximum number of Optibase Shares that we are offering to purchase in the offer.
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We do not believe that our financial condition is material to your decision whether to tender Optibase Shares and accept the offer because --
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The offer consideration consists solely of cash;
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the offer is not subject to any financing condition;
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all of the funds necessary to consummate the offer are available to us either as cash on hand or from an existing loan facility with a third party lender, and we have deposited cash into an escrow account with the Israeli
Depositary in an amount sufficient to pay for the maximum number of Optibase Shares that we are offering to purchase in the offer;
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we are already a controlling shareholder of Optibase; and
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we are a private foundation and our financial statements primarily reflect our management’s ability to manage an investment portfolio, rather than our ability to manage an operating company such as Optibase.
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• |
You may tender your Optibase Shares until 10:00 a.m., New York time, or 5:00 p.m., Israel time, on March 17, 2022 (as may be extended, the “Expiration Date”).
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If you hold your Optibase Shares through a TASE member, you should tender your Optibase Shares to the Israeli Depositary by following the applicable procedures and instructions described in Section 11 - “Procedures for Tendering
Shares”; and
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All other holders of Optibase Shares should tender their Optibase shares to the U.S. Depositary by following the applicable procedures and instructions described in Section 11 - “ Procedures for Tendering Shares.”
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•
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You may withdraw your tender at any time before 10:00 a.m., New York time, or 5:00 pm Israel time, on March 17, 2022 or, if we extend our offer, before 10:00 a.m., New York time, or 5:00 pm Israel
time, on the date to which the offer is extended.
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All of the Optibase Shares validly tendered pursuant to the offer and not properly withdrawn will be paid for promptly following the Expiration Date. We expect to make such payment within four U.S. business days following the
Expiration Date. See Section 9 - “Terms of the Offer; Expiration Date,” Section 10 – “Acceptance for Payment and Payment” and Section 19 – “Conditions of the Offer.”
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• |
We have the right, in our sole discretion, to extend the Expiration Date, subject to applicable law. In addition, in certain circumstances, we may be required by law to extend the Expiration Date. See Section 9 - “Terms of the
Offer; Expiration Date.”
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• |
If we decide to extend the Expiration Date, we will inform the Depositaries, the Information Agent and our Israeli legal counsel of that fact. We will also publicly announce the new Expiration Date in accordance with applicable
law, and in any event we will issue a press release no later than 9:00 a.m., New York time, or 4:00 p.m., Israel time, on the first U.S. business day following the day on which we decide to extend the Expiration Date. Under Israeli law, we are required to file an immediate report with the ISA no later than one Israeli business day prior to the previously scheduled Expiration Date, and, within one Israeli
business day thereafter, publish the notice in two daily newspapers having a mass circulation and published in Israel in Hebrew. See Section 9 - “Terms of the Offer; Expiration Date.”
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• |
Under applicable U.S. law, no later than ten U.S. business days from the date of this offer to purchase, Optibase is required to publish, send or give to you a statement disclosing that it either recommends acceptance or rejection
of the offer, expresses no opinion and remains neutral toward the offer, or is unable to take a position with respect to the offer.
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• |
Under Israeli law, Optibase’s board of directors is not required to express its opinion to the shareholders on the advisability of the offer, and it may refrain from expressing an opinion on the offer.
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• |
Yes. Capri currently owns approximately 78.8% of the outstanding Optibase Shares and controls Optibase. Mr. Wyler owns approximately 3.1% of the outstanding Optibase Shares and serves as the Chief Executive Officer of its
subsidiary, Optibase Inc. Mr. Rouven Schwarz serves as a member of both the board of directors of Optibase and the board of trustees of Capri, and Mr. Schwarz entered into a service agreement with Optibase under which Mr. Schwarz
provides real estate related consulting services to Optibase, its subsidiaries and affiliates. Mr. Wyler is the father in law of Mr. Schwarz. These relationships may be deemed to create a conflict between the interest of each member
of our bidder group to fulfill their duties to Optibase and its unaffiliated shareholders, on one hand, and their interest in consummating the offer on the best possible terms for Capri, on the other hand.
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Yes. However, we believe this offer is not a necessary part of a going private transaction because we believe, based on the number of record holders of Optibase Shares during recent periods, that Optibase currently is able to
delist the Optibase Shares from Nasdaq and deregister the Optibase Shares under the Exchange Act. See Section 2 – “Position of Capri Regarding the Fairness of the Transaction.”
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• |
Capri currently is an affiliate of Optibase and, if the offer is consummated, the shares of Optibase will cease to be traded on Nasdaq and cease to be registered under the Exchange Act. Because of these features, our offer is part
of a “going private” transaction as that term is used in SEC Rule 13e-3. In addition, if the offer is consummated, we will become a private company (within the meaning of Israeli law) and Optibase Shares will cease to trade on the
TASE. See Section 6 – “Rule 13e-3.”
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• |
Each member of our bidder group believes that the offer, and the Offer Price to be received by holders of Optibase Shares who are unaffiliated with Optibase pursuant to the offer, are fair to such holders.
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• |
The Offer Price represents a premium of approximately:
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5.5% to the closing price of the Optibase Shares on Nasdaq on June 29, 2021, the last trading day prior to the date that we first announced our intention to make an offer for all of the outstanding Optibase Shares not owned by the
bidder group; and
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o |
4.4% to the average closing price of the Optibase Shares on Nasdaq during the six months prior to commencement of the offer.
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• |
In our first tender offer to acquire all of the Optibase Shares, not already owned by the bidder group, which we commenced on December 1, 2021 at an offer price of $11.20 per share, holders tendered
689,926 Optibase Shares, which was the majority of the Optibase Shares that were not already held by our bidder group. The minimum condition of our first offer was not satisfied and all tendered shares were returned. Nevertheless,
by tendering in the first offer, the majority of the unaffiliated holders indicated that $11.20 was a fair price for their Optibase Shares. We are making this offer at a price of $11.60, or approximately 3.8% greater than in our
first offer.
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• |
Our offer has procedural features that help ensure fairness to holders of Optibase Shares who are not affiliated with Optibase.
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• |
The receipt of cash for Optibase Shares accepted for payment by us from tendering shareholders who are “United States persons” for United States federal income tax purposes will be treated as a taxable transaction for United States
federal income tax purposes.
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• |
The receipt of cash for Optibase Shares accepted for payment by us from tendering shareholders generally will be a taxable transaction for Israeli income tax purposes for both Israeli residents and non-Israeli residents, unless a
specific exemption is available or a tax treaty between Israel and the shareholder’s country of residence provides otherwise.
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We have obtained an approval from the Israel Tax Authority with respect to the Israeli withholding tax rates applicable to shareholders as a result of the sale of Optibase Shares pursuant to the offer. The approval provides, among
other things, that (1) shareholders who meet the following criteria will not be subject to Israeli withholding tax: (a) they acquired their Optibase Shares after its initial public offering in the United States on Nasdaq in 1999; (b)
they do not hold their Optibase Shares through an Israeli broker or Israeli financial institution; (c) they hold less than 5% of Optibase Shares; (d) they certify that they are not, and at the date of purchase of their Optibase Shares
were not Israeli residents (and, (i) in the case of a corporation, that no Israeli residents hold 25.0% or more of the means to control such corporation or are the beneficiaries of, or are entitled to, 25.0% or more of the revenues or
profits of such corporation, whether directly or indirectly, or (ii) in the case of a partnership, that no partner in the partnership is an Israeli resident and no Israeli resident holds, directly or indirectly via shares or through a
trust or in any other manner or with another who is an Israeli resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of the rights in the partnership); provided that (A) with
respect to shareholders who are individuals, they timely provide a copy of their passport; and (B) with respect to shareholders that shall receive an aggregate Offer Price that is in an amount in excess of US$100,000, they timely
submit a valid certificate of residency for tax purposes issued by the applicable tax authority of their country of residence, (2) payments to be made to tendering shareholders who hold their Optibase Shares through an Israeli broker
or Israeli financial institution will be made by us without any Israeli withholding at source, and the relevant Israeli broker or Israeli financial institution will withhold Israeli tax, if any, as required by Israeli law, and (3)
shareholders who are not described in clauses (1) and (2) above will be subject to Israeli withholding tax at the applicable rate of the gross proceeds payable to them pursuant to the offer, unless such shareholders obtain a tax
withholding certificate from the Israel Tax Authority, all as prescribed by Israeli tax law.
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• |
Holders of Optibase Shares who do not tender their Optibase Shares in the offer will have appraisal rights in connection with our offer only if the Compulsory Acquisition occurs as a result of our offer.
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• |
Under Sections 337 and 338 of the Israeli Companies Law, if we complete our offer and acquire the remaining Optibase Shares through a Compulsory Acquisition, an Israeli court may, at the request of any shareholder who did not
tender its shares in the offer, provided such request is submitted within six months of the completion of the offer, determine that the consideration paid for the Optibase Shares was less than the fair market value and decide that we
should pay the fair market value, as determined by the court. Any shareholder who tendered its shares in the offer shall not be entitled to appraisal rights. See Section 3 – “Purpose of the Offer; Effects of the Offer; Plans for
Optibase.”
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• |
If a sufficient number of Optibase Shares are validly tendered, and not withdrawn, in our offer, then we will acquire the remaining Optibase Shares through the Compulsory Acquisition.
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• |
You can call D.F. King & Co., Inc., our Information Agent in the United States, at (212) 269-5550 (banks and brokers) or Toll Free at (800) 829-6554, or FISCHER (FBC & Co.), our legal counsel in Israel, at their addresses
and telephone numbers set forth on the back cover of this offer to purchase.
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• |
statements regarding the public float of Optibase Shares following consummation of the offer;
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• |
statements regarding whether the Optibase Shares will continue to be “margin securities” following consummation of the offer;
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• |
statements regarding whether the Optibase Shares will continue to be traded on Nasdaq or the TASE or registered under the Exchange Act following consummation of the offer;
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• |
statements regarding the plans, objectives or expectations regarding the future operations or status of us or Optibase; and
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• |
any statement of assumptions underlying any of the foregoing.
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• |
changes in domestic and foreign economic and market conditions;
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• |
changes in the ownership of Optibase Shares, particularly any substantial accumulations by persons who are not affiliated with us;
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• |
uncertainty as to the completion of the offer; and
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• |
the risk factors detailed in Optibase’s most recent annual report on Form 20-F and its other filings with the SEC.
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1. |
Background of the Offer; Contacts with Optibase
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2. |
Position of Capri Regarding the Fairness of the Transaction
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• |
The Offer Price represents a premium of approximately:
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|
o |
5.5% to the closing price of the Optibase Shares on Nasdaq on June 29, 2021, the last trading day prior to the date that we first announced our intention to make an offer for all of the outstanding Optibase Shares not owned by the bidder
group; and
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|
o |
4.4% to the average closing price of the Optibase Shares on Nasdaq during the six months prior to commencement of the offer.
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• |
In our first tender offer to acquire all of the Optibase Shares, not already owned by the bidder group, which we commenced on December 1, 2021 at an offer price of $11.20 per share, holders tendered 689,926
Optibase Shares, which was the majority of the Optibase Shares that were not already held by our bidder group. The minimum condition of our first offer was not satisfied and all tendered shares were returned. Nevertheless, by tendering
in the first offer, the majority of the unaffiliated holders indicated that $11.20 was a fair price for their Optibase Shares. We are making this offer at a price of $11.60, or approximately 3.8% greater than in our first offer.
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• |
The relative lack of liquidity for the Optibase Shares and the liquidity that will be realized by the unaffiliated shareholders of Optibase from the offer were factors considered by us. The average daily
trading volumes for the Optibase Shares, combining trading on Nasdaq and on the TASE, for the three month period prior to and including February 14, 2022, the last date on which the Optibase Shares traded in the U.S. prior to commencement
of the offer, was approximately 4,090 Optibase Shares, which is a limited trading volume; therefore, the Optibase Shares have limited liquidity for the unaffiliated public holders and it may be difficult for the unaffiliated public
holders to sell their Optibase Shares without adversely impacting the trading price.
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• |
Neither Capri nor any of its affiliates has received an offer for Optibase from a third party in the past two years. We considered the absence of any unsolicited third party buyer for Optibase to support the fairness of the offer to the
unaffiliated stockholders of Optibase, because the absence of such a third party buyer demonstrates that the offer is the only likely source of prompt liquidity for the Optibase Shares available to all of the unaffiliated holders of
Optibase Shares.
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• |
The offer is not subject to any financing condition.
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• |
The offer provides holders of Optibase Shares with the certainty of receiving cash for their Optibase Shares and removes the risk of any decrease in the value of Optibase.
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• |
Each of such holders will be able to decide voluntarily whether or not to tender Optibase Shares in the offer.
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• |
The minimum condition of the offer will be satisfied only if either (i) 682,024 or more Optibase Shares shall have been validly tendered, and not validly withdrawn, and the majority of those Optibase Shares shall have been tendered by
offerees who do not have a “personal interest,” within the meaning of the Israeli Companies Law, in the offer or (ii) 837,975 or more Optibase Shares shall have been validly tendered, and not validly withdrawn. See Section 19 – “Conditions
of the Offer.” In either case, the majority of the Optibase Shares that are not already held by our bidder group will have been tendered in the offer.
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• |
Holders of Optibase Shares will have sufficient time to make a decision whether or not to tender since the offer will remain open for a minimum of 20 business days.
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• |
If the offer is consummated, shareholders who did not tender shares in the offer may perfect their statutory rights of appraisal, by following the appraisal procedures under the Israeli Companies Law, in which case the Israeli court may
determine that the consideration paid for the Optibase Shares was less than “fair value” and that such shareholders are entitled to receive the “fair value” of their Optibase Shares, as determined by the court.
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|
• |
The Offer Price, $11.60 per Optibase Share, is less than recent trading prices for the Optibase Shares on Nasdaq and on the TASE. On February 14, 2022, the last U.S. trading day before we commenced the
offer, the last price per Optibase Share reported on Nasdaq was $11.75 and on the TASE was NIS 41.00. The Offer Price, $11.60 per Optibase Share, is less than those most recent trading prices and less than the closing price of the
Optibase Shares on Nasdaq on every U.S. trading day since January 5, 2022.
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• |
The Offer Price, $11.60 per Optibase Share, is $1.04, or approximately 8.2%, less than the fair market value of the Optibase Shares as estimated by MNS Consulting,
the financial advisor to Capri.
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|
• |
Any holder that tenders all its Optibase Shares in the offer or whose Optibase Shares are acquired in the Compulsory Acquisition would cease to participate in the future earnings or growth, if any, of Optibase or benefit from increases,
if any, in the value of Optibase.
|
|
• |
The sale of Optibase Shares in the offer is generally taxable to the selling security holders.
|
|
• |
Our bidder group currently owns approximately 81.9% of the outstanding Optibase Shares, and this ownership position may preclude competing offers from third parties.
|
|
• |
Certain directors and officers of Optibase have actual or potential conflicts of interest in connection with our offer. See Section 4—“Interests of Certain Persons in the Offer” and Schedule A.
|
|
• |
The board of directors of Optibase has formed the Special Committee and the Special Committee has engaged separate legal counsel. However, the offer is not conditioned on the approval of the Special Committee and we have not negotiated
the terms of the offer with the Special Committee or with any other person representing the interests of the holders of Optibase Shares who are not affiliated with Optibase.
|
3. |
Purpose of the Offer; Effects of the Offer; Plans for Optibase
|
|
• |
the decrease in costs, particularly those associated with being a public company (for example, as a privately-held entity, Optibase would no longer be required to file annual or other periodic reports with the Commission or publish and
distribute to its shareholders annual reports and proxy statements), that we anticipate could result in substantial annual savings of audit, legal, insurance and other costs; and
|
|
• |
the elimination of burdens on Optibase’s management associated with public reporting and other tasks resulting from Optibase’s public company status, including, for example, the dedication of time by, and resources of, Optibase’s
management to shareholder inquiries and investor and public relations.
|
|
• |
an extraordinary corporate transaction, merger, reorganization or liquidation involving Optibase or any of its subsidiaries;
|
|
• |
a purchase, sale or transfer of a material amount of the assets of Optibase or any of its subsidiaries;
|
|
• |
any change in the present board of directors and management of Optibase (including any plan or proposal to change the number or term of directors or to fill any existing vacancy on the board or to change any material term of the
employment contract of any executive officer);
|
|
• |
any other material change in Optibase’s corporate structure or business;
|
|
• |
a delisting of the Optibase Shares from Nasdaq or TASE;
|
|
• |
the Optibase Shares becoming eligible for termination of registration under the United States Securities Exchange Act of 1934, as amended, or the Exchange Act; or
|
|
• |
influencing Optibase to pay dividends on the Optibase Shares, provided that if we consummate the offer and thereby become the sole holder of Optibase Shares, we may from time to time cause Optibase to pay dividends to us as required for
our internal intercompany purposes.
|
4. |
Interests of Certain Persons in the Offer
|
5. |
Related Party Transactions.
|
6. |
Rule 13e-3
|
7. |
Conduct of Optibase’s Business if the Offer is not Consummated.
|
|
• |
not take any action at that time, including not purchasing any additional Optibase Shares; and/or
|
|
• |
make a new tender offer.
|
8. |
Evaluations and Financial Analysis of Capri’s Financial Advisor.
|
• |
MNS Consulting considered the financial statements and reports of Optibase as of September 30, 2021, which Optibase filed with the SEC on November 30, 2021 on Form 6-K.
|
• |
Optibase furnished to MNS Consulting updated Property Valuations for its CTN property and its Rümlang property.
|
• |
Optibase recently has sold additional units comprising its Miami property, and the prices of those recent sales imply that the fair value of the property recently has increased.
|
|
• |
Optibase owns 51% of an office building complex in the outskirts of Geneva, Switzerland known as Centre des Technologies Nouvelles, or CTN complex. The CTN complex includes approximately 34,800 square
meters of leasable space and, as of December 31, 2020 , it was 92% occupied and generating $12.4 million of annualized rent.
|
|
• |
Optibase is the sole owner of a commercial building in Rümlang, Switzerland, approximately 15 kilometers from Zurich. The Rümlang property has 12,500 square meters of rentable space with office, laboratory and retail uses and, as of
December 31, 2020, it was 88% occupied and generating $2.0 million of annualized rent.
|
|
• |
Optibase is the sole owner of 22 residential condominium units in Miami, Florida (net of two units which Optibase recently sold). As of December 31, 2020, the Miami units were 54% occupied and generating
$0.6 million of annualized rent.
|
|
• |
Optibase owns 30% of a commercial building in Chicago, Illinois. MNS Consulting estimated the fair value of this stake by applying a discount rate of 6% to 2020 net operating income. The resulting asset value of the property was
significantly less than liabilities on the property. MNS Consulting therefore estimated the net value of the property as zero.
|
|
• |
Optibase owns a 22% stake in Two Penn Center Plaza, a commercial building in Philadelphia, Pennsylvania. The principal lender on the property, Wells Fargo Commercial Mortgage Trust 2021-C59, included a valuation for this property in a
free writing prospectus that it filed with the SEC on April 14, 2021 (Registration file number 333-226486-19). Based on this valuation, MNS Consulting estimated that the net value of Optibase’s holding in the property is approximately
$14.1 million.
|
|
• |
Optibase owns a 4% stake in Texas Shopping Centers, a portfolio of shopping centers in and around Houston, Dallas, and San Antonio, Texas. Optibase furnished to MNS Consulting the financial statements of Texas Shopping Centers, which
state the fair value of the portfolio, of which $5.7 million is attributed to Optibase.
|
9. |
Terms of the Offer; Expiration Date.
|
•
|
extend the Expiration Date and, subject to applicable withdrawal rights, retain all tendered Optibase Shares;
|
•
|
if the only conditions that have not been satisfied are one or more of the conditions set forth in clause (b) of Section 19, waive such condition(s) and accept for payment and pay for all Optibase Shares
validly tendered and not properly withdrawn prior to the Expiration Date; or
|
•
|
terminate the offer and not accept for payment or pay for any Optibase Shares and promptly return all tendered Optibase Shares.
|
10. |
Acceptance for Payment and Payment.
|
11. |
Procedures for Tendering Shares.
|
|
• |
by a registered holder of Optibase Shares who has not completed either the box entitled “Special Delivery Instructions” or the box entitled “Special Payment Instructions” on the Letter of Transmittal; or
|
|
• |
for the account of an eligible guarantor institution.
|
|
• |
such tender is made by or through an Eligible Institution;
|
|
• |
a properly completed and duly executed Notice of Guaranteed Delivery, substantially in the form provided by Purchaser, is received by the U.S. Depository (as provided below) prior to the Expiration Date; and
|
|
• |
the certificates for all tendered Optibase Shares, in proper form for transfer (or a Book-Entry Confirmation with respect to all such Optibase Shares), together with a properly completed and duly executed Letter of Transmittal, with any
required signature guarantees (or, in the case of a book-entry transfer, an Agent’s Message in lieu of the Letter of Transmittal), and any other required documents, are received by the U.S. Depository within 2 trading days after the date of
execution of such Notice of Guaranteed Delivery. A “trading day” is any day on which Nasdaq is open for business.
|
|
• |
you have the full power and authority to tender, sell, assign and transfer the tendered Optibase Shares (and any and all Optibase Shares or other securities issued or issuable in respect of your Optibase Shares); and
|
|
• |
when we accept your Optibase Shares for payment, we will acquire good and unencumbered title to your Optibase Shares, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claims.
|
12. |
Withdrawal Rights.
|
13. |
Material U.S. Federal Income Tax and Israeli Income Tax Consequences.
|
|
• |
an individual who is a citizen or resident of the United States;
|
|
• |
a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof or the District of Columbia;
|
|
• |
an estate, the income of which is subject to U.S. federal income tax regardless of its source; or
|
|
• |
a trust (A) if a court within the United States is able to exercise primary jurisdiction over its administration and one or more U.S. persons have authority to control all of its substantial decisions, or (B) if it has made a valid
election to be treated as a U.S. person under the Code.
|
|
• |
regulated investment companies;
|
|
• |
broker-dealers (including in securities or foreign currency) or insurance companies;
|
|
• |
persons who have elected to apply a mark-to-market method of accounting;
|
|
• |
certain former citizens or former long-term residents of the United States;
|
|
• |
tax-exempt organizations or retirement plans;
|
|
• |
persons subject to the alternative minimum tax;
|
|
• |
banks and other financial institutions;
|
|
• |
persons who hold their Optibase Shares as part of a position in a straddle or as part of a hedging, conversion, constructive sale, synthetic security, or other integrated investment;
|
|
• |
holders who received their Optibase Shares through the exercise of employee stock options or otherwise as compensation;
|
|
• |
partnerships or other pass-through entities or persons who hold their Optibase Shares through partnerships or other pass-through entities;
|
|
• |
holders who within the five-year period prior to the offer owned directly, indirectly or by attribution at least 10.0% of Optibase by vote or value; and
|
|
• |
persons whose functional currency is not the U.S. dollar.
|
•
|
to the U.S. Depositary, then the U.S. Depositary may be required to withhold Israeli tax at the applicable rate of the gross proceeds payable to such shareholder pursuant to the offer, unless
such shareholder, upon the terms and conditions set forth in the Letter of Transmittal, either:
|
|
o |
certifies, by completing the Declaration Form (Declaration of Status for Israeli Income Tax Purposes), or the Declaration Form, included in the Letter of Transmittal or otherwise delivered to such shareholder, that (1) (i) such
shareholder is NOT and at the date of purchase of its Optibase Shares was not a “resident of Israel” for purposes of the Ordinance, and (A) if it is a corporation, that Israeli residents are NOT “controlling shareholders” (as defined under
Section 68A of the Ordinance) of such corporation (i.e., that Israeli residents do not hold 25.0% or more of the means to control such corporation), nor are Israeli residents the beneficiaries of, and are not entitled to, 25.0% or more of
such corporation’s revenues or profits, whether directly or indirectly, or (B) if it is a partnership, that no partner in the partnership is an Israeli resident and no Israeli resident holds, directly or indirectly via shares or through a
trust or in any other manner or with another who is an Israeli resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of the rights in the partnership, (ii) such shareholder acquired
its Optibase Shares after Optibase’s initial public offering on Nasdaq in 1999, and (iii) such shareholder is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares, and provided that (a) with respect to a
shareholder who is an individual, such shareholder timely provides a copy of her/her passport; and (b) with respect to a shareholder that shall receive an aggregate Offer Price that is in an amount in excess of US$100,000, such shareholder
timely submits a valid certificate of residency for tax purposes issued by the applicable tax authority of their country of residence; or (2) such shareholder is a bank, broker or financial institution resident in Israel. In such case, the
U.S. Depositary will not withhold any Israeli withholding tax from the gross proceeds payable to such shareholder pursuant to the offer; or
|
|
o |
provide the U.S. Depositary with a valid certificate from the ITA entitling such shareholder to an exemption or a specified withholding tax rate, referred to as the ITA Waiver. In such case, the U.S. Depositary will withhold Israeli
withholding tax (or not withhold, if such shareholder is entitled to an exemption) from the gross proceeds payable to such shareholder pursuant to the offer in accordance with such ITA Waiver; or
|
•
|
to the Israeli Depositary, and such shareholder
|
|
o |
holds its Optibase Shares through a TASE member, then such TASE member will withhold Israeli income tax, if applicable, at the rate of 25% of the gain realized by such shareholder from the sale of Optibase Shares in the offer, in
accordance with the Israeli Income Tax Regulations (Withholding from Consideration, Payment or Capital Gains on the Sale of a Security or Forward Transaction), 2002.
|
14. |
Price Range of the Shares etc.
|
Quarter
|
Nasdaq Global Market
|
The Tel Aviv Stock Exchange
|
||||||||||||||
2020
|
||||||||||||||||
First Quarter
|
$
|
12.03
|
$
|
9.53
|
NIS 44.00
|
NIS 33.00
|
||||||||||
Second Quarter
|
$
|
12.75
|
$
|
10.12
|
NIS 50.00
|
NIS 25.47
|
||||||||||
Third Quarter
|
$
|
12.13
|
$
|
10.32
|
NIS 45.49
|
NIS 36.50
|
||||||||||
Fourth Quarter
|
$
|
12.25
|
$
|
9.91
|
NIS 42.63
|
NIS 35.19
|
||||||||||
2021
|
||||||||||||||||
First Quarter
|
$
|
12.30
|
$
|
10.40
|
NIS 41.20
|
NIS 33.34
|
||||||||||
Second Quarter
|
$
|
14.64
|
$
|
10.51
|
NIS 55.00
|
NIS 33.50
|
||||||||||
Third Quarter
|
$
|
13.49
|
$
|
10.51
|
NIS 39.87
|
NIS 33.03
|
||||||||||
Fourth Quarter
|
$
|
11.70
|
$ |
9.10
|
NIS 38.70
|
|
NIS 30.97
|
|||||||||
2022
|
||||||||||||||||
First Quarter (through February 14, 2022)
|
$
|
12.63
|
$
|
11.10
|
NIS 41.54
|
NIS 34.00
|
Month
|
Nasdaq Global Market
|
The Tel Aviv Stock Exchange
|
||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
February 2021
|
$
|
11.99
|
$
|
10.40
|
NIS 39.63
|
NIS 35.00
|
||||||||||
March 2021
|
$
|
11.30
|
$
|
10.50
|
NIS 37.90
|
NIS 33.34
|
||||||||||
April 2021
|
$
|
14.64
|
$
|
10.51
|
NIS 55.00
|
NIS 34.00
|
||||||||||
May 2021
|
$
|
12.00
|
$
|
10.80
|
NIS 40.75
|
NIS 34.56
|
||||||||||
June 2021
|
$
|
11.41
|
$
|
10.60
|
NIS 37.78
|
NIS 33.50
|
||||||||||
July 2021
|
$
|
13.49
|
$
|
10.51
|
NIS 39.87
|
NIS 33.03
|
||||||||||
August 2021
|
$
|
11.30
|
$
|
10.66
|
NIS 37.12
|
NIS 33.45
|
||||||||||
September 2021
|
$
|
11.85
|
$
|
10.92
|
NIS 39.67
|
NIS 34.56
|
||||||||||
October 2021
|
$
|
11.50
|
$
|
9.10
|
NIS 37.09
|
NIS 30.97
|
||||||||||
November 2021
|
$
|
10.67
|
$
|
10.01
|
NIS 38.70
|
NIS 31.55
|
||||||||||
December 2021
|
$
|
11.70
|
$ |
10.08
|
NIS 38.45
|
|
NIS 33.33
|
|||||||||
January 2022
|
$
|
12.63
|
$ |
11.10
|
NIS 41.54 |
|
NIS 34.00
|
|||||||||
February 2022
|
$ |
12.63
|
$
|
11.45
|
NIS 41.00
|
NIS 38.62
|
15. |
Effects of the Offer on the Market for Shares.
|
16. |
Information Concerning Optibase.
|
|
Fiscal Year Ended
December 31, |
Nine Months Ended
September 30, |
||||||||||||||
|
2020
|
2019
|
2021
|
2020
|
||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS:
|
||||||||||||||||
Fixed income real estate rent
|
$
|
14,874
|
$
|
16,144
|
$
|
10,422
|
$
|
11,431
|
||||||||
Cost and expenses:
|
||||||||||||||||
Cost of real estate operations
|
$
|
2,548
|
$
|
2,948
|
$
|
1,667
|
$
|
1,984
|
||||||||
Real estate depreciation, amortization and impairment
|
$
|
3,946
|
$
|
4,321
|
$
|
2,962
|
$
|
2,718
|
||||||||
General and administrative
|
$
|
2,523
|
$
|
3,047
|
$
|
2,355
|
$
|
1,800
|
||||||||
Total cost and expenses
|
$
|
9,017
|
$
|
10,316
|
$
|
6,984
|
$
|
6,502
|
||||||||
Gain on sale of operating properties
|
$
|
9,127
|
$
|
--
|
$
|
--
|
$
|
9,127
|
||||||||
Operating income
|
$
|
14,984
|
$
|
5,828
|
$
|
3,438
|
$
|
14,056
|
||||||||
Other Income
|
$
|
454
|
$
|
722
|
$
|
639
|
$
|
301
|
||||||||
Financial expenses, net
|
$
|
(1,781
|
)
|
$
|
(2,630
|
)
|
$
|
1,262
|
$
|
1,758
|
||||||
Income before taxes on income
|
$
|
13,657
|
$
|
3,920
|
$
|
2,815
|
$
|
12,599
|
||||||||
Taxes on income
|
$
|
2,162
|
$
|
1,472
|
$
|
1,014
|
$
|
1,665
|
||||||||
Equity share in losses of associates, net
|
$
|
2,079
|
$
|
2,321
|
$
|
1,132
|
$
|
1,569
|
||||||||
Net income
|
$
|
9,416
|
$
|
127
|
$
|
669
|
$
|
9,365
|
||||||||
Net income attributable to non-controlling interests
|
$
|
2,983
|
$
|
2,120
|
$
|
2,114
|
$
|
2,307
|
||||||||
Net income (loss) attributable to Optibase Ltd.
|
$
|
6,433
|
$
|
(1,993
|
)
|
$
|
(1,445
|
)
|
$
|
7,058
|
||||||
Net earnings (loss) per share:
|
||||||||||||||||
Basic and Diluted
|
$
|
1.24
|
$
|
(0.38
|
)
|
$
|
(0.28
|
)
|
$
|
1.36
|
||||||
Number of shares used in computing earnings per share:
|
||||||||||||||||
Basic
|
5,186
|
5,186
|
5,186
|
5,186
|
||||||||||||
Diluted
|
5,186
|
5,186
|
5,186
|
5,186
|
|
As of
December 31, |
As of
September 30, |
||||||||||||||
|
2020
|
2019
|
2021
|
2020
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET
|
||||||||||||||||
Assets
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
28,820
|
$
|
12,564
|
$
|
30,198
|
$
|
29,676
|
||||||||
Restricted cash
|
835
|
32
|
577
|
912
|
||||||||||||
Trade receivables, net
|
216
|
536
|
272
|
366
|
||||||||||||
Other accounts receivables and prepaid expenses
|
569
|
628
|
1,930
|
840
|
||||||||||||
Property held for sale
|
--
|
29,727
|
--
|
--
|
||||||||||||
Bonds related deposits
|
2,564
|
--
|
2,257
|
--
|
||||||||||||
Total current assets
|
33,004
|
43,487
|
35,234
|
31,794
|
||||||||||||
Long term investments:
|
||||||||||||||||
Long-term deposits
|
98
|
2,678
|
98
|
2,495
|
||||||||||||
Right-of-use assets
|
272
|
376
|
167
|
283
|
||||||||||||
Investments in companies and associates
|
9,269
|
11,657
|
5,925
|
9,890
|
||||||||||||
Total long term investments
|
9,639
|
14,711
|
6,190
|
12,668
|
||||||||||||
Real estate properties, net
|
192,054
|
181,109
|
179,957
|
185,560
|
||||||||||||
Total assets
|
$
|
234,697
|
$
|
239,307
|
$
|
221,381
|
$
|
230,022
|
||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Current maturities of long term loans and bonds
|
$
|
6,447
|
$
|
28,803
|
$
|
4,097
|
$
|
6,137
|
||||||||
Accounts payable and accrued expenses and other
|
4,144
|
5,170
|
4,429
|
6,412
|
||||||||||||
Operating lease liabilities
|
166
|
--
|
136
|
--
|
||||||||||||
Liabilities attributed to discontinued operations
|
2,061
|
2,061
|
2,061
|
2,061
|
||||||||||||
Total current liabilities
|
12,818
|
36,034
|
10,723
|
14,610
|
||||||||||||
Long term liabilities:
|
||||||||||||||||
Deferred tax liabilities
|
15,095
|
13,801
|
14,407
|
14,208
|
||||||||||||
Land lease liability, net
|
7,054
|
6,110
|
6,641
|
6,759
|
||||||||||||
Operating lease liabilities
|
146
|
257
|
55
|
159
|
||||||||||||
Long term loans, net of current maturities
|
112,923
|
108,406
|
105,817
|
108,960
|
||||||||||||
Long term bonds, net of current maturities
|
--
|
2,845
|
--
|
1,434
|
||||||||||||
Total long term liabilities
|
135,218
|
131,419
|
126,920
|
131,520
|
||||||||||||
Shareholders’ equity:
|
||||||||||||||||
Shareholders’ equity of Optibase Ltd.
|
61,464
|
51,844
|
57,860
|
60,439
|
||||||||||||
Non-controlling interests
|
25,197
|
20,010
|
25,878
|
23,453
|
||||||||||||
Total shareholders’ equity
|
86,661
|
71,854
|
83,738
|
83,892
|
||||||||||||
Total liabilities and shareholders’ equity
|
$
|
234,697
|
$
|
239,307
|
$
|
221,381
|
$
|
230,022
|
17. |
Information Concerning the Bidder Group.
|
|
• |
has been convicted in a criminal proceeding in the past five years (excluding traffic violations or similar misdemeanors);
|
|
• |
has been party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from
future violations of, or prohibiting activities subject to, U.S. federal or state securities laws, or a finding of any violation of U.S. federal or state securities laws; or
|
|
• |
has been otherwise convicted in a criminal proceeding and the statute of limitation regarding such conviction, pursuant to the Israeli Criminal Registration and Rehabilitation Law, 1981, has not elapsed prior to the date of this offer to
purchase.
|
18. |
Sources and Amount of Funds.
|
|
• |
If we do not consummate the offer then we will repay the loan from the release of the escrow account.
|
|
• |
If we consummate the offer, then we will cause Optibase to pay to us, from its cash on hand, a cash dividend in an amount sufficient to enable us to repay the Loan.
|
|
• |
the offer consideration consists solely of cash;
|
|
• |
the offer is not subject to any financing condition, we have obtained the necessary funds to consummate the offer and we have deposited cash into an escrow account with the Israeli Depositary in an amount sufficient to pay for the
maximum number of Optibase Shares that we are offering to purchase in the offer;
|
|
• |
members of our bidder group in the aggregate already hold 81.9% of the outstanding Optibase Shares as of July 7, 2021, and therefore control Optibase;
|
|
• |
we are a private foundation and our financial statements primarily reflect our management’s ability to manage an investment portfolio, rather than our ability to manage an operating company such as Optibase.
|
19. |
Conditions of the Offer.
|
|
o |
682,024 or more Optibase Shares shall have been validly tendered, and not validly withdrawn, and the majority of those Optibase Shares shall have been tendered by offerees who do not have a “personal interest,” within the meaning of the
Israeli Companies Law and as described below in this section, in the offer; or
|
|
o |
837,975 or more Optibase Shares shall have been validly tendered, and not validly withdrawn.
|
|
o |
more than 95% of the outstanding Optibase Shares, and the majority of those Optibase Shares shall have been tendered by offerees who do not have a “personal interest” within the meaning of the Israeli Companies Law; or
|
|
o |
more than 98% of the outstanding Optibase Shares.
|
|
• |
Any action taken, or any statute, rule, regulation, legislation, interpretation, judgment, order or injunction enacted, enforced, promulgated, amended, issued or deemed applicable to the offer, by any legislative body, court, government
or governmental, administrative or regulatory authority or agency of competent jurisdiction, domestic or foreign;
|
|
• |
any action or proceeding instituted or pending by any governmental entity or third party before a court or other authority of competent jurisdiction, domestic or foreign;
|
|
• |
any change that has or will have occurred (or any development that has or will have occurred involving prospective changes) in the business, assets, liabilities, conditions (financial or otherwise), prospects or results of operations of
Optibase that has, or could reasonably be expected to have, in our reasonable discretion;
|
|
• |
any general suspension of trading in securities on Nasdaq or the TASE;
|
|
• |
a declaration of a banking moratorium or any suspension of payments in respect of banks in the United States or Israel (whether or not mandatory) or a material limitation (whether or not mandatory) by any governmental entity on the
extension of credit by banks or other lending institutions, that could have a material adverse effect on us, Optibase or the trading of the Optibase Shares;
|
|
• |
in the case of any of the foregoing existing at the time of the commencement of the offer, a material escalation or the worsening thereof;
|
|
• |
any change in the general political, market, economic or financial conditions in the United States, Israel or abroad that could, have a material adverse effect on us, on Optibase or the trading of the Optibase Shares; or
|
|
• |
a tender offer or exchange offer for any or all of Optibase Shares, or any merger, acquisition, business combination or other similar transaction with or involving Optibase or any of its subsidiaries, shall have been proposed, announced
or made by any other person or has been publicly disclosed.
|
20. |
Legal Matters and Regulatory Approvals.
|
21. |
Fees and Expenses.
|
Information Agent Fees and Expenses
|
$
|
30,000
|
||
U.S. and Israeli Depositaries' Fees and Expenses
|
$
|
65,000
|
||
Filing Fees
|
$
|
1,000
|
||
Legal Fees
|
$
|
90,000
|
||
Financial Advisor Fee
|
$
|
14,700
|
||
Printing and Mailing Costs
|
$
|
7,000
|
||
Miscellaneous
|
$
|
7,300
|
||
Total
|
$
|
215,000
|
||
22. |
Miscellaneous.
|
Expert Opinion in the matter of:
|
The Capri Family Foundation
Updated Evaluation of Opibase Ltd.
|
1. |
On November 30, 2021, we (MNS Consulting Ltd.) conducted an evaluation (the “Initial Evaluation”) of the value of Optibase Ltd. (the “Company”) in support of
the Tender Offer submitted by The Capri Family Foundation (the “Client”) on December 1, 2021.
|
3. |
We have been asked by the Client to provide an updated evaluation (the “Updated Evaluation”) of the Company for the purpose of submitting a new Tender Offer.
|
4. |
Our economic assessment intends to reflect in a fair and reasonable manner a given situation, based on known data and in respect to the basic assumptions.
|
5. |
The methodology used in the preparation of the Updated Evaluation is similar to that which was used in the preparation of the Initial Evaluation; the
evaluations are based on the fair value of the Company using net asset value methodology and by adjusting the values of items on the Company's balance sheet to their fair values. Among other things, we relied on appraisals and
discounted cash flow methodology in relation to the value of the Company's assets and the fair value of the Company’s loans.
|
6. |
The Updated Evaluation incorporates the latest information from the following sources:
|
|
• |
The Company’s latest financial reports and statements as of September 30, 2021
|
|
• |
Two third-party appraisals published of the assets in Chemin des Aulx, Switzerland, and Rümlang, Switzerland
|
|
• |
Actual sale prices of units in the asset in Miami, Florida
|
7. |
In accordance with the Updated Evaluation thus conducted, the fair value of the Optibase share price is $12.64.
|
• |
This Updated Evaluation is directed to the Client in connection with the Tender Offer and is not a recommendation to, and does not substitute independent judgment
to be carried out by, any holder of Shares regarding the Tender Offer. Without derogating from the above, this Updated Evaluation shall not be quoted or used for any other purpose without the prior written consent of MNS Consulting Ltd.
(“MNS”), except that this Updated Evaluation may be reproduced in full in, and reference to this Updated Evaluation, and to MNS and its relationship to the Client, may be included in, any tender offer materials or other materials relating
to the Tender Offer that the Client files with the U.S. Securities and Exchange Commission or otherwise as required by law.
|
• |
In composition of this Evaluation, we have relied on the sources listed above. We have relied on additional sources that, according to our personal long-term
experience, we consider reliable. However, we have not independently investigated such sources and information, and therefore do not express our opinion regarding the authenticity, completeness, and/or the accuracy of the aforementioned
data. Furthermore, we have not reviewed the aforementioned additional sources’ data and thus cannot speak to the authenticity, integrity, and/or accuracy of the data.
|
• |
An economic evaluation should reasonably reflect a given situation at a specific time, based on known data. It should be noted that the Evaluation relies on
forward-looking assumptions and, as such, has no certainty regarding their realization. The information upon which we have relied may change or be affected by various factors which cannot be foreseen or controlled. The information on
which we have relied on may differ substantially, in various manners, in light of any additional material, information, and/or event that shall or may be obtained or in light of events that shall or may occur after the preparation of the
Evaluation.
|
• |
This Updated Evaluation does not constitute a due diligence report and does not pretend in any form or manner to include any information, examinations, and
conclusions provided by a due diligence report.
|
• |
It should be emphasized that this Updated Evaluation does not constitute as legal advice or a legal opinion, nor as advice regarding investments in the Company's
securities. Additionally, this Updated Evaluation does not take into consideration taxation aspects of the potential transactions.
|
• |
MNS, its shareholders, senior management, and officers hereby declare that they have no conflict of interest regarding the Valuation. They have no personal
connections to the Company, its shareholders, its board of directors and officers and any of the Company’s subsidiaries, nor have previously been employed by or hold any securities associated with any of the aforementioned.
|
• |
The remunerations received for the Valuation have been pre-determined between the Client and MNS and are not dependent on the results and/or recommendations
provided in the Valuation.
|
• |
MNS shall bear no liability for any damages or financial loss that may occur to any person or company due to
any flaw in the information on which we have relied, or arising from any failure to furnish us with other information that may be relevant to our Evaluation. In addition, and without derogating from the generality of the above, our
limitation of liability for damages of any kind, other than damage caused due to our action in gross negligence and/or malice, is limited to up to three times the remunerations paid by the Client for this Valuation (the “Cap of
Liability”). MNS shall not pay any compensation in excess of the Cap of Liability. The Client shall indemnify and/or reimburse MNS in any event in which MNS shall be required to pay an amount in excess of the Cap of Liability. In
addition, the Client is obligated to indemnify MNS for reasonable expenses that will be incurred or be required to be paid for legal representation, legal advice, professional advice, defense against legal proceedings, negotiations,
etc. The aforementioned indemnification obligation shall not apply if MNS acted, with respect to the services provided in the preparation of this document, in malice or in gross negligence.
|
|
(A) |
with respect to an individual – a person whose center of vital interests is in Israel; for this purpose the following provisions will apply:
|
|
(1) |
in order to determine the center of vital interests of an individual, there shall be taken into account the whole of the individual’s family, economic and social connections, including, among others:
|
|
(a) |
place of domicile;
|
|
(b) |
place of residence of the individual and the individual’s immediate family;
|
|
(c) |
place of the individual’s regular or permanent place of business or the place of his permanent employment;
|
|
(d) |
place of the individual’s active and material economic interests;
|
|
(e) |
place of the individual’s activities in organizations, associations and other institutions;
|
|
(2) |
the center of vital interests of an individual will be presumed to be in Israel during a tax year:
|
|
(a) |
if the individual was present in Israel for 183 days or more in the tax year;
|
|
(b) |
if the individual was present in Israel for 30 days or more in the tax year, and the total period of the individual’s presence in Israel during the tax year and the two previous tax years is 425 days or more.
|
|
(3) |
the presumption in subparagraph (2) may be rebutted either by the individual or by the assessing officer.
|
|
(B) |
with respect to an entity – an entity that satisfies one of the following conditions:
|
|
(1) |
it was incorporated in Israel;
|
|
(2) |
the “control and management” of its business is exercised in Israel, except for a body of persons, the business of which is controlled and managed in Israel by an individual who became an Israel resident for the first time or is a
returning resident, as set forth in section 14(a) and ten years have not yet passed since he became an Israeli resident as aforesaid, or by any person on his behalf, provided that such body of persons would not be an Israel resident if the
control and management of its business were not by a said individual or by a person on his behalf, unless the body of persons requested otherwise.
|
Name
|
|
Current Principal Occupation or Employment and Five-Year Employment History
|
Andreas Kothgasser
|
Mr. Kothgasser has served on the board of trustees of Capri since June 2020. Mr. Kothgasser has served as the chief executive officer of AG Post und Mercatorium St. Moritz Dorf since December 2015. Mr.
Kothgasser’s business address is Via Maistra 17, 7500 St Moritz, Switzerland. He is a citizen of Austria.
|
|
Rouven Schwarz
|
Mr. Schwarz joined the board of directors of Optibase in July 2014 and joined the board of trustees of Capri in June 2020. Mr. Schwarz serves as an independent contractor providing services to Optibase since
November 2013. Since 2012, Mr. Schwarz serves as a real estate manager for a private company. From 2008 through 2012 Mr. Schwarz has served as a manager for Centris Capital AG. From 2006 through 2008 Mr. Schwarz has served as a banker for
Meinl Bank AG, Vienna. Mr. Schwarz holds a Magister (MA) degree from the University of Economic and Business Administration Vienna, Austria. The business address of Mr. Schwarz is 8 Hamenofim Street Herzliya 4672559, Israel. He is a citizen
of Austria.
|
|
Shlomo (Tom) Wyler
|
Mr. Wyler has served as the chief executive officer of Optibase, Inc. since January. Prior to December 2013 Mr. Wyler had served as president of Optibase and a member its board of directors. The business
address of Mr. Wyler is 8 Hamenofim Street Herzliya 4672559, Israel. Mr. Wyler is a citizen of Switzerland.
|
|
Dominik Zurbrügg
|
Mr. Zurbrügg has served on the board of trustees of Capri since June 2020. Mr. Zurbrügg has served as the Hotel Director of the Hotel Monopol, St. Moritz, Switzerland, since 2017. Prior to that, Mr. Zurbrügg
served as the Hotel Director of the Renaissance Hotel, Luzern, Switzerland. Mr. Zurbrügg’s business address is Via Maistra 17, 7500 St Moritz, Switzerland. Mr. Zurbrügg is a citizen of Switzerland.
|
D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
For assistance call D.F. King at (800) 829-6554 or (212) 269-5550 (banks and brokers)
Email: optibase@dfking.com
The Israeli Depositary for the offer is:
Israel Brokerage & Investments - I.B.I. - Ltd.
9 Ahad Ha'am Street
Tel Aviv, 6525101, Israel
|
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 10:00 A.M., NEW YORK TIME, OR 5:00 P.M., ISRAEL
TIME, ON MARCH 17, 2022, UNLESS THE OFFER IS EXTENDED.
|
☐ |
CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER TO THE ACCOUNT MAINTAINED BY THE U.S. DEPOSITARY WITH DTC AND COMPLETE THE FOLLOWING (ONLY FINANCIAL INSTITUTIONS THAT ARE PARTICIPANTS IN DTC MAY DELIVER SHARES BY
BOOK-ENTRY TRANSFER):
|
☐ |
CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE U.S. DEPOSITARY AND COMPLETE THE FOLLOWING
(PLEASE ENCLOSE A PHOTOCOPY OF SUCH NOTICE OF GUARANTEED DELIVERY):
|
☐ |
CHECK HERE IF A RESIDENCY CERTIFICATE IS BEING DELIVERED TOGETHER WITH THIS LETTER OF TRANSMITTAL.
|
☐ |
CHECK HERE IF A RESIDENCY CERTIFICATE IS NOT BEING DELIVERED TOGETHER WITH THIS LETTER OF TRANSMITTAL AND YOU ELECT TO SUBMIT A RESIDENCY CERTIFICATE
DURING THE ADDITIONAL PERIOD.
|
☐ |
CHECK HERE IF YOU ARE AN INDIVIDUAL NON-ISRAELI RESIDENT SHAREHOLDER AND A COPY OF THE PHOTO PAGE OF YOUR
PASSPORT IS BEING DELIVERED TOGETHER WITH THIS LETTER OF TRANSMITTAL.
|
☐ |
CHECK HERE IF YOU DO NOT HAVE A “PERSONAL INTEREST” IN THE ACCEPTANCE OF THE OFFER.
|
☐ |
CHECK HERE IF YOU HAVE A “PERSONAL INTEREST” IN THE ACCEPTANCE OF THE OFFER.
If you marked this box, please describe the basis for your “personal interest”. ___________________________________________________________
__________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________
|
IF ANY SHARE CERTIFICATES REPRESENTING SHARES THAT YOU OWN HAVE BEEN LOST,
STOLEN OR DESTROYED, SEE INSTRUCTION 2.
SHAREHOLDERS: SIGN HERE
(Please complete an IRS Form W-9, the appropriate IRS Form W-8, and/or a Declaration Form (Declaration of
Status for Israeli Income Tax Purposes) and provide the accompanying documents, as applicable. See
“IMPORTANT TAX INFORMATION”.)
|
||
|
||
Signature(s) of Holder(s)
|
||
Dated: . . . . . . . . . . . . . ., 2022.
(Must be signed by registered holder(s) exactly as name(s) appear(s) on share certificates or on a security position listing by person(s) authorized to become registered holder(s) by certificates and
documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, please provide the following
information and see Instruction 5.)
|
||
Name(s):
|
||
Please Print
|
||
Capacity (full title):
|
||
|
||
Address:
|
||
|
||
Include Zip Code
|
||
Daytime Area Code and Telephone No:
|
||
Taxpayer Identification or
Social Security No.: |
||
(See IRS Form W-9 below)
|
||
GUARANTEE OF SIGNATURE(S)
(See Instructions 1 and 5)
FOR USE BY FINANCIAL INSTITUTIONS ONLY.
Financial Institutions: Place Medallion Guarantee in Space Below
FOR USE BY U.S. DEPOSITARY/ PURCHASER ONLY.
By power-of-attorney from Purchaser, the U.S. Depositary
hereby sets its corporate seal to indicate acceptance of the tendered
Shares by the Purchaser: ______________________
|
Form W-9 (Rev. October 2018) Department of the Treasury Internal Revenue Service |
Request for Taxpayer
► Go to www.irs.gov/FormW9 for instructions and the latest information. |
Give Form to the requester. Do not send to the IRS.
|
|
1 | Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | |||||||
2 | Business name/disregarded entity name, if different from above | ||||||||
3 | Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only one of the following seven boxes. |
4 Exemptions (codes apply only to certain entities, not individuals; see instructions on page 3):
Exempt payee code (if any)_________
Exemption from FATCA reporting
(Applies to accounts maintained outside the U.S.) |
|||||||
☐ Individual/sole proprietor or ☐ C Corporation ☐ S Corporation ☐ Partnership ☐ Trust/estate | |||||||||
single-member LLC | |||||||||
☐ Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=Partnership) ► _________ | |||||||||
Note: Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is not disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner. | |||||||||
☐ Other (see instructions) ► | |||||||||
5 | Address (number, street, and apt. or suite no.) See instructions. | Requester’s name and address (optional) | |||||||
6 | City, state, and ZIP code | ||||||||
7 | List account number(s) here (optional) | ||||||||
Part I | Taxpayer Identification Number (TIN) |
Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later.
Note: If the account is in more than one name, see the instructions for line 1. Also see What Name and Number To Give the Requester for guidelines on whose number to enter.
Social security number | ||||||||||
- | - |
or
Employer identification number | ||||||||||
- |
|
Part II | Certification |
Under penalties of perjury, I certify that:
|
1. | The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and |
|
2. | I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and |
|
3. | I am a U.S. citizen or other U.S. person (defined below); and |
|
4. | The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. |
Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later.
Sign
Here |
Signature of
U.S. person ► |
Date ► |
General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.
Future developments. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/FormW9.
Purpose of Form
An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.
• Form 1099-INT (interest earned or paid)
• Form 1099-DIV (dividends, including those from stocks or mutual funds)
• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)
• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)
• Form 1099-S (proceeds from real estate transactions)
• Form 1099-K (merchant card and third party network transactions)
• Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition)
• Form 1099-C (canceled debt)
• Form 1099-A (acquisition or abandonment of secured property)
Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.
If you do not return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See What is backup withholding, later.
|
Cat. No. 10231X |
Form W-9 (Rev. 10-2018) |
8
Form W-9 (Rev. 10-2018) | Page 2 |
By signing the filled-out form, you:
1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued),
2. Certify that you are not subject to backup withholding, or
3. Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person, your allocable share of any partnership income from a U.S. trade or business is not subject to the withholding tax on foreign partners’ share of effectively connected income, and
4. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting, is correct. See What is FATCA reporting, later, for further information.
Note: If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester’s form if it is substantially similar to this Form W-9.
Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are:
• An individual who is a U.S. citizen or U.S. resident alien;
• A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States;
• An estate (other than a foreign estate); or
• A domestic trust (as defined in Regulations section 301.7701-7).
Special rules for partnerships. Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax under section 1446 on any foreign partners’ share of effectively connected taxable income from such business. Further, in certain cases where a Form W-9 has not been received, the rules under section 1446 require a partnership to presume that a partner is a foreign person, and pay the section 1446 withholding tax. Therefore, if you are a U.S. person that is a partner in a partnership conducting a trade or business in the United States, provide Form W-9 to the partnership to establish your U.S. status and avoid section 1446 withholding on your share of partnership income.
In the cases below, the following person must give Form W-9 to the partnership for purposes of establishing its U.S. status and avoiding withholding on its allocable share of net income from the partnership conducting a trade or business in the United States.
• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the entity;
• In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the trust; and
• In the case of a U.S. trust (other than a grantor trust), the U.S. trust (other than a grantor trust) and not the beneficiaries of the trust.
Foreign person. If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person, do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities).
Nonresident alien who becomes a resident alien. Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a “saving clause.” Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.
If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.
1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.
2. The treaty article addressing the income.
3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.
4. The type and amount of income that qualifies for the exemption from tax.
5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.
Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first protocol) and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.
If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.
Backup Withholding
What is backup withholding? Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called “backup withholding.” Payments that may be subject to backup withholding include interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.
You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.
Payments you receive will be subject to backup withholding if:
1. You do not furnish your TIN to the requester,
2. You do not certify your TIN when required (see the instructions for Part II for details),
3. The IRS tells the requester that you furnished an incorrect TIN,
4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only), or
5. You do not certify to the requester that you are not subject to backup withholding under 4 above (for reportable interest and dividend accounts opened after 1983 only).
Certain payees and payments are exempt from backup withholding. See Exempt payee code, later, and the separate Instructions for the Requester of Form W-9 for more information.
Also see Special rules for partnerships, earlier.
What is FATCA Reporting?
The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code, later, and the Instructions for the Requester of Form W-9 for more information.
Updating Your Information
You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you no longer are tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account; for example, if the grantor of a grantor trust dies.
Penalties
Failure to furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.
Civil penalty for false information with respect to withholding. If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.
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Form W-9 (Rev. 10-2018) | Page 3 |
Criminal penalty for falsifying information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.
Misuse of TINs. If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.
Specific Instructions
Line 1
You must enter one of the following on this line; do not leave this line blank. The name should match the name on your tax return.
If this Form W-9 is for a joint account (other than an account maintained by a foreign financial institution (FFI)), list first, and then circle, the name of the person or entity whose number you entered in Part I of Form W-9. If you are providing Form W-9 to an FFI to document a joint account, each holder of the account that is a U.S. person must provide a Form W-9.
a. Individual. Generally, enter the name shown on your tax return. If you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.
Note: ITIN applicant: Enter your individual name as it was entered on your Form W-7 application, line 1 a. This should also be the same as the name you entered on the Form 1040/1040A/1040EZ you filed with your application.
b. Sole proprietor or single-member LLC. Enter your individual name as shown on your 1040/1040A/1040EZ on line 1. You may enter your business, trade, or “doing business as’’ (DBA) name on line 2.
c. Partnership, LLC that is not a single-member LLC, C corporation, or S corporation. Enter the entity’s name as shown on the entity’s tax return on line 1 and any business, trade, or DBA name on line 2.
d. Other entities. Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. You may enter any business, trade, or DBA name on line 2.
e. Disregarded entity. For U.S. federal tax purposes, an entity that is disregarded as an entity separate from its owner is treated as a “disregarded entity.” See Regulations section 301.7701-2(c)(2)(iii). Enter the owner’s name on line 1. The name of the entity entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner’s name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity’s name on line 2, “Business name/disregarded entity name.’’ If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.
Line 2
If you have a business name, trade name, DBA name, or disregarded entity name, you may enter it on line 2.
Line 3
Check the appropriate box on line 3 for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box on line 3.
IF the entity/person on line 1 is a(n)... | THEN check the box for... |
• Corporation | Corporation |
• Individual • Sole proprietorship, or • Single-member limited liability company (LLC) owned by an individual and disregarded for U.S. federal tax purposes. |
Individual/sole proprietor or single-member LLC |
• LLC treated as a partnership for U.S. federal tax purposes, • LLC that has filed Form 8832 or 2553 to be taxed as a corporation, or • LLC that is disregarded as an entity separate from its owner but the owner is another LLC that is not disregarded for U.S. federal tax purposes. |
Limited liability company and enter the appropriate tax classification. (P= Partnership; C= C corporation; or S= S corporation) |
• Partnership | Partnership |
• Trust/estate | Trust/estate |
Line 4, Exemptions
If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space on line 4 any code(s) that may apply to you.
Exempt payee code.
• Generally, individuals (including sole proprietors) are not exempt from backup withholding.
• Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends.
• Corporations are not exempt from backup withholding for payments made in settlement of payment card or third party network transactions.
• Corporations are not exempt from backup withholding with respect to attorneys’ fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.
The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space in line 4.
1—An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2)
2—The United States or any of its agencies or instrumentalities
3—A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities
4—A foreign government or any of its political subdivisions, agencies, or instrumentalities
5—A corporation
6—A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or possession
7—A futures commission merchant registered with the Commodity Futures Trading Commission
8—A real estate investment trust
9—An entity registered at all times during the tax year under the Investment Company Act of 1940
10—A common trust fund operated by a bank under section 584(a)
11—A financial institution
12—A middleman known in the investment community as a nominee or custodian
13—A trust exempt from tax under section 664 or described in section 4947
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Form W-9 (Rev. 10-2018) | Page 4 |
The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.
IF the payment is for ... | THEN the payment is exempt for... |
Interest and dividend payments | All exempt payees except for 7 |
Broker transactions | Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities acquired prior to 2012. |
Barter exchange transactions and patronage dividends | Exempt payees 1 through 4 |
Payments over $600 required to be reported and direct sales over $5,0001 | Generally, exempt payees 1 through 52 |
Payments made in settlement of payment card or third party network transactions | Exempt payees 1 through 4 |
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1 | See Form 1099-MISC, Miscellaneous Income, and its instructions. |
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2 | However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys’ fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency. |
Exemption from FATCA reporting code. The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with “Not Applicable” (or any similar indication) written or printed on the line for a FATCA exemption code.
A—An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701 (a)(37)
B—The United States or any of its agencies or instrumentalities
C—A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities
D—A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section 1.1472-1(c)(1)(i)
E—A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i)
F—A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state
G—A real estate investment trust
H—A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940
I—A common trust fund as defined in section 584(a)
J—A bank as defined in section 581
K—A broker
L—A trust exempt from tax under section 664 or described in section 4947(a)(1)
M—A tax exempt trust under a section 403(b) plan or section 457(g) plan
Note: You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.
Line 5
Enter your address (number, street, and apartment or suite number). This is where the requester of this Form W-9 will mail your information returns. If this address differs from the one the requester already has on file, write NEW at the top. If a new address is provided, there is still a chance the old address will be used until the payor changes your address in their records.
Line 6
Enter your city, state, and ZIP code.
Part I. Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. If you are a resident alien and you do not have and are not eligible to get an SSN, your TIN is your IRS individual taxpayer identification number (ITIN). Enter it in the social security number box. If you do not have an ITIN, see How to get a TIN below.
If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN.
If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner’s SSN (or EIN, if the owner has one). Do not enter the disregarded entity’s EIN. If the LLC is classified as a corporation or partnership, enter the entity’s EIN.
Note: See What Name and Number To Give the Requester, later, for further clarification of name and TIN combinations.
How to get a TIN. If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local SSA office or get this form online at www.SSA.gov. You may also get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/Businesses and clicking on Employer Identification Number (EIN) under Starting a Business. Go to www.irs.gov/Forms to view, download, or print Form W-7 and/or Form SS-4. Or, you can go to www.irs.gov/OrderForms to place an order and have Form W-7 and/or SS-4 mailed to you within 10 business days.
If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and write “Applied For” in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the requester.
Note: Entering “Applied For” means that you have already applied for a TIN or that you intend to apply for one soon.
Caution: A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.
Part II. Certification
To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if item 1, 4, or 5 below indicates otherwise.
For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on line 1 must sign. Exempt payees, see Exempt payee code, earlier.
Signature requirements. Complete the certification as indicated in items 1 through 5 below.
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Form W-9 (Rev. 10-2018) | Page 5 |
1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983. You must give your correct TIN, but you do not have to sign the certification.
2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983. You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.
3. Real estate transactions. You must sign the certification. You may cross out item 2 of the certification.
4. Other payments. You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. “Other payments” include payments made in the course of the requester’s trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).
5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), ABLE accounts (under section 529A), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions. You must give your correct TIN, but you do not have to sign the certification.
What Name and Number To Give the Requester
For this type of account: | Give name and EIN of: |
14. Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison)that receives agricultural program payments | The Public entity |
15. Grantor trust filing under the Form 1041 Filing Method or the Optional Form 1099 Filing Method 2 (see Regulations section 1.671-4(b)(2)(i)(B)) | The trust |
1 List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person’s number must be furnished.
2 Circle the minor’s name and furnish the minor’s SSN.
3 You must show your individual name and you may also enter your business or DBA name on the “Business name/disregarded entity” name line. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN.
4 List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.) Also see Special rules for partnerships, earlier.
*Note: The grantor also must provide a Form W-9 to trustee of trust.
Note: If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed.
Secure Your Tax Records From Identity Theft
Identity theft occurs when someone uses your personal information such as your name, SSN, or other identifying information, without your permission, to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.
To reduce your risk:
• Protect your SSN,
• Ensure your employer is protecting your SSN, and
• Be careful when choosing a tax preparer.
If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.
If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity or credit report, contact the IRS Identity Theft Hotline at 1-800-908-4490 or submit Form 14039.
For more information, see Pub. 5027, Identity Theft Information for Taxpayers.
Victims of identity theft who are experiencing economic harm or a systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059.
Protect yourself from suspicious emails or phishing schemes. Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.
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Form W-9 (Rev. 10-2018) | Page 6 |
The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.
If you receive an unsolicited email claiming to be from the IRS, forward this message to phishing@irs.gov. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 1 -800-366-4484. You can forward suspicious emails to the Federal Trade Commission at spam@uce.gov or report them at www.ftc.gov/complaint. You can contact the FTC at www.ftc.gov/idtheft or 877-IDTHEFT (877-438-4338). If you have been the victim of identity theft, see www.ldentityTheft.gov and Pub. 5027.
Visit www.irs.gov/ldentityTheft to learn more about identity theft and how to reduce your risk.
Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their laws. The information also may be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Under section 3406, payers must generally withhold a percentage of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to the payer. Certain penalties may also apply for providing false or fraudulent information.
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Non-Israeli Residents: If (A) (i) you are NOT and at the date of purchase of your Shares were not a “resident of Israel” (as defined under Section 1 of the Israeli Income Tax Ordinance [New Version], 5721-1961 (the “Ordinance”) (See Instruction II)) for purposes of the Ordinance, or (ii) you are a corporation that is NOT and at the date of purchase of your Shares was not a “resident of Israel”, and Israeli residents
are NOT “controlling shareholders” (as defined under Section 68A of the Ordinance (See Instruction III)) of you, nor are Israeli residents the beneficiaries of, or are entitled to, 25.0% or more of your revenues or profits, whether directly
or indirectly, and you acquired your Shares after Optibase’s initial public offering in the United States on Nasdaq in 1999 and (B) you are the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares; then
you may be eligible for a full exemption from Israeli withholding tax with respect to the gross proceeds payable to you (if any) pursuant to the Offer. By completing this form in a manner that would substantiate your eligibility for such
exemption, you will allow the Purchaser, the U.S. Depositary, your broker or any other withholding agent, or their authorized representatives to exempt you from such Israeli withholding tax; or
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A Bank, Broker or Financial Institution Resident in Israel: If you are a bank, broker or financial institution resident in Israel that (1) is holding the Shares solely on behalf of beneficial shareholder(s) (so-called “street
name” holders), and (2) is subject to the provisions of the Ordinance and regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by you to your beneficial
shareholder(s) with respect to Shares tendered by them and accepted for payment by the Purchaser pursuant to the Offer (an “Eligible Israeli Broker”), you may be eligible for a full exemption from
Israeli withholding tax with respect to the cash payment transmitted to you. By completing this form in a manner that would substantiate your eligibility for such exemption, you will allow the Purchaser, the U.S. Depositary, your broker or
withholding agent, or their authorized representatives, to exempt you from such Israeli withholding tax. Consequently, even though the U.S. Depositary will not deduct any Israeli withholding tax from you, pursuant to the provisions of the
Ordinance and regulations promulgated thereunder, to which you are subject, you may be required to withhold Israeli tax, as applicable, from the cash payment (if any) made by you to your beneficial shareholder(s). NOTE: AN ELIGIBLE ISRAELI BROKER MAY COMPLETE THIS FORM IF IT IS HOLDING THE SHARES SOLELY ON BEHALF OF HIS CLIENTS, THE BENEFICIAL SHAREHOLDERS.
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PART I
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Identification and details of Shareholder (including Eligible Israeli Brokers) (see instructions)
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9. I am entitled to receive an aggregate Offer Price that is in
excess of US$100,000 (mark X in the appropriate place):
☐ Yes
☐ No
If you marked “Yes” to question 9 above, do you elect to submit your Residency Certificate during the Additional Period (mark X in the appropriate place):
☐ Yes
☐ No
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PART II
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Declaration by Non-Israeli Residents (see instructions)
Eligible
Israeli Brokers should not complete this Part II
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A. To be completed only by Individuals. I hereby declare that: (if the statement is correct, mark X
in the following box)
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A.1 ☐ I am NOT and at the date of
purchase of my Shares was not a “resident of Israel”, which means, among other things, that:
• The
State of Israel is not my permanent place of residence,
• The State of
Israel is neither my place of residence nor that of my family,
• My ordinary or permanent place of activity is NOT in the State of Israel and I do NOT have a permanent establishment in the State of Israel,
• I do NOT
engage in an occupation in the State of Israel,
• I do NOT own
a business or part of a business in the State of Israel,
• I am NOT
insured by the Israeli National Insurance Institution,
• I was NOT
present (nor am I planning to be present) in Israel for 183 days or more during this tax year,
• I was NOT present (nor am I planning to be present) in Israel for 30 days or more during this tax year, and the
total period of my presence in Israel during this tax year and the two previous tax years is less than 425 days in total.
A.2 ☐ I acquired the Shares on or after
the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
A.3 ☐ I am the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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B. To be completed by Corporations (except Partnerships and Trusts). I hereby declare that: (if
correct, mark X in the following box)
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B.1 ☐ The corporation is NOT and at the date of purchase of my Shares was not a “resident of Israel”, which means,
among other things, that:
• The
corporation is NOT registered with the Registrar of Companies in Israel,
• The
corporation is NOT registered with the Registrar of "Amutot" (non-profit organizations) in Israel,
• The control
of the corporation is NOT located in Israel,
• The
management of the corporation is NOT located in Israel,
• The corporation does NOT have a permanent establishment in Israel, and
• No Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with
another who is an Israeli resident, 25.0% or more of any “means of control” in the corporation as specified below:
o The right to participate in profits;
o The right to appoint a director;
o The right to vote;
o The right to share in the assets of the corporation at the time of its liquidation; and
o The right to direct the manner of exercising one of the rights specified above;
B.2 ☐ The corporation acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock
Market in 1999.
B.3 ☐ The corporation is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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C. To be completed by Partnerships. I hereby declare that: (if correct, mark X in the following box)
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C.1 ☐ The partnership is NOT and at the date of purchase
of my Shares was not an Israeli resident which means, among other things, that:
• The
partnership is NOT registered with the Registrar of Partnerships in Israel,
• The control
of the partnership is NOT located in Israel,
• The
management of the partnership is NOT located in Israel,
• The partnership does NOT have a permanent establishment in Israel,
• NO Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with another who is an Israeli
resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of the rights in the partnership, and
• NO partner
in the partnership is an Israeli resident;
C.2 ☐ The partnership acquired the Shares on or after
the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
C.3 ☐ The partnership is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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D. To be completed by Trusts. I hereby declare that: (if correct, mark X in the following box)
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D.1 ☐ The trust is NOT and at the date of purchase of my
Shares was not an Israeli resident, and:
• All settlors
of the trust are NOT Israeli residents,
• All
beneficiaries of the trust are NOT Israeli residents, and
D.2 ☐ The trust acquired the Shares on
or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
D.3 ☐ The trust is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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PART III
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Declaration by Israeli Bank, Broker or Financial Institution (see instructions)
Non-Israeli Residents should not complete this Part III
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I hereby declare that: (if correct, mark X in the following box)
☐ I am a bank, broker or
financial institution that is a “resident of Israel” within the meaning of that term in Section 1 of the Ordinance (See Instruction II), I am holding the Shares solely on behalf of beneficial shareholder(s) and I am subject to the
provisions of the Ordinance and the regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by me to such beneficial shareholder(s) with respect to Shares
tendered by them and accepted for payment by the Purchaser pursuant to the Offer.
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PART IV
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Certification. By signing this form, I also declare that:
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• I
understood this form and completed it correctly and pursuant to the instructions.
• I provided
accurate, full and complete details in this form.
• I am aware
that providing false details constitutes criminal offense.
• I am aware that this form may be provided to the Israeli Tax Authority, in case the Israeli Tax Authority so requests, for purposes of audit or otherwise.
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SIGN HERE |
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Signature of Shareholder |
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Date |
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Capacity in which acting |
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(or individual authorized to sign on your behalf) |
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(B) |
with respect to a body of persons - a body of persons which meets one of the following:
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D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
For assistance call D.F. King at (800) 829-6554 (toll free) or (212) 269 - 5550 (banks and brokers)
Email: optibase@dfking.com
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THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 10:00 A.M., NEW YORK TIME, OR 5:00 P.M., ISRAEL
TIME, ON MARCH 17, 2022, UNLESS THE OFFER IS EXTENDED.
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By Mail:
American Stock Transfer & Trust Company, LLC
Attention: Corporate Actions Department
6201 15th Avenue
Brooklyn, NY 11219
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By Overnight Courier:
American Stock Transfer & Trust Company, LLC
Attention: Corporate Actions Department
6201 15th Avenue
Brooklyn, NY 11219
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Number of Shares and Certificate No(s)
(if available)
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☐ Check here if Shares will be tendered by book-entry transfer.
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Name of Tendering Institution:
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DTC Account Number:
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Dated:
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Name(s) of Record Holder(s):
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(Please type or print)
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Address(es):
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(Zip Code)
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Area Code and Tel. No.
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(Daytime telephone number)
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Signature(s):
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|
|
Name of Firm:
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|
|
Address:
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|
|
|
|
||
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(Zip Code)
|
||
|
Area Code and Telephone No.:
|
|
|
|
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||
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(Authorized Signature)
|
||
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Name:
|
|
|
|
(Please type or print)
|
||
|
Title:
|
|
|
|
Date:
|
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|
NOTE:
|
DO NOT SEND CERTIFICATES REPRESENTING TENDERED SHARES WITH THIS NOTICE. CERTIFICATES REPRESENTING TENDERED SHARES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.
|
|
Very truly yours,
D.F.King & Co., Inc.
|
☐
|
A RESIDENCY CERTIFICATE IS BEING DELIVERED TOGETHER WITH THIS TENDER INSTRUCTION LETTER.
|
☐
|
A RESIDENCY CERTIFICATE IS NOT BEING DELIVERED TOGETHER WITH THIS TENDER INSTRUCTION AND I/WE ELECT TO SUBMIT A RESIDENCY CERTIFICATE
DURING THE ADDITIONAL PERIOD.
|
☐
|
I AM AN INDIVIDUAL NON-ISRAELI RESIDENT SHAREHOLDER AND A COPY OF THE PHOTO PAGE OF MY PASSPORT
IS BEING DELIVERED TOGETHER WITH THIS TENDER INSTRUCTION LETTER.
|
☐
|
I DO NOT HAVE A “PERSONAL INTEREST” IN THE ACCEPTANCE OF THE OFFER.
|
☐
|
I HAVE A “PERSONAL INTEREST” IN THE ACCEPTANCE OF THE OFFER. The basis for my “personal interest” is (please complete) ________________________
_______________________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________________
|
Number of Ordinary Shares
To Be Tendered:
____________________ Ordinary
Shares1
|
|
SIGN HERE
|
Signature(s)
|
||
Please type or print names(s)
|
||
|
|
|
Please type or print address | ||
Area Code and Telephone Number
|
||
Taxpayer Identification or Social Security Number
|
|
• |
Non-Israeli Residents: If (A) (i) you are NOT and at the date of purchase of your Shares were not a “resident of Israel” (as defined under Section 1 of the Israeli Income Tax Ordinance [New Version], 5721-1961 (the “Ordinance”) (See Instruction II)) for purposes of the Ordinance, or (ii) you are a corporation that is NOT and at the date of purchase of your Shares was not a “resident of Israel”, and Israeli residents
are NOT “controlling shareholders” (as defined under Section 68A of the Ordinance (See Instruction III)) of you, nor are Israeli residents the beneficiaries of, or are entitled to, 25.0% or more of your revenues or profits, whether directly
or indirectly, and you acquired your Shares after Optibase’s initial public offering in the United States on Nasdaq in 1999 and (B) you are the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares; then
you may be eligible for a full exemption from Israeli withholding tax with respect to the gross proceeds payable to you (if any) pursuant to the Offer. By completing this form in a manner that would substantiate your eligibility for such
exemption, you will allow the Purchaser, the U.S. Depositary, your broker or any other withholding agent, or their authorized representatives to exempt you from such Israeli withholding tax; or
|
|
• |
A Bank, Broker or Financial Institution Resident in Israel: If you are a bank, broker or financial institution resident in Israel that (1) is holding the Shares solely on behalf of beneficial shareholder(s) (so-called “street
name” holders), and (2) is subject to the provisions of the Ordinance and regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by you to your beneficial
shareholder(s) with respect to Shares tendered by them and accepted for payment by the Purchaser pursuant to the Offer (an “Eligible Israeli Broker”), you may be eligible for a full exemption from
Israeli withholding tax with respect to the cash payment transmitted to you. By completing this form in a manner that would substantiate your eligibility for such exemption, you will allow the Purchaser, the U.S. Depositary, your broker or
withholding agent, or their authorized representatives, to exempt you from such Israeli withholding tax. Consequently, even though the U.S. Depositary will not deduct any Israeli withholding tax from you, pursuant to the provisions of the
Ordinance and regulations promulgated thereunder, to which you are subject, you may be required to withhold Israeli tax, as applicable, from the cash payment (if any) made by you to your beneficial shareholder(s). NOTE: AN ELIGIBLE ISRAELI BROKER MAY COMPLETE THIS FORM IF IT IS HOLDING THE SHARES SOLELY ON BEHALF OF HIS CLIENTS, THE BENEFICIAL SHAREHOLDERS.
|
PART I
|
Identification and details of Shareholder (including Eligible Israeli Brokers) (see instructions)
|
9. I am entitled to receive an aggregate Offer Price that is in
excess of US$100,000 (mark X in the appropriate place):
☐ Yes
☐ No
If you marked “Yes” to question 9 above, do you elect to submit your Residency Certificate during the Additional Period (mark X in the appropriate place):
☐ Yes
☐ No
|
PART II
|
Declaration by Non-Israeli Residents (see instructions)
Eligible
Israeli Brokers should not complete this Part II
|
A. To be completed only by Individuals. I hereby declare that: (if the statement is correct, mark X
in the following box)
|
|
A.1 ☐ I am NOT and at the date of
purchase of my Shares was not a “resident of Israel”, which means, among other things, that:
• The
State of Israel is not my permanent place of residence,
• The State of
Israel is neither my place of residence nor that of my family,
• My ordinary or permanent place of activity is NOT in the State of Israel and I do NOT have a permanent establishment in the State of Israel,
• I do NOT
engage in an occupation in the State of Israel,
• I do NOT own
a business or part of a business in the State of Israel,
• I am NOT
insured by the Israeli National Insurance Institution,
• I was NOT
present (nor am I planning to be present) in Israel for 183 days or more during this tax year,
• I was NOT present (nor am I planning to be present) in Israel for 30 days or more during this tax year, and the
total period of my presence in Israel during this tax year and the two previous tax years is less than 425 days in total.
A.2 ☐ I acquired the Shares on or after
the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
A.3 ☐ I am the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
|
|
B. To be completed by Corporations (except Partnerships and Trusts). I hereby declare that: (if
correct, mark X in the following box)
|
|
B.1 ☐ The corporation is NOT and at the date of purchase of my Shares was not a “resident of Israel”, which means,
among other things, that:
• The
corporation is NOT registered with the Registrar of Companies in Israel,
• The
corporation is NOT registered with the Registrar of "Amutot" (non-profit organizations) in Israel,
• The control
of the corporation is NOT located in Israel,
• The
management of the corporation is NOT located in Israel,
• The corporation does NOT have a permanent establishment in Israel, and
• No Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with
another who is an Israeli resident, 25.0% or more of any “means of control” in the corporation as specified below:
o The right to participate in profits;
o The right to appoint a director;
o The right to vote;
o The right to share in the assets of the corporation at the time of its liquidation; and
o The right to direct the manner of exercising one of the rights specified above;
B.2 ☐ The corporation acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock
Market in 1999.
B.3 ☐ The corporation is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
|
|
C. To be completed by Partnerships. I hereby declare that: (if correct, mark X in the following box)
|
|
C.1 ☐ The partnership is NOT and at the date of purchase
of my Shares was not an Israeli resident which means, among other things, that:
• The
partnership is NOT registered with the Registrar of Partnerships in Israel,
• The control
of the partnership is NOT located in Israel,
• The
management of the partnership is NOT located in Israel,
• The partnership does NOT have a permanent establishment in Israel,
• NO Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with another who is an Israeli
resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of the rights in the partnership, and
• NO partner
in the partnership is an Israeli resident;
C.2 ☐ The partnership acquired the Shares on or after
the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
C.3 ☐ The partnership is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
|
|
D. To be completed by Trusts. I hereby declare that: (if correct, mark X in the following box)
|
|
D.1 ☐ The trust is NOT and at the date of purchase of my
Shares was not an Israeli resident, and:
• All settlors
of the trust are NOT Israeli residents,
• All
beneficiaries of the trust are NOT Israeli residents, and
D.2 ☐ The trust acquired the Shares on
or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
D.3 ☐ The trust is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
|
PART III
|
Declaration by Israeli Bank, Broker or Financial Institution (see instructions)
Non-Israeli Residents should not complete this Part III
|
I hereby declare that: (if correct, mark X in the following box)
☐ I am a bank, broker or
financial institution that is a “resident of Israel” within the meaning of that term in Section 1 of the Ordinance (See Instruction II), I am holding the Shares solely on behalf of beneficial shareholder(s) and I am subject to the
provisions of the Ordinance and the regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by me to such beneficial shareholder(s) with respect to Shares
tendered by them and accepted for payment by the Purchaser pursuant to the Offer.
|
|
PART IV
|
Certification. By signing this form, I also declare that:
|
• I
understood this form and completed it correctly and pursuant to the instructions.
• I provided
accurate, full and complete details in this form.
• I am aware
that providing false details constitutes criminal offense.
• I am aware that this form may be provided to the Israeli Tax Authority, in case the Israeli Tax Authority so requests, for purposes of audit or otherwise.
|
SIGN HERE |
|
|
|
|
|
|
|
Signature of Shareholder |
|
Date |
|
Capacity in which acting |
|
|
(or individual authorized to sign on your behalf) |
|
|
|
|
|
|
(B) |
with respect to a body of persons - a body of persons which meets one of the following:
|
To: |
Capri Family Foundation and Mr. Shlomo (Tom) Wyler (together: the "Offerors")
|
|
☐ |
I do not have a personal interest in accepting the tender offer.
|
|
☐ |
I have a personal interest in accepting the tender offer, for the following reasons:
|
|
_______________________
|
|
ID No. / Company number
|
|
_______________________
|
|
Full name
|
|
_______________________
|
|
Signature
|
_______________________
|
|
Date
|
To: |
Capri Family Foundation and Mr. Shlomo (Tom) Wyler (together: the "Offerors")
|
|
_______________________
|
|
ID No. / Company number
|
|
_______________________
|
|
Full name
|
|
_______________________
|
|
Signature
|
_______________________
|
|
Date
|
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 |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 1 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Summary
Property condition | ||
Commercial property
Chemin des Aulx 8-18
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% |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 2 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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% |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 3 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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 |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 4 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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.
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 10 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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% |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18
|
Created by Wüest Partner, 06.12.2021 | Page 11 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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 | ||||
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18
|
Created by Wüest Partner, 06.12.2021 | Page 12 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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% |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18
|
Created by Wüest Partner, 06.12.2021 | Page 13 of 47 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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
|
per sqm
|
CHF p.a. |
Unit/month
|
Q. |
per sqm
|
Q. |
Vacant |
Trans.
|
Dev. |
Start |
End |
Early
|
Options
|
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 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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% |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 23 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 | ||||||||||||||||||||||||||||||||||
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% |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 24 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 | ||||||||||||||||||||||||||||||||||
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
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Market rent
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Δ
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Current lease agreement
|
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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 |
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 |
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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 | |||||||||||||||||||||||||
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 |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 31 of 47 |
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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)
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 32 of 47 |
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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% |
102688.2101 | 101-4423-116 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 06.12.2021 | Page 33 of 47 |
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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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Valuation report
Commercial
property
Riedmattstrasse 9
8153 Rümlang
Switzerland
Market value | CHF 22,950,000 | |
Valuation date | 01.02.2022 | |
Valuation purpose | Update | |
Customer | Optibase RE1, 45, boulevard Napoléon, 1120 Luxembourg, Luxembourg Yakir Ben Naim, +972-54-456-3894 | |
Project reference number (PRN) | 118318 | |
Valuation Id | 101-17096-102 | |
Project manager |
Moritz Menges, Wüest Partner, +41 44 289 91 76
Bleicherweg 5, 8001 Zürich, Switzerland |
|
Site visit date | 17.12.2012 | |
Site visited by | Wüest Partner / R. Paul |
Desktop Valuation as of 1 February 2022
DRAFT
Assumptions:
● The current valuation is based on the valuation report performed as of 1-2-2013 and the latest update valuation as of 1-2-2021 (last valuation including a site visit as of 1-1-2013)
● The rent roll provided by the client is assumed to be valid as of the date of valuation.
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 1 of 35 |
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Summary
Further location information |
Interactive location and real estate market information on LocationSpot. |
Results | ||||
Market values | CHF | CHF/m2 LA | ||
Market value | 22,950,000 | 1,870 | ||
Building insurance value | 35,350,000 | 2,879 | ||
Repair cost years 1 to 10 | 7,557,200 | 616 | ||
Inflation | 0.50% | |||
Discount rate real/nominal | 3.70% | 4.22% | ||
Net capitalisation rate (exit) | 3.70% | |||
Net/gross yield annuity | 3.61% | 7.91% | ||
Gross yield (projected/effective) | 7.76% | 6.62% | ||
MIRR 5/MIRR 10 | 3.70% | 3.70% |
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. | |||||||||||||
Craft/Industry | 16 | 6,913 | 50% | 898,290 | 9.4% | 813,920 | 130 | 36% | 967,820 | 140 | 41% | 7.0% | 7.7% | |||||||||||||
Office | 15 | 3,050 | 25% | 438,074 | 27.1% | 319,494 | 144 | 42% | 427,000 | 140 | 40% | 7.0% | -2.5% | |||||||||||||
Indoor parking | 122 | 11% | 203,017 | 28.6% | 144,937 | 205,560 | 10.0% | 1.3% | ||||||||||||||||||
Retail | 3 | 1,059 | 7% | 124,752 | 0.0% | 124,752 | 118 | 5% | 116,490 | 110 | 5% | 7.0% | -6.6% | |||||||||||||
Warehousing | 9 | 1,215 | 6% | 105,588 | 0.0% | 105,588 | 87 | 97,200 | 80 | 7.0% | -7.9% | |||||||||||||||
Others | 13 | 41 | 1% | 11,900 | 0.0% | 11,900 | 0 | 12,260 | 0 | 9.1% | 3.0% | |||||||||||||||
Total | 178 | 12,278 | 100% | 1,781,621 | 14.7% | 1,520,591 | 128 | 1,826,330 | 131 | 7.4% | 2.5% |
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 | 50,206,252 | 1,816,485 | 148 | 149 | 100.0% | 100.0% | 5.0% | 5.1% | 7.91% | |||||||||||||||||||||
Est. rental inc. | 50,206,252 | 1,816,485 | 148 | 149 | 100.0% | 100.0% | 5.0% | 5.1% | 7.91% | |||||||||||||||||||||
Income reductions | 4,307,208 | 155,925 | 13 | 11 | 8.6% | 7.4% | 0.4% | 0.4% | 0.68% | |||||||||||||||||||||
Actual gross income | 45,899,044 | 1,660,560 | 135 | 138 | 91.4% | 92.6% | 4.6% | 4.7% | 7.23% | |||||||||||||||||||||
Operating costs | 3,019,613 | 109,542 | 9 | 10% | 8 | 5% | 6.0% | 45% | 5.2% | 33% | 0.3% | 26% | 0.3% | 19% | 0.48% | |||||||||||||||
Maintenance costs | 3,154,117 | 114,422 | 9 | 46% | 10 | 48% | 6.3% | 73% | 6.6% | 74% | 0.3% | 65% | 0.3% | 68% | 0.50% | |||||||||||||||
Refurbishment costs | 16,770,333 | 608,377 | 50 | 80% | 42 | 73% | 33.5% | 95% | 28.3% | 95% | 1.7% | 1.4% | 2.65% | |||||||||||||||||
Total costs | 22,944,064 | 832,341 | 68 | 60 | 45.8% | 40.1% | 2.3% | 2.0% | 3.63% | |||||||||||||||||||||
Total net income | 22,954,980 | 828,218 | 67 | 78 | 45.6% | 52.6% | 2.3% | 2.7% | 3.61% |
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Results | ||||
Market values | CHF | CHF/m2 LA | ||
Net initial yield (P1) before/after capex | 3.87% | -4.83% | ||
Annuity net yield (P1-10) before/after capex | 5.86% | 2.30% |
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Summary 2
Results
Periods | real cashflows | ||||||||||||||||||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Exit | ||||||||||||||
Incomes |
Ann.
% project. |
01.02.2022
- 31.01.2023 |
01.02.2023
- 31.01.2024 |
01.02.2024
- 31.01.2025 |
01.02.2025
- 31.01.2026 |
01.02.2026
- 31.01.2027 |
01.02.2027
- 31.01.2028 |
01.02.2028
- 31.01.2029 |
01.02.2029
- 31.01.2030 |
01.02.2030
- 31.01.2031 |
01.02.2031
- 31.01.2032 |
01.02.2032 | ||||||||||||
Gross target income | 100.0% | 1,765,001 | 1,753,635 | 1,758,095 | 1,763,760 | 1,800,183 | 1,825,180 | 1,825,725 | 1,825,725 | 1,825,775 | 1,826,330 | 1,826,330 | ||||||||||||
Est. rental inc. | 100.0% | 1,765,001 | 1,753,635 | 1,758,095 | 1,763,760 | 1,800,183 | 1,825,180 | 1,825,725 | 1,825,725 | 1,825,775 | 1,826,330 | 1,826,330 | ||||||||||||
Income reductions | 8.6% | 547,973 | 120,284 | 127,929 | 159,634 | 350,931 | 133,049 | 133,087 | 133,087 | 134,597 | 141,331 | 134,273 | ||||||||||||
Actual gross income | 91.4% | 1,217,028 | 1,633,351 | 1,630,166 | 1,604,126 | 1,449,252 | 1,692,131 | 1,692,638 | 1,692,638 | 1,691,178 | 1,684,999 | 1,692,057 | ||||||||||||
Costs | ||||||||||||||||||||||||
Operating costs | 6.0% | 228,969 | 139,083 | 126,510 | 144,221 | 183,735 | 120,000 | 120,000 | 120,000 | 122,541 | 95,000 | 95,000 | ||||||||||||
Maintenance costs | 6.3% | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 120,000 | 120,000 | ||||||||||||
Refurbishment costs | 33.5% | 1,997,900 | 249,750 | 73,000 | 4,597,500 | 608,800 | 0 | 0 | 0 | 30,250 | 0 | 516,834 | ||||||||||||
Total costs | 45.8% | 2,326,869 | 488,833 | 299,510 | 4,841,721 | 892,535 | 220,000 | 220,000 | 220,000 | 252,791 | 215,000 | 731,834 | ||||||||||||
Total net income | 45.6% | -1,109,841 | 1,144,518 | 1,330,656 | -3,237,594 | 556,717 | 1,472,131 | 1,472,638 | 1,472,638 | 1,438,387 | 1,469,999 | 960,223 | ||||||||||||
Market value as at start of period | 22,954,980 | 24,931,871 | 24,682,431 | 24,233,921 | 28,428,124 | 28,907,564 | 28,471,051 | 28,017,868 | 27,547,917 | 27,095,512 | 26,594,128 | |||||||||||||
Gross yield p.a. | 7.69% | 7.03% | 7.12% | 7.28% | 6.33% | 6.31% | 6.41% | 6.52% | 6.63% | 6.74% | 6.87% | |||||||||||||
Net yield after repair p.a. | -4.83% | 4.59% | 5.39% | -13.36% | 1.96% | 5.09% | 5.17% | 5.26% | 5.22% | 5.43% | 3.61% | |||||||||||||
Capital growth return p.a. | 8.61% | -1.00% | -1.82% | 17.31% | 1.69% | -1.51% | -1.59% | -1.68% | -1.64% | -1.85% | ||||||||||||||
Total return p.a. | 3.78% | 3.59% | 3.57% | 3.95% | 3.64% | 3.58% | 3.58% | 3.58% | 3.58% | 3.57% |
Sensitivity analysis
Presentation in relative terms
Δ |
+30 4.00% |
+10 3.80% |
+/- 3.70% |
-10 3.60% |
-30 3.40% |
|||||||
Target rental income | -10% | -27% | -23% | -21% | -19% | -14% | ||||||
+0% | -7% | -3% | 0% | 3% | 9% | |||||||
+10% | 12% | 18% | 21% | 25% | 32% | |||||||
Vacancy | +100% | -22% | -18% | -15% | -13% | -8% | ||||||
+0% | -7% | -3% | 0% | 3% | 9% | |||||||
-100% | 7% | 12% | 15% | 19% | 26% | |||||||
Repair costs | -10% | -1% | 4% | 7% | 10% | 17% | ||||||
+0% | -7% | -3% | 0% | 3% | 9% | |||||||
+10% | -14% | -10% | -7% | -5% | 1% |
Contract terms
Usage | Expected end Ø [a] |
WAULT Ø |
WAULT min | WAULT max |
Index Ø |
|||||
Special use without ar… | 3.8 | 100% | ||||||||
Retail | 2.6 | 2.6 | 0.4 | 3.7 | 100% | |||||
Outdoor parking | 2.4 | 40% | ||||||||
Craft/Industry | 2.3 | 2.3 | 0.5 | 4.4 | 69% | |||||
Office | 2.3 | 2.1 | 0.3 | 8.9 | 90% | |||||
Indoor parking | 1.8 | 41% | ||||||||
Warehousing | 0.7 | 0.8 | 0.5 | 2.9 | 44% | |||||
Total | 2.2 | 2.2 | 0.3 | 8.9 | 71% |
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Contents
Title | 1 |
Summary | 2 |
Summary 2 | 4 |
Contents | 5 |
Description | 6 |
Property data (plots, buildings) | 10 |
Use-type overview | 12 |
Area list | 14 |
Tenant list outlook | 17 |
Summary by tenant and use type | 20 |
Projected accounts summary | 23 |
Sensitivity analysis | 25 |
Quality profile compact | 26 |
Photo documentation | 28 |
Maps (macro and micro location) | 30 |
Context | 31 |
Documentation index | 32 |
Glossary | 33 |
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Description
Commission
Wüest Partner was commissioned by Optibase RE1 to value the property in question as per the stipulated day of valuation for accounting reasons. The current valuation is set up as a desktop valuation without performing a site visit or detailed surveys in relation of the condition and standard of the building. Furthermore the effective letting situation has not been verified by a site visit and is therefore based on the rent roll provided by the client as well as the provided lease contracts.
Wüest Partner already prepared a valuation report as of January 1, 2013, of April 1, 2020, as well as of February 1, 2021 on which the present valuation is based. The property has not been visited since the 17.12.2012. In the current valuation the following sections have been adopted from the previous valuation report: micro location, building/surrounding area, building fabric/condition, pictures.
• | The following main assumptions have to be considered: |
• | The current valuation is based on the valuation report performed as of 1-1-2013, 1-4-2020 and 1-2-2021 |
• | The rent roll provided by the client assumed to be valid as at the date of valuation. |
• | CAPEX according to 2022 budget. |
Update
Update as at 01.02.2022 (Property was not newly inspected)
± Area change compared to previous valuation: 0 m²
- Current target earnings decreased by -0.51% (currently CHF 1,781,621 p.a.)
+ Current effective income increased by +5.20% (currently CHF 1,520,591 p.a.)
+ Current vacancies decreased to 14.7% (Improvement compared to previous valuation by -4.6 percentage points)
+ The weighted average unexpired lease term (WAULT) has increased by +0.9 years (currently 2.2 years)
- Annual market rent decreased by -1.8% (currently CHF 1,826,330 p.a.)
- Structural vacancy increased to 7.4% (Increase compared to previous valuation by 0.4 percentage points)
+ Annuity operating costs reduced by -1.3% to CHF 109,542 p.a.
- Annuity maintenance costs increased by 0.6% to CHF 9.3/m² p.a.
+ The sum of capital expenditures in the first 10 years has reduced by CHF -962,600 to CHF 7,557,200
+ Annuity capital expenditures reduced by -3.5% to CHF 50/m² p.a.
+ Discount rate reduced by -10 basis points to 3.70%
Market value (100%) per 01.02.2022: CHF 22,950,000 (CHF +230,000; +1.0%)
Market value (100%) per 01.02.2021: CHF 22,720,000
The following text («Micro location», «Building/Surrounding area», «Building fabric/Condition» only) refers to the
valuation with site visit on 17.12.2012 .
Comments update 1 February 2021
Explanation of relevant changes within the valuation:
• Area: no changes
• Current effective income: Increase due to new lease contracts and reduction of vacancy;
• New lease contracts: Several new lease contracts for office, commercial, storage and parking: TPA Transporte Panatlantic AG (annual rent: CHF 11,300); Nachmieter 24 GmbH (annual rent: CHF 24,880); Berg Elektro (annual rent: CHF 5,880); Clavis Treuhand Maksimovic (annual rent: CHF 6,840); Jonathan hare goods and handcrafted (annual rent: CHF 12,600);
• Current vacancy: Vacant office space of 847 sqm, vacant commercial space of 624 sqm, 34 vacant parking lots;
• Structural vacancy: unchanged at 7% due to high supply rate of office and retail space in Rümlang, 10% for parking due to the persistently high vacancy rate;
• Market rent: Due to the general price development of office spaces in the municipality of Rümlang and the persistent vacancy rate in the building, the market rent for office space has been decreased to CHF 140 per sqm.
• Existing early break options: Bventures GmbH: Early break as of 31.01.2023 with a notice period of 6 months; Jonathan hare goods and handcrafted: Early break as of 30.04.2023 with a notice period of 6 months;
• Operating costs: No significant changes;
• Maintenance costs: No significant changes;
• CAPEX: Investments of around CHF 330,000 have been made in 2021, mainly for splitting/renovation works. In 2022, a reduction of CAPEX is expected due to the lower costs for the renovation of the roof;
• Discount rate: Reduced due to current yield expectations of real estate investors;
Conclusion: Slight increase in value due to higher effective income, lower vacancy rate, recent investments (CAPEX) and reduced discount rate.
Macro location
General locational factors
With a population of 8,172 (up by 8.2% between 2014 and 2018), the municipality of Rümlang (ZH) is located in the Zürich urban agglomeration. People with a higher income (executives and senior management) accounted for 12% of Rümlang's population in 2018, compared to the Swiss average of 12%.
30,000 people live within a 10-minute and 247,000 within a 20-minute drive of Rümlang (the corresponding figures for the city of Zurich being around 420,000 and 704,000).
Within half an hour's drive of Rümlang, 1,221,000 residents and 920,000 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).
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 6 of 35 |
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The number of people working in the industrial or service sector (full time equivalent) was 5,161 in 2018, 66.7% being employed in the service sector (Switzerland: 75.1%). Since 2016, the employment figure for Rümlang has increased by 1.8%, though the number of jobs in the industrial sector has declined. Between 2019 and 2020, the region of Glattal-Furttal, which Rümlang 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 Rümlang is CHF 163 per sqm p.a. This value is below the Swiss average of CHF 237 per sqm p.a.
Overall, the urban agglomeration Zürich provides some 15,531,000 sqm of office space (including 85,000 sqm in Rümlang). The volume of new-build office development (in relation to the existing stock) over the last few years in the urban agglomeration Zürich has been par for Switzerland.
Retail premises
The average asking rent (net) for retail space in Rümlang is CHF 187 per sqm p.a. This value is below the Swiss average of CHF 241 per sqm p.a.
Overall, the urban agglomeration Zürich provides some 5,394,000 sqm of retail space (including 30,000 sqm in Rümlang). This is equivalent to some 3.9 sqm retail space per resident of urban agglomeration, a figure more or less in line with 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 Zürich has been above par for Switzerland.
Conclusion
According to Wüest Partner AG’s location and market rating, Rümlang ranks as a municipality with a very good location quality for office premises (4.6 points) and an excellent location quality for retail premises (4.7 points on a scale from 1 [municipality with an extremely poor location quality] to 5 [municipality with an excellent location quality]).
Micro location
The property is located in the industrial area Riedmatt, which connects the north and out of the village Rümlang. The industrial quarter profits directly from the neighboring communities - the city of Zurich and Kloten intercontinental airport. Numerous industrial, commercial and service companies are located in the neighborhood. The property itself is located at the full front of the busy Riedmattstrasse and thus has good exposure to passing traffic. Within the local vicinity the general appearance of the local environment can be described as good. Local occupiers include Coop, Denner, Burger King and Top CC. The area will benefit from a new facility which is currently under construction. The situation of the property will be less influenced by passing pedestrians but rather than traffic. 100m from the property there is a bus stop providing services to the train station in a few minutes. The nearest highway exit is about five kilometers away providing good access to the A1 and A51 and the airport being just ten minutes. In summary, the micro-location with respect to the relevant uses
are referred to as being between average and good.
Building/Surrounding area
The present review concerns: Plot No. 1688 with a plot area of 5,090 m2 and commercial building with underground car parking.
In the land register various easements are recorded. Noteworthy is the following:
• At best, the visitor parking maybe eliminated at its own cost and without compensation for an expansion of Riedmattstrasse. (Assumption: not relevant to assessment)
• The plot is no. is 4778. Compensation by way of assignment from the neighboring plot 4779 (assumption: not relevant to assessment)
• Continuity and shared the heating system: The 4779 heating system located on the property may be shared. All costs are allocated according to energy consumption.
The building is parallel to Riedmattstrasse which lies to the north. Both the main entrance and the access roads to the garage and the loading and unloading area are accessed from Riedmattstrasse. The property consists of five floors and two underground floors, the top two floors are in a H-shaped layout providing good natural light to all areas. The lower floors are made of reinforced concrete and masonry with the upper floors of reinforced concrete frame. The floors are connected by a central service core. This includes the two passenger lifts and sanitary facilities. Additionally, there are two service cores at the east and west at the front of the building each providing staircase access. Four goods lifts with up to 5000 kg open up next to the passenger elevators.
The building includes office, industrial, warehouse and showroom. The two upper floors are mainly for office use while the lower floors have a greater ceiling height and are mainly used for commercial purposes. The ground floor retail units are of a good size and make ideal show room accommodation. Covered ramps to the car parking are located at the front of the building with two ramps on either side to the rear for delivery (one to enter and one to exit). The basement provides sufficient car parking available over 3 split levels.
Building fabric/Condition
The property was constructed in 1989 and the façade consists of concrete with sections of the first floor façade having sheet metal panels coverings, one of which is missing from the south elevation at the exit of the loading bay. Both the entrance and exits to the covered loading bay has some minor damage to the ceiling caused by high vehicles. Some areas of the concrete façade are in need of repair and should be carried out within approximately the next five years. The windows frames are made of a wood-metal mix and the double glazing was replaced in 2002. The roof is flat and mainly gravel covered with one extensively planted terraced are above the second floor level. The roof is currently undergoing repair works. Overall, the property is in a good condition and is being regularly maintained. A new heating boiler was installed in 2010, the heat being distributed via radiators. A ventilation/air conditioning system was installed for the top floor office space in 2009. This is because of noise pollution from the air traffic. The ground floor showroom areas have their own individual tenant fit-out and the motor cycle showroom has a work shop area with all major installations usually available for auto repair work. Currently, the ventilation system is used only in the garage area.
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 7 of 35 |
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Usage
The property contains the following use types:
- Office: 3,050 sqm
- Retail: 1,059 sqm
- Craft / Industry: 6,913 sqm
- Warehousing: 1,215 sqm
- Ancillary commercial use: 41 sqm
- Special use without area: 1 units
- Indoor parking: 122 units
- Outdoor parking: 11 units
Rental income
The actual target rental income as per valuation date amounts to CHF 1,841,351 p.a. The actual vacancy of the property is 17.4%. The property is leased as follows:
- Office: CHF 100 – 165/sqma
- Retail: CHF 113 – 153/sqma
- Craft / Industry: CHF 124 – 140/sqma
- Warehousing: CHF 27 – 130/sqma
- Ancillary commercial use: not rented
- Indoor parking: CHF 0 - 250/mth
- Outdoor parking: CHF 60 - 80/mth
Wüest Partner estimates market rents at a total of CHF 1,829,080 p.a. and thus around -0.7% below the current target income of CHF 1,841,351 p.a. The following rent potential is assumed:
- Office: CHF 140/sqma
- Retail: CHF 110/sqma
- Craft / Industry: CHF 140 – 150/sqma
- Warehousing: CHF 80/sqma
- Ancillary commercial use: CHF 0/sqma
- Indoor parking: CHF 80 - 160/mth
- Outdoor parking: CHF 60 - 80/mth
The structural vacancy rate is estimated at around 7.4%.
Running and maintenance costs
- Long term OPEX (excl. property taxes): CHF 110,000
- Long term maintenance from period 11: CHF 10/sqma
- Long term CAPEX from period 11: CHF 42/sqma
Refurbishment
Completed renovations:
- 2011: Renovation extent unknown
Renovations P1-10:
- 2022: CHF 80,000 – Modernization fire safety system (remaining part), adjustment 4th floor
- 2022: CHF 7,500 – replacment Thermostatventile 3.OG
- 2022: CHF 54,500 – Renovation part of the roof
- 2022: CHF 20,000 – Replacement door container room
- 2022: CHF 240,000 – Renovation part of the roof
- 2022: CHF 10,000 – Study with architect
- 2022: CHF 75,000 – Water evacuation Parking (during storm)
- 2022: CHF 35,000 – Renewal pump water drainage
- 2022: CHF 5,000 – Replacement lights LED
- 2022: CHF 210,000 – Replacement part of the windows/blinds
- 2022: CHF 10,000 – Replacement steering/ventiles heating system 1. UG
- 2025/26: CHF 4,000,000 – Facade, Windows
- 2025/26: CHF 100,000 – Replacement locking system
Strengths/Weaknesses
• The property is typical for the general location
• Micro locational quality for industrial usage is good
• The property shows stable letting situation with some relevant contracts expiring in the first periods.
• Larger investments to be considered in the first decade.
Update as at 01.02.202
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 8 of 35 |
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Update as at 01.02.2021 (Property was not newly inspected)
- Area change compared to previous valuation: -102 m²
- Current target earnings decreased by -1.07% (currently CHF 1,790,681 p.a.)
- Current effective income decreased by -11.71% (currently CHF 1,445,440 p.a.)
- Current vacancies increased to 19.3% (increased compared to previous valuation by 9.7 percentage points)
+ The weighted average unexpired lease term (WAULT) has increased by +0.2 years (currently 1.3 years)
- Annual market rent decreased by -1.2% (currently CHF 1,859,270 p.a.)
- Structural vacancy increased to 7.0% (Increase compared to previous valuation by 1.1 percentage points)
+ Annuity operating costs reduced by -0.1% to CHF 110,990 p.a.
- Annuity maintenance costs increased by 0.8% to CHF 9.3/m² p.a.
- The sum of capital expenditures in the first 10 years has increased by CHF 1,173,750 to CHF 8,519,800
- Annuity capital expenditures increased by 10.1% to CHF 51/m² p.a.
± Discount rate has remained unchanged at 3.80%
Market value (100%) per 01.02.2021: CHF 22,720,000 (CHF -2,350,000; -9.4%)
Market value (100%) per 01.04.2020: CHF 25,070,000
The following text («Micro location», «Building/Surrounding area», «Building fabric/Condition» only) refers to the valuation with site visit on 17.12.2012 .
Comments update 1 February 2021
Explanation of relevant changes within the valuation:
• Area: Changes due to new rental situation with focus on small spaces, according to current rent roll;
• Current effective income: Reduction due to increased vacancy rate and reduced area;
• New lease contracts: Several new lease contracts for office, commercial, storage and parking: S&C Sport Car (annual rent: CHF 38,360); Keni (annual rent: CHF 9,350); Bventures GmbH (annual rent: CHF 12,240); Bacchus Weine (annual rent: CHF 19,355); Elan AG (annual rent: CHF 5,600); AC Keramic AG (annual rent: 81,912); Fehr GmbH: (annual rent CHF 23,740); Payab Alber: (annual rent: CHF 9,940)
• Current vacancy: Vacant office space of 996 sqm, vacant commercial space of 832 sqm, 59 vacant parking lots;
• Structural vacancy: adjusted to 7% due to high supply rate of office and retail space in Rümlang;
• Market rent: Slight reduction due to decreased letting area;
• Existing early break options: Bventures GmbH: Early break as of 31.01.2022 with a notice period of 6 months;
• Operating costs: No significant changes;
• Maintenance costs: No significant changes;
• CAPEX: Increase of CAPEX according to Budget 2021;
• Discount rate: Unchanged ;
Conclusion: Decrease in value due to lower effective income, higher vacancy rate, higher structural vacancy and increased CAPEX.
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 9 of 35 |
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Property data (plots, buildings)
Property unit | ||
Property ID | ||
PU Id | 259251 | |
PU reference number (PURN) | ||
PU name | ||
Owner | Optibase RE1 | |
Ownership | Sole ownership | |
Type | Commercial property | |
Address |
Riedmattstrasse 9
8153 Rümlang |
|
Country | Switzerland | |
Coord. [Lat./Long. WGS 84] | 47.460779 / 8.523837 |
Land plots | ||||
Buildings | sqm | |||
Riedmattstrasse 9, Rümlang | 1 | 5,090 | ||
Total | 1 | 5,090 | ||
Buildings | ||||
Land plots | BF sqm | |||
Riedmattstrasse 9, Rümlang | 1 | |||
Total | 1 |
Details for land plot Riedmattstrasse 9, Rümlang | ||
Reference number | ||
Name | Riedmattstrasse 9, Rümlang | |
Ownership | Sole ownership | |
Comments | ||
Owner | Optibase RE1 | |
EGRID | ||
Parcel area [sqm] | 5,090 | |
Coord. [Lat./Long. WGS 84] | 47.460779 / 8.523837 | |
Land registry | ||
Local court | Niederglatt | |
Municipality of land registry | Rümlang | |
Name of the corridor | ||
Land registry sheet number | 1688 | |
Serial registration number | ||
Plan number | ||
Cadastral no. | 4778 | |
Land registry entry | ||
Servitude | ||
Annotation | ||
Caution | ||
Land registry extract date | 21.12.2017 | |
Planning law | ||
Planning zone | Industrial Zone IIIA | |
Design plan | ||
Utilisation potential | Ratio of building per parcel area 8.00 | |
Contaminated sites | no information | |
Listed building | no information |
Associated land plot | ||
Land plot | Share of building area | |
Riedmattstrasse 9, Rümlang | 100.0% |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 10 of 35 |
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Reference value
Total [CHF] | ||||||
Type
|
Date | Value | Comments | |||
Building insurance value | 02.12.2019 | 35,350,000 | gem. iSure |
Details [CHF] | ||||||||
Transaction price/construction costs | Reconstruction/renovation costs | Parking | Hobby room | Other | ||||
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 11 of 35 |
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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. | ||||||||||||||||||||||
Craft/Industry | ||||||||||||||||||||||||||||
Target income | 16 | 6,913 | 898,290 | 50.4% | 124 | 150 | 130 | 967,820 | 53.0% | 140 | 140 | 140 | 8% | |||||||||||||||
Vacancy | 3 | 583 | 9.4% | 140 | 150 | 145 | 7.0% | -25% | ||||||||||||||||||||
Actual rental income | 13 | 6,330 | 813,920 | 124 | 140 | 129 | 900,073 | 11% | ||||||||||||||||||||
Office | ||||||||||||||||||||||||||||
Target income | 15 | 3,050 | 438,074 | 24.6% | 100 | 165 | 144 | 427,000 | 23.4% | 140 | 140 | 140 | -3% | |||||||||||||||
Vacancy | 3 | 847 | 27.1% | 140 | 140 | 140 | 7.0% | -74% | ||||||||||||||||||||
Actual rental income | 12 | 2,203 | 319,494 | 100 | 165 | 145 | 397,110 | 24% | ||||||||||||||||||||
Indoor parking | ||||||||||||||||||||||||||||
Target income | 122 | 203,017 | 11.4% | 205,560 | 11.3% | 1% | ||||||||||||||||||||||
Vacancy | 34 | 28.6% | 10.0% | -65% | ||||||||||||||||||||||||
Actual rental income | 88 | 144,937 | 185,004 | 28% | ||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Target income | 3 | 1,059 | 124,752 | 7.0% | 113 | 153 | 118 | 116,490 | 6.4% | 110 | 110 | 110 | -7% | |||||||||||||||
Vacancy | 0.0% | 7.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 3 | 1,059 | 124,752 | 113 | 153 | 118 | 108,336 | -13% |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 12 of 35 |
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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. | ||||||||||||||||||||||
Warehousing | ||||||||||||||||||||||||||||
Target income | 9 | 1,215 | 105,588 | 5.9% | 27 | 130 | 87 | 97,200 | 5.3% | 80 | 80 | 80 | -8% | |||||||||||||||
Vacancy | 0.0% | 7.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 9 | 1,215 | 105,588 | 27 | 130 | 87 | 90,396 | -14% | ||||||||||||||||||||
Outdoor parking | ||||||||||||||||||||||||||||
Target income | 11 | 8,400 | 0.5% | 8,760 | 0.5% | 4% | ||||||||||||||||||||||
Vacancy | 0.0% | 10.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 11 | 8,400 | 7,884 | -6% | ||||||||||||||||||||||||
Special use without area | ||||||||||||||||||||||||||||
Target income | 1 | 3,500 | 0.2% | 3,500 | 0.2% | 0% | ||||||||||||||||||||||
Vacancy | 0.0% | 7.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 1 | 3,500 | 3,255 | -7% | ||||||||||||||||||||||||
Ancillary commercial use | ||||||||||||||||||||||||||||
Target income | 1 | 41 | 0 | 0.0% | 0 | 0 | 0 | 0 | 0.0% | 0 | 0 | 0 | ||||||||||||||||
Vacancy | 1 | 41 | 0 | 0 | 0 | 100% | ||||||||||||||||||||||
Actual rental income | 0 | |||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Target income | 178 | 12,278 | 1,781,621 | 100.0% | 0 | 165 | 128 | 1,826,330 | 100.0% | 0 | 140 | 131 | 3% | Legend: | ||||||||||||||
Vacancy | 41 | 1,471 | 261,030 | 14.7% | 0 | 150 | 138 | 134,273 | 7.4% | -49% | Red marking = Min, Ø, Max Market rent | |||||||||||||||||
Actual rental income | 137 | 10,807 | 1,520,591 | 85.3% | 27 | 165 | 126 | 1,692,057 | 92.6% | 11% | Green marking = Min, Ø, Max Current rent | |||||||||||||||||
Blue = Quantiles municipality/city quarter |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 13 of 35 |
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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 | |||||||||||||||||||||||
809-01-01/4.1004 | Polymed Medical Center | 0 | W | 1 | 480 | 44,232 | 3,686 | 92 | 38,400 | 3,200 | 80 | 7.0% | -13% | 01.09.00 | 40% | ||||||||||||||||||||||||||||||
809-01-01/4.1021 | Polymed Medical Center | 2 | Ind. | 1 | 1,298 | 172,764 | 14,397 | 133 | 181,720 | 15,143 | 140 | 41% | 7.0% | +5% | 01.09.00 | 40% | |||||||||||||||||||||||||||||
809-01-01/4.1022 | Polymed Medical Center | 2 | Ind. | 1 | 913 | 119,856 | 9,988 | 131 | 127,820 | 10,652 | 140 | 41% | 7.0% | +7% | 01.09.01 | 40% | |||||||||||||||||||||||||||||
809-01-01/4.1023 | Polymed Medical Center | 2 | Ind. | 1 | 864 | 115,000 | 9,583 | 133 | 120,960 | 10,080 | 140 | 41% | 7.0% | +5% | 01.09.00 | 40% | |||||||||||||||||||||||||||||
809-01-01/5.800… | S&C Sportcars AG | -1 | IP | 12 | 12,960 | 90 | 18,720 | 130 | 10.0% | +44% | 01.03.21 | 28.02.26 | 1x5 | 40% | |||||||||||||||||||||||||||||||
809-01-01/5.8068 | Polymed Medical Center | -2 | IP | 1 | 1,740 | 145 | 1,560 | 130 | 10.0% | -10% | 01.09.00 | 40% | |||||||||||||||||||||||||||||||||
809-01-01/6.8117 | Polymed Medical Center | -1 | IP | 1 | 1,664 | 139 | 1,560 | 130 | 10.0% | -6% | 01.01.19 | 40% | |||||||||||||||||||||||||||||||||
809-01-01/7.800… | S&C Sportcars AG | -1 | IP | 7 | 12,600 | 150 | 13,440 | 160 | 10.0% | +7% | 01.03.21 | 31.01.25 | 31.01.2025 | 40% | |||||||||||||||||||||||||||||||
809-01-02.5013 | Polymed Medical Center (Lager) | -1 | W | 1 | 198 | 17,820 | 1,485 | 90 | 15,840 | 1,320 | 80 | 7.0% | -11% | 01.04.16 | 40% | ||||||||||||||||||||||||||||||
809-01-04.5012 | Polymed Medical Center (Lager) | -1 | W | 1 | 287 | 25,830 | 2,153 | 90 | 22,960 | 1,913 | 80 | 7.0% | -11% | 01.04.16 | 40% | ||||||||||||||||||||||||||||||
809-01-05.1044 | Polymed Medical Center | 3 | O | 1 | 297 | 47,520 | 3,960 | 160 | 41,580 | 3,465 | 140 | 40% | 7.0% | -13% | 01.09.17 | 30.06.25 | 1x5 | 40% | |||||||||||||||||||||||||||
809-05-01.1003 | Vale Moto GmbH | 0 | Ret | 1 | 280 | 33,360 | 2,780 | 119 | 30,800 | 2,567 | 110 | 5% | 7.0% | -8% | 01.01.13 | 31.12.22 | 01.07.22 | 100% | |||||||||||||||||||||||||||
809-05-01.7001,… | Vale Moto GmbH | 0 | OP | 3 | 2,160 | 60 | 2,160 | 60 | 10.0% | +0% | 01.01.13 | 31.12.22 | 01.07.22 | 40% | |||||||||||||||||||||||||||||||
809-05-02.8071 | Vale Moto GmbH | -3 | IP | 1 | 2,880 | 240 | 1,920 | 160 | 10.0% | -33% | 01.10.15 | 40% | |||||||||||||||||||||||||||||||||
809-05-03.9001,… | Vale Moto GmbH | -1 | IP | 7 | 1,260 | 15 | 6,720 | 80 | 10.0% | +433% | 01.07.18 | 40% | |||||||||||||||||||||||||||||||||
809-07-01/2.1032 | Polygene AG | 3 | O | 1 | 525 | 77,364 | 6,447 | 147 | 73,500 | 6,125 | 140 | 40% | 7.0% | -5% | 01.01.08 | 31.12.23 | 100% | ||||||||||||||||||||||||||||
809-07-02.8069 | Polygene AG | -2 | IP | 1 | 1,440 | 120 | 1,560 | 130 | 10.0% | +8% | 01.01.14 | 40% | |||||||||||||||||||||||||||||||||
809-08-01/1.1006 | Theodor Riccardo AG | 0 | Ind. | 1 | 90 | 11,340 | 945 | 126 | 12,600 | 1,050 | 140 | 41% | 7.0% | +11% | 01.01.15 | 31.12.24 | 40% | ||||||||||||||||||||||||||||
809-08-01/1.1007 | Theodor Riccardo AG | 0 | W | 1 | 31 | 3,906 | 326 | 126 | 2,480 | 207 | 80 | 7.0% | -37% | 01.01.15 | 31.12.24 | 40% | |||||||||||||||||||||||||||||
809-08-01/1.1008 | Theodor Riccardo AG | 0 | W | 1 | 25 | 3,240 | 270 | 130 | 2,000 | 167 | 80 | 7.0% | -38% | 01.01.15 | 31.12.24 | 40% | |||||||||||||||||||||||||||||
809-08-01/1.5016 | Theodor Riccardo AG | -1 | W | 1 | 18 | 480 | 40 | 27 | 1,440 | 120 | 80 | 7.0% | +200% | 01.01.15 | 31.12.24 | 40% | |||||||||||||||||||||||||||||
809-08-01/1.8070 | Theodor Riccardo AG | -2 | IP | 1 | 1,440 | 120 | 1,560 | 130 | 10.0% | +8% | 01.01.12 | 31.12.24 | 40% | ||||||||||||||||||||||||||||||||
809-08-03/1.8118 | Theodor Riccardo AG | -1 | IP | 1 | 2,400 | 200 | 1,560 | 130 | 10.0% | -35% | 01.04.20 | 40% | |||||||||||||||||||||||||||||||||
809-10-02.5015 | Butti Mario | -1 | W | 1 | 82 | 3,840 | 320 | 47 | 6,560 | 547 | 80 | 7.0% | +71% | 01.04.18 | 40% | ||||||||||||||||||||||||||||||
809-12-01.3001 | Clear Channel Schweiz AG | 0 | SU… | 1 | 3,500 | 292 | 3,500 | 292 | 7.0% | +0% | 01.12.00 | 30.11.25 | 100% | ||||||||||||||||||||||||||||||||
809-13-01.8072,… | ■ | -3 | IP | 4 | 7,680 | 160 | 7,680 | 160 | 10.0% | +0% | |||||||||||||||||||||||||||||||||||
809-17-02.1002 | Resin Floor GmbH | 0 | O | 1 | 165 | 24,900 | 2,075 | 151 | 23,100 | 1,925 | 140 | 40% | 7.0% | -7% | 01.02.18 | 31.01.23 | 1x5 | 100% | |||||||||||||||||||||||||||
809-17-02.7004,… | Resin Floor GmbH | 0 | OP | 2 | 1,920 | 80 | 1,920 | 80 | 10.0% | +0% | 01.02.18 | 31.01.23 | 1x5 | 40% | |||||||||||||||||||||||||||||||
809-17-02/1.1005 | Resin Floor GmbH | 0 | Ret | 1 | 90 | 13,800 | 1,150 | 153 | 9,900 | 825 | 110 | 5% | 7.0% | -28% | 01.04.20 | 31.01.23 | 100% | ||||||||||||||||||||||||||||
809-19-02.1033 | NTG Gondrand Road AG | 3 | O | 1 | 431 | 71,115 | 5,926 | 165 | 60,340 | 5,028 | 140 | 40% | 7.0% | -15% | 01.06.15 | 31.05.25 | 31.05.22 | 100% | |||||||||||||||||||||||||||
809-19-03/1.807… | NTG Gondrand Road AG | -3 | IP | 4 | 11,520 | 240 | 7,680 | 160 | 10.0% | -33% | 01.10.15 | 31.05.25 | 31.05.22 | 40% | |||||||||||||||||||||||||||||||
809-23-02.1048 | Keni Polsterei Service, Krenar Isto… | 3 | O | 1 | 85 | 10,200 | 850 | 120 | 11,900 | 992 | 140 | 40% | 7.0% | +17% | 01.08.20 | 31.07.25 | 31.07.22 | 100% | |||||||||||||||||||||||||||
809-24-02.1046 | S&C Sportcars AG | 3 | O | 1 | 154 | 21,080 | 1,757 | 137 | 21,560 | 1,797 | 140 | 40% | 7.0% | +2% | 01.08.20 | 31.01.25 | 31.01.25 | 100% | |||||||||||||||||||||||||||
809-24-02/1.804… | S&C Sportcars AG | -2 | IP | 9 | 17,280 | 160 | 17,280 | 160 | 10.0% | +0% | 01.11.20 | 31.01.25 | 31.01.22 | 40% | |||||||||||||||||||||||||||||||
809-25-01.1047 | Clavis Treuhand Maksimovic | 3 | O | 1 | 36 | 5,040 | 420 | 140 | 5,040 | 420 | 140 | 40% | 7.0% | 0.00 | +0% | 01.08.21 | 31.07.26 | 100% | |||||||||||||||||||||||||||
809-25-01/1.8081 | Clavis Treuhand Maksimovic | -3 | IP | 1 | 1,800 | 150 | 1,920 | 160 | 10.0% | +7% | 01.08.21 | 31.07.26 | 100% | ||||||||||||||||||||||||||||||||
809-26-01.1011 | Fastlog AG | 1 | Ind. | 1 | 1,800 | 223,116 | 18,593 | 124 | 252,000 | 21,000 | 140 | 41% | 7.0% | +13% | 01.07.15 | 30.06.26 | 100% | ||||||||||||||||||||||||||||
809-26-01.1012 | Fastlog AG | 1 | Ind. | 1 | 571 | 70,776 | 5,898 | 124 | 79,940 | 6,662 | 140 | 41% | 7.0% | +13% | 01.07.15 | 30.06.26 | 100% | ||||||||||||||||||||||||||||
809-26-01.1013 | Fastlog AG | 1 | Ind. | 1 | 180 | 22,320 | 1,860 | 124 | 25,200 | 2,100 | 140 | 41% | 7.0% | +13% | 01.07.15 | 30.06.26 | 100% | ||||||||||||||||||||||||||||
809-26-01.1014 | Fastlog AG | 1 | Ind. | 1 | 155 | 19,212 | 1,601 | 124 | 21,700 | 1,808 | 140 | 41% | 7.0% | +13% | 01.07.15 | 30.06.26 | 100% |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 14 of 35 |
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 | |||||||||||||||||||||||
809-26-01.1015 | Fastlog AG | 1 | Ind. | 1 | 146 | 18,096 | 1,508 | 124 | 20,440 | 1,703 | 140 | 41% | 7.0% | +13% | 01.07.15 | 30.06.26 | 100% | ||||||||||||||||||||||||||||
809-26-01.1016 | Fastlog AG | 1 | Ind. | 1 | 105 | 13,020 | 1,085 | 124 | 14,700 | 1,225 | 140 | 41% | 7.0% | +13% | 01.07.15 | 30.06.26 | 100% | ||||||||||||||||||||||||||||
809-26-01.8097,… | Fastlog AG | -3 | IP | 8 | 11,520 | 120 | 12,480 | 130 | 10.0% | +8% | 01.07.10 | 30.06.26 | 40% | ||||||||||||||||||||||||||||||||
809-27-01.1049 | Fehr GmbH | 3 | O | 1 | 76 | 10,780 | 898 | 142 | 10,640 | 887 | 140 | 40% | 7.0% | -1% | 01.05.20 | 31.03.25 | 30.09.22 | 1x5 | 100% | ||||||||||||||||||||||||||
809-27-01/1.803… | Fehr GmbH | -2 | IP | 6 | 12,960 | 180 | 11,520 | 160 | 10.0% | -11% | 01.11.20 | 31.03.25 | 30.09.22 | 40% | |||||||||||||||||||||||||||||||
809-28-01/2.1042 | ■ | 4 | O | 1 | 474 | 66,360 | 5,530 | 140 | 66,360 | 5,530 | 140 | 40% | 7.0% | +0% | |||||||||||||||||||||||||||||||
809-28-01/2.1043 | ■ | 4 | ACU | 1 | 41 | 0 | 0 | 0 | 0 | 0 | 0 | 7.0% | |||||||||||||||||||||||||||||||||
809-29-01.1050 | Bventures GmbH | 3 | O | 1 | 53 | 7,560 | 630 | 143 | 7,420 | 618 | 140 | 40% | 7.0% | -2% | 01.08.20 | 31.07.25 | 31.01.23 | 100% | |||||||||||||||||||||||||||
809-29-01.8082,… | Polymed Medical Center | -3 | IP | 7 | 13,754 | 164 | 13,440 | 160 | 10.0% | -2% | 01.03.21 | 31.01.23 | 40% | ||||||||||||||||||||||||||||||||
809-31-01.1045 | ■ | 3 | O | 1 | 71 | 9,940 | 828 | 140 | 9,940 | 828 | 140 | 40% | 7.0% | +0% | |||||||||||||||||||||||||||||||
809-32-01.1001 | AC Keramik GmbH | 0 | Ret | 1 | 689 | 77,592 | 6,466 | 113 | 75,790 | 6,316 | 110 | 5% | 7.0% | -2% | 01.11.20 | 31.10.25 | 2x5 | 100% | |||||||||||||||||||||||||||
809-32-01.7006,… | AC Keramik GmbH | 0 | OP | 6 | 4,320 | 60 | 4,680 | 65 | 10.0% | +8% | 01.11.20 | 31.10.25 | 2x5 | 40% | |||||||||||||||||||||||||||||||
809-33-01.1041 | Elan AG | 4 | O | 1 | 40 | 5,600 | 467 | 140 | 5,600 | 467 | 140 | 40% | 7.0% | +0% | 01.11.20 | 40% | |||||||||||||||||||||||||||||
809-34-01.5014 | Bacchus Weine, Theodor Riccardo | -1 | W | 1 | 46 | 2,400 | 200 | 52 | 3,680 | 307 | 80 | 7.0% | +53% | 01.10.20 | 31.12.24 | 100% | |||||||||||||||||||||||||||||
809-34-02.5011 | Bacchus Weine, Theodor Riccardo | -1 | W | 1 | 48 | 3,840 | 320 | 80 | 3,840 | 320 | 80 | 7.0% | +0% | 01.07.20 | 31.03.23 | 100% | |||||||||||||||||||||||||||||
809-34-03.1051 | Bacchus Weine, Theodor Riccardo | 3 | O | 1 | 121 | 16,335 | 1,361 | 135 | 16,940 | 1,412 | 140 | 40% | 7.0% | +4% | 01.01.21 | 31.12.30 | 100% | ||||||||||||||||||||||||||||
809-34-04.8089 | Bacchus Weine, Theodor Riccardo | -3 | IP | 1 | 1,440 | 120 | 1,560 | 130 | 10.0% | +8% | 01.01.21 | 40% | |||||||||||||||||||||||||||||||||
809-99-99.1031.2 | ■ | 4 | Ind. | 1 | 275 | 41,250 | 3,438 | 150 | 38,500 | 3,208 | 140 | 41% | 7.0% | -7% | |||||||||||||||||||||||||||||||
809-99-99.1031 | Jonathan hare goods and handcr… | 4 | Ind. | 1 | 95 | 12,600 | 1,050 | 133 | 13,300 | 1,108 | 140 | 41% | 7.0% | 0.00 | +6% | 01.11.21 | 31.10.26 | 30.04.23 | 100% | ||||||||||||||||||||||||||
809-37-01.1055 | Berg Elektro GmbH | 4 | Ind. | 1 | 42 | 5,880 | 490 | 140 | 5,880 | 490 | 140 | 41% | 7.0% | 0.00 | +0% | 01.07.21 | 30.06.26 | 100% | |||||||||||||||||||||||||||
809-99-99.1034 | ■ | 4 | O | 1 | 302 | 42,280 | 3,523 | 140 | 42,280 | 3,523 | 140 | 40% | 7.0% | +0% | |||||||||||||||||||||||||||||||
809-99-99.1034.2 | Nachmieter 24 GmbH | 4 | O | 1 | 220 | 22,000 | 1,833 | 100 | 30,800 | 2,567 | 140 | 40% | 7.0% | 0.00 | +40% | 01.07.21 | 30.06.24 | 100% | |||||||||||||||||||||||||||
809-99-99.1052 | ■ | Ind. | 1 | 192 | 26,880 | 2,240 | 140 | 26,880 | 2,240 | 140 | 41% | 7.0% | +0% | ||||||||||||||||||||||||||||||||
809-99-99.1053 | TPA Transporte Panatlantic AG | Ind. | 1 | 71 | 9,940 | 828 | 140 | 9,940 | 828 | 140 | 41% | 7.0% | 5.00 | -0% | 01.03.21 | 100% | |||||||||||||||||||||||||||||
809-99-99.1054 | ■ | Ind. | 1 | 116 | 16,240 | 1,353 | 140 | 16,240 | 1,353 | 140 | 41% | 7.0% | +0% | ||||||||||||||||||||||||||||||||
809-99-99.8008 | S&C Sportcars AG | -1 | IP | 1 | 1,080 | 90 | 1,560 | 130 | 10.0% | 0.00 | +44% | 01.03.21 | 28.02.26 | 1x5 | 40% | ||||||||||||||||||||||||||||||
809-99-99.8022 | S&C Sportcars AG | -1 | IP | 1 | 0 | 0 | 1,560 | 130 | 10.0% | 0.00 | 01.03.21 | 28.02.26 | 1x5 | 40% | |||||||||||||||||||||||||||||||
809-99-99.8034 | Bventures GmbH | -2 | IP | 1 | 3,000 | 250 | 1,920 | 160 | 10.0% | 0.00 | -36% | 01.03.21 | 21.07.25 | 40% | |||||||||||||||||||||||||||||||
809-99-99.8030,… | ■ | -2 | IP | 5 | 9,600 | 160 | 9,600 | 160 | 10.0% | +0% | |||||||||||||||||||||||||||||||||||
809-99-99.8023 | Bventures GmbH | -2 | IP | 1 | 2,880 | 240 | 1,920 | 160 | 10.0% | 0.00 | -33% | 01.03.21 | 21.07.25 | 40% | |||||||||||||||||||||||||||||||
809-99-99.8024 | Nachmieter 24 GmbH | -2 | IP | 1 | 2,880 | 240 | 1,920 | 160 | 10.0% | 0.00 | -33% | 16.10.21 | 40% | ||||||||||||||||||||||||||||||||
809-99-99.8037 | Network 41 AG | -2 | IP | 1 | 2,880 | 240 | 1,920 | 160 | 10.0% | 0.00 | -33% | 01.10.21 | 40% | ||||||||||||||||||||||||||||||||
809-99-99.8025,… | ■ | -2 | IP | 5 | 9,600 | 160 | 9,600 | 160 | 10.0% | +0% | |||||||||||||||||||||||||||||||||||
809-99-99.8038 | Network 41 AG | -2 | IP | 1 | 2,880 | 240 | 1,920 | 160 | 10.0% | 0.00 | -33% | 01.10.21 | 40% | ||||||||||||||||||||||||||||||||
809-99-99.8054,… | ■ | -2 | IP | 13 | 20,280 | 130 | 20,280 | 130 | 10.0% | +0% | |||||||||||||||||||||||||||||||||||
809-99-99.8098,… | ■ | -3 | IP | 7 | 10,920 | 130 | 10,920 | 130 | 10.0% | +0% | |||||||||||||||||||||||||||||||||||
809-99-99.8115 | Polymed Medical Center | -3 | IP | 1 | 1,660 | 138 | 1,560 | 130 | 10.0% | 0.00 | -6% | 01.03.21 | 40% | ||||||||||||||||||||||||||||||||
809-99-99.8105,… | Polymed Medical Center | -3 | IP | 11 | 17,578 | 133 | 17,160 | 130 | 10.0% | 0.00 | -2% | 01.03.21 | 40% | ||||||||||||||||||||||||||||||||
809-99-99.8074 | TPA Transporte Panatlantic AG | -3 | IP | 1 | 1,440 | 120 | 1,560 | 130 | 10.0% | 0.00 | +8% | 01.03.21 | 40% |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 15 of 35 |
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 | |||||||||||||||||||||||
% project. |
% proj… | ||||||||||||||||||||||||||||||||||||||||||||
Total budgeted rental income | 178 | 12,278 | 1,781,621 | 100.0% | 128 | 1,826,330 | 855 | 131 | 100.0% | +3% | |||||||||||||||||||||||||||||||||||
Total vacancy | 41 | 1,471 | 261,030 | 14.7% | 134,273 | 7.4% | -49% | ||||||||||||||||||||||||||||||||||||||
Total tenants | 137 | 10,807 | 1,520,591 | 85.3% | 1,692,057 | 92.6% | +11% | ||||||||||||||||||||||||||||||||||||||
Legend: | |||||||||||||||||||||||||||||||||||||||||||||
■ | Vacancy | ||||||||||||||||||||||||||||||||||||||||||||
■ Tenant name | Vacant, but the future tenant is already known. |
Comments:
● | Fehr Real Estate GmbH: No early break options (would include a penalty payment) or any prolongation option has been applied in the valuation; |
● | S&C Sportscar: Early break option as of 31.01.2022 has not been applied in the valuation (would include a penalty payment). Early break as of 31.01.2025 possible without a penalty payment; |
● | Bventures GmbH: Early break as of 31.01.2023 with a notice period of 6 months. |
● | Jonathan hare goods and handcrafted: Early break as of 30.04.2023 has been applied in the valuation (worst case scenario) |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 16 of 35 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Tenant list outlook
Rental unit | Rents | Periods | real cashflows | ||||||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||||||
Ref. No. | Tenant | Floor | UT | No. | Ro | sqm | end [a] | CHF p.a. | CHF p.a. |
01.02.2022
- 31.01.2023 |
01.02.2023
- 31.01.2024 |
01.02.2024
- 31.01.2025 |
01.02.2025
- 31.01.2026 |
01.02.2026
- 31.01.2027 |
01.02.2027
- 31.01.2028 |
01.02.2028
- 31.01.2029 |
01.02.2029
- 31.01.2030 |
01.02.2030
- 31.01.2031 |
01.02.2031
- 31.01.2032 |
|||||||||||||||||||
809-01-01/4… | Polymed Medical Center | 0 | W | 1 | 480 | 0.5 | 44,232 | 38,400 | 44,086 | 42,963 | 41,749 | 40,587 | 39,472 | 38,531 | 38,400 | 38,400 | 38,400 | 38,400 | ||||||||||||||||||||
809-01-01/4… | Polymed Medical Center | 2 | Ind. | 1 | 1298 | 0.5 | 172,764 | 181,720 | 172,988 | 174,138 | 175,715 | 177,500 | 179,500 | 181,428 | 181,720 | 181,720 | 181,720 | 181,720 | ||||||||||||||||||||
809-01-01/4… | Polymed Medical Center | 2 | Ind. | 1 | 913 | 0.5 | 119,856 | 127,820 | 120,055 | 121,159 | 122,601 | 124,188 | 125,926 | 127,573 | 127,820 | 127,820 | 127,820 | 127,820 | ||||||||||||||||||||
809-01-01/4… | Polymed Medical Center | 2 | Ind. | 1 | 864 | 0.5 | 115,000 | 120,960 | 115,149 | 115,915 | 116,964 | 118,152 | 119,482 | 120,766 | 120,960 | 120,960 | 120,960 | 120,960 | ||||||||||||||||||||
809-01-01/5… | S&C Sportcars AG | -1 | IP | 12 | 4.1 | 12,960 | 18,720 | 12,960 | 12,921 | 12,883 | 12,844 | 18,227 | 18,720 | 18,720 | 18,720 | 18,720 | 18,720 | |||||||||||||||||||||
809-01-01/5… | Polymed Medical Center | -2 | IP | 1 | 0.5 | 1,740 | 1,560 | 1,736 | 1,700 | 1,662 | 1,626 | 1,592 | 1,564 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-01-01/6… | Polymed Medical Center | -1 | IP | 1 | 0.5 | 1,664 | 1,560 | 1,662 | 1,640 | 1,617 | 1,596 | 1,577 | 1,562 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-01-01/7… | S&C Sportcars AG | -1 | IP | 7 | 3.0 | 12,600 | 13,440 | 12,600 | 12,562 | 12,525 | 13,440 | 13,440 | 13,440 | 13,440 | 13,440 | 13,440 | 13,440 | |||||||||||||||||||||
809-01-02.5… | Polymed Medical Center (Lager) | -1 | W | 1 | 198 | 0.1 | 17,820 | 15,840 | 17,654 | 17,222 | 16,811 | 16,420 | 16,049 | 15,841 | 15,840 | 15,840 | 15,840 | 15,840 | ||||||||||||||||||||
809-01-04.5… | Polymed Medical Center (Lager) | -1 | W | 1 | 287 | 0.5 | 25,830 | 22,960 | 25,758 | 25,196 | 24,594 | 24,022 | 23,478 | 23,023 | 22,960 | 22,960 | 22,960 | 22,960 | ||||||||||||||||||||
809-01-05.1… | Polymed Medical Center | 3 | O | 1 | 297 | 3.4 | 47,520 | 41,580 | 47,520 | 47,378 | 47,237 | 43,878 | 41,580 | 41,580 | 41,580 | 41,580 | 41,580 | 41,580 | ||||||||||||||||||||
809-05-01.1… | Vale Moto GmbH | 0 | Ret | 1 | 280 | 0.4 | 33,360 | 30,800 | 31,874 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | ||||||||||||||||||||
809-05-01.7… | Vale Moto GmbH | 0 | OP | 3 | 0.9 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | |||||||||||||||||||||
809-05-02.8… | Vale Moto GmbH | -3 | IP | 1 | 0.2 | 2,880 | 1,920 | 2,826 | 2,634 | 2,440 | 2,249 | 2,060 | 1,926 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-05-03.9… | Vale Moto GmbH | -1 | IP | 7 | 0.1 | 1,260 | 6,720 | 1,719 | 2,801 | 3,887 | 4,977 | 6,075 | 6,716 | 6,720 | 6,720 | 6,720 | 6,720 | |||||||||||||||||||||
809-07-01/2… | Polygene AG | 3 | O | 1 | 525 | 1.9 | 77,364 | 73,500 | 77,364 | 77,042 | 73,500 | 73,500 | 73,500 | 73,500 | 73,500 | 73,500 | 73,500 | 73,500 | ||||||||||||||||||||
809-07-02.8… | Polygene AG | -2 | IP | 1 | 0.2 | 1,440 | 1,560 | 1,447 | 1,467 | 1,489 | 1,513 | 1,539 | 1,559 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-08-01/1… | Theodor Riccardo AG | 0 | Ind. | 1 | 90 | 2.9 | 11,340 | 12,600 | 11,340 | 11,306 | 11,383 | 12,600 | 12,600 | 12,600 | 12,600 | 12,600 | 12,600 | 12,600 | ||||||||||||||||||||
809-08-01/1… | Theodor Riccardo AG | 0 | W | 1 | 31 | 2.9 | 3,906 | 2,480 | 3,906 | 3,894 | 3,766 | 2,480 | 2,480 | 2,480 | 2,480 | 2,480 | 2,480 | 2,480 | ||||||||||||||||||||
809-08-01/1… | Theodor Riccardo AG | 0 | W | 1 | 25 | 2.9 | 3,240 | 2,000 | 3,240 | 3,230 | 3,119 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||||||||||
809-08-01/1… | Theodor Riccardo AG | -1 | W | 1 | 18 | 2.9 | 480 | 1,440 | 480 | 479 | 557 | 1,440 | 1,440 | 1,440 | 1,440 | 1,440 | 1,440 | 1,440 | ||||||||||||||||||||
809-08-01/1… | Theodor Riccardo AG | -2 | IP | 1 | 2.9 | 1,440 | 1,560 | 1,440 | 1,436 | 1,442 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-08-03/1… | Theodor Riccardo AG | -1 | IP | 1 | 0.1 | 2,400 | 1,560 | 2,329 | 2,157 | 1,988 | 1,821 | 1,656 | 1,561 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-10-02.5… | Butti Mario | -1 | W | 1 | 82 | 0.2 | 3,840 | 6,560 | 3,993 | 4,510 | 5,047 | 5,590 | 6,141 | 6,542 | 6,560 | 6,560 | 6,560 | 6,560 | ||||||||||||||||||||
809-12-01.3… | Clear Channel Schweiz AG | 0 | SU… | 1 | 3.8 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | |||||||||||||||||||||
809-13-01.8… | ■ | -3 | IP | 4 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | ||||||||||||||||||||||
809-17-02.1… | Resin Floor GmbH | 0 | O | 1 | 165 | 1.0 | 24,900 | 23,100 | 24,900 | 23,100 | 23,100 | 23,100 | 23,100 | 23,100 | 23,100 | 23,100 | 23,100 | 23,100 | ||||||||||||||||||||
809-17-02.7… | Resin Floor GmbH | 0 | OP | 2 | 1.0 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-17-02/1… | Resin Floor GmbH | 0 | Ret | 1 | 90 | 1.0 | 13,800 | 9,900 | 13,800 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | ||||||||||||||||||||
809-19-02.1… | NTG Gondrand Road AG | 3 | O | 1 | 431 | 0.3 | 71,115 | 60,340 | 63,932 | 60,340 | 60,340 | 60,340 | 60,340 | 60,340 | 60,340 | 60,340 | 60,340 | 60,340 | ||||||||||||||||||||
809-19-03/1… | NTG Gondrand Road AG | -3 | IP | 4 | 0.3 | 11,520 | 7,680 | 8,960 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | |||||||||||||||||||||
809-23-02.1… | Keni Polsterei Service, Krenar I… | 3 | O | 1 | 85 | 3.5 | 10,200 | 11,900 | 10,200 | 10,200 | 10,200 | 11,050 | 11,900 | 11,900 | 11,900 | 11,900 | 11,900 | 11,900 | ||||||||||||||||||||
809-24-02.1… | S&C Sportcars AG | 3 | O | 1 | 154 | 3.0 | 21,080 | 21,560 | 21,080 | 21,080 | 21,080 | 21,560 | 21,560 | 21,560 | 21,560 | 21,560 | 21,560 | 21,560 | ||||||||||||||||||||
809-24-02/1… | S&C Sportcars AG | -2 | IP | 9 | 3.0 | 17,280 | 17,280 | 17,280 | 17,228 | 17,177 | 17,280 | 17,280 | 17,280 | 17,280 | 17,280 | 17,280 | 17,280 | |||||||||||||||||||||
809-25-01.1… | Clavis Treuhand Maksimovic | 3 | O | 1 | 36 | 4.5 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | 5,040 | ||||||||||||||||||||
809-25-01/1… | Clavis Treuhand Maksimovic | -3 | IP | 1 | 4.5 | 1,800 | 1,920 | 1,800 | 1,800 | 1,800 | 1,800 | 1,860 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-26-01.1… | Fastlog AG | 1 | Ind. | 1 | 1800 | 4.4 | 223,116 | 252,000 | 223,116 | 223,116 | 223,116 | 223,116 | 239,965 | 252,000 | 252,000 | 252,000 | 252,000 | 252,000 | ||||||||||||||||||||
809-26-01.1… | Fastlog AG | 1 | Ind. | 1 | 571 | 4.4 | 70,776 | 79,940 | 70,776 | 70,776 | 70,776 | 70,776 | 76,122 | 79,940 | 79,940 | 79,940 | 79,940 | 79,940 | ||||||||||||||||||||
809-26-01.1… | Fastlog AG | 1 | Ind. | 1 | 180 | 4.4 | 22,320 | 25,200 | 22,320 | 22,320 | 22,320 | 22,320 | 24,000 | 25,200 | 25,200 | 25,200 | 25,200 | 25,200 | ||||||||||||||||||||
809-26-01.1… | Fastlog AG | 1 | Ind. | 1 | 155 | 4.4 | 19,212 | 21,700 | 19,212 | 19,212 | 19,212 | 19,212 | 20,663 | 21,700 | 21,700 | 21,700 | 21,700 | 21,700 |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 17 of 35 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit | Rents | Periods | real cashflows | ||||||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||||||
Ref. No. | Tenant | Floor | UT | No. | Ro | sqm | end [a] | CHF p.a. | CHF p.a. |
01.02.2022
- 31.01.2023 |
01.02.2023
- 31.01.2024 |
01.02.2024
- 31.01.2025 |
01.02.2025
- 31.01.2026 |
01.02.2026
- 31.01.2027 |
01.02.2027
- 31.01.2028 |
01.02.2028
- 31.01.2029 |
01.02.2029
- 31.01.2030 |
01.02.2030
- 31.01.2031 |
01.02.2031
- 31.01.2032 |
|||||||||||||||||||
809-26-01.1… | Fastlog AG | 1 | Ind. | 1 | 146 | 4.4 | 18,096 | 20,440 | 18,096 | 18,096 | 18,096 | 18,096 | 19,463 | 20,440 | 20,440 | 20,440 | 20,440 | 20,440 | ||||||||||||||||||||
809-26-01.1… | Fastlog AG | 1 | Ind. | 1 | 105 | 4.4 | 13,020 | 14,700 | 13,020 | 13,020 | 13,020 | 13,020 | 14,000 | 14,700 | 14,700 | 14,700 | 14,700 | 14,700 | ||||||||||||||||||||
809-26-01.8… | Fastlog AG | -3 | IP | 8 | 4.4 | 11,520 | 12,480 | 11,520 | 11,486 | 11,451 | 11,417 | 12,023 | 12,480 | 12,480 | 12,480 | 12,480 | 12,480 | |||||||||||||||||||||
809-27-01.1… | Fehr GmbH | 3 | O | 1 | 76 | 3.2 | 10,780 | 10,640 | 10,780 | 10,780 | 10,780 | 10,663 | 10,640 | 10,640 | 10,640 | 10,640 | 10,640 | 10,640 | ||||||||||||||||||||
809-27-01/1… | Fehr GmbH | -2 | IP | 6 | 0.7 | 12,960 | 11,520 | 12,480 | 11,520 | 11,520 | 11,520 | 11,520 | 11,520 | 11,520 | 11,520 | 11,520 | 11,520 | |||||||||||||||||||||
809-28-01/2… | ■ | 4 | O | 1 | 474 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | 66,360 | |||||||||||||||||||||
809-28-01/2… | ■ | 4 | ACU | 1 | 41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
809-29-01.1… | Bventures GmbH | 3 | O | 1 | 53 | 1.0 | 7,560 | 7,420 | 7,560 | 7,420 | 7,420 | 7,420 | 7,420 | 7,420 | 7,420 | 7,420 | 7,420 | 7,420 | ||||||||||||||||||||
809-29-01.8… | Polymed Medical Center | -3 | IP | 7 | 0.5 | 13,754 | 13,440 | 13,746 | 13,659 | 13,580 | 13,517 | 13,471 | 13,443 | 13,440 | 13,440 | 13,440 | 13,440 | |||||||||||||||||||||
809-31-01.1… | ■ | 3 | O | 1 | 71 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | |||||||||||||||||||||
809-32-01.1… | AC Keramik GmbH | 0 | Ret | 1 | 689 | 3.7 | 77,592 | 75,790 | 77,592 | 77,592 | 77,592 | 77,142 | 75,790 | 75,790 | 75,790 | 75,790 | 75,790 | 75,790 | ||||||||||||||||||||
809-32-01.7… | AC Keramik GmbH | 0 | OP | 6 | 3.7 | 4,320 | 4,680 | 4,320 | 4,307 | 4,294 | 4,381 | 4,680 | 4,680 | 4,680 | 4,680 | 4,680 | 4,680 | |||||||||||||||||||||
809-33-01.1… | Elan AG | 4 | O | 1 | 40 | 0.2 | 5,600 | 5,600 | 5,600 | 5,587 | 5,582 | 5,582 | 5,590 | 5,599 | 5,600 | 5,600 | 5,600 | 5,600 | ||||||||||||||||||||
809-34-01.5… | Bacchus Weine, Theodor Ricc… | -1 | W | 1 | 46 | 2.9 | 2,400 | 3,680 | 2,400 | 2,400 | 2,507 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | 3,680 | ||||||||||||||||||||
809-34-02.5… | Bacchus Weine, Theodor Ricc… | -1 | W | 1 | 48 | 1.2 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | 3,840 | ||||||||||||||||||||
809-34-03.1… | Bacchus Weine, Theodor Ricc… | 3 | O | 1 | 121 | 8.9 | 16,335 | 16,940 | 16,335 | 16,335 | 16,335 | 16,335 | 16,335 | 16,335 | 16,335 | 16,335 | 16,385 | 16,940 | ||||||||||||||||||||
809-34-04.8… | Bacchus Weine, Theodor Ricc… | -3 | IP | 1 | 0.2 | 1,440 | 1,560 | 1,447 | 1,467 | 1,489 | 1,513 | 1,539 | 1,559 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-99-99.1… | ■ | 4 | Ind. | 1 | 275 | 41,250 | 38,500 | 38,500 | 38,500 | 38,500 | 38,500 | 38,500 | 38,500 | 38,500 | 38,500 | 38,500 | 38,500 | |||||||||||||||||||||
809-99-99.1… | Jonathan hare goods and han… | 4 | Ind. | 1 | 95 | 1.2 | 12,600 | 13,300 | 12,600 | 13,125 | 13,300 | 13,300 | 13,300 | 13,300 | 13,300 | 13,300 | 13,300 | 13,300 | ||||||||||||||||||||
809-37-01.1… | Berg Elektro GmbH | 4 | Ind. | 1 | 42 | 4.4 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | 5,880 | ||||||||||||||||||||
809-99-99.1… | ■ | 4 | O | 1 | 302 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | 42,280 | |||||||||||||||||||||
809-99-99.1… | Nachmieter 24 GmbH | 4 | O | 1 | 220 | 2.4 | 22,000 | 30,800 | 22,000 | 22,000 | 27,133 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | 30,800 | ||||||||||||||||||||
809-99-99.1… | ■ | Ind. | 1 | 192 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | 26,880 | ||||||||||||||||||||||
809-99-99.1… | TPA Transporte Panatlantic AG | Ind. | 1 | 71 | 0.2 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | 9,940 | |||||||||||||||||||||
809-99-99.1… | ■ | Ind. | 1 | 116 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | 16,240 | ||||||||||||||||||||||
809-99-99.8… | S&C Sportcars AG | -1 | IP | 1 | 4.1 | 1,080 | 1,560 | 1,080 | 1,077 | 1,074 | 1,070 | 1,519 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-99-99.8… | S&C Sportcars AG | -1 | IP | 1 | 4.1 | 0 | 1,560 | 0 | 0 | 0 | 0 | 1,430 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-99-99.8… | Bventures GmbH | -2 | IP | 1 | 3.5 | 3,000 | 1,920 | 3,000 | 2,991 | 2,982 | 2,420 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-99-99.8… | ■ | -2 | IP | 5 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | ||||||||||||||||||||||
809-99-99.8… | Bventures GmbH | -2 | IP | 1 | 3.5 | 2,880 | 1,920 | 2,880 | 2,871 | 2,863 | 2,364 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-99-99.8… | Nachmieter 24 GmbH | -2 | IP | 1 | 0.1 | 2,880 | 1,920 | 2,000 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-99-99.8… | Network 41 AG | -2 | IP | 1 | 0.1 | 2,880 | 1,920 | 2,000 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-99-99.8… | ■ | -2 | IP | 5 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | 9,600 | ||||||||||||||||||||||
809-99-99.8… | Network 41 AG | -2 | IP | 1 | 0.1 | 2,880 | 1,920 | 2,000 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | 1,920 | |||||||||||||||||||||
809-99-99.8… | ■ | -2 | IP | 13 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | 20,280 | ||||||||||||||||||||||
809-99-99.8… | ■ | -3 | IP | 7 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | 10,920 | ||||||||||||||||||||||
809-99-99.8… | Polymed Medical Center | -3 | IP | 1 | 0.2 | 1,660 | 1,560 | 1,585 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | |||||||||||||||||||||
809-99-99.8… | Polymed Medical Center | -3 | IP | 11 | 0.5 | 17,578 | 17,160 | 17,369 | 17,160 | 17,160 | 17,160 | 17,160 | 17,160 | 17,160 | 17,160 | 17,160 | 17,160 | |||||||||||||||||||||
809-99-99.8… | TPA Transporte Panatlantic AG | -3 | IP | 1 | 0.2 | 1,440 | 1,560 | 1,530 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 | 1,560 |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 18 of 35 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit | Rents | Periods | real cashflows | ||||||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||||||
Ref. No. | Tenant | Floor | UT | No. | Ro | sqm | end [a] | CHF p.a. | CHF p.a. |
01.02.2022
- 31.01.2023 |
01.02.2023
- 31.01.2024 |
01.02.2024
- 31.01.2025 |
01.02.2025
- 31.01.2026 |
01.02.2026
- 31.01.2027 |
01.02.2027
- 31.01.2028 |
01.02.2028
- 31.01.2029 |
01.02.2029
- 31.01.2030 |
01.02.2030
- 31.01.2031 |
01.02.2031
- 31.01.2032 |
|||||||||||||||||||
Total | 1,781,621 | 1,826,330 | 1,765,001 | 1,753,635 | 1,758,095 | 1,763,760 | 1,800,183 | 1,825,180 | 1,825,725 | 1,825,725 | 1,825,775 | 1,826,330 | ||||||||||||||||||||||||||
Share of rental income from rental contracts | 47% | 43% | 37% | 29% | 1% | 1% | 1% | 1% | 1% | 0% | ||||||||||||||||||||||||||||
Legend: | ||||||||||||||||||||||||||||||||||||||
■ | Vacancy | |||||||||||||||||||||||||||||||||||||
■ Tenant name | Vacant, but the future tenant is already known. |
|
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 19 of 35 |
Wüest Dimensions - Business intelligence by Wüest Partner |
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 | ∆ | 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 | ||||||||||||||||||||||||||||||||||
Polymed Medical Center | 26 | 3,852 | 35% | 535,769 | 92 | 160 | 130 | 41% | 35% | 545,760 | 80 | 140 | 133 | 41% | 7.2% | 2% | 01.09.00 | 30.06.25 | 31.01.23 | 0.8 | 40% | |||||||||||||||||||||||
Ind. | 3 | 3,075 | 76% | 407,620 | 131 | 133 | 133 | 37% | 79% | 430,500 | 140 | 140 | 140 | 41% | 7.0% | 6% | 01.09.00 | 0.5 | 40% | |||||||||||||||||||||||||
O | 1 | 297 | 9% | 47,520 | 160 | 160 | 160 | 52% | 8% | 41,580 | 140 | 140 | 140 | 40% | 7.0% | -13% | 01.09.17 | 30.06.25 | 3.4 | 40% | ||||||||||||||||||||||||
W | 1 | 480 | 8% | 44,232 | 92 | 92 | 92 | 7% | 38,400 | 80 | 80 | 80 | 7.0% | -13% | 01.09.00 | 0.5 | 40% | |||||||||||||||||||||||||||
IP | 21 | 7% | 36,397 | 6% | 35,280 | 10.0% | -3% | 01.09.00 | 31.01.23 | 0.5 | 40% | |||||||||||||||||||||||||||||||||
Fastlog AG | 14 | 2,957 | 25% | 378,060 | 124 | 124 | 124 | 32% | 27% | 426,460 | 140 | 140 | 140 | 41% | 7.1% | 13% | 01.07.10 | 30.06.26 | 4.4 | 98% | ||||||||||||||||||||||||
Ind. | 6 | 2,957 | 97% | 366,540 | 124 | 124 | 124 | 32% | 97% | 413,980 | 140 | 140 | 140 | 41% | 7.0% | 13% | 01.07.15 | 30.06.26 | 4.4 | 100% | ||||||||||||||||||||||||
IP | 8 | 3% | 11,520 | 3% | 12,480 | 10.0% | 8% | 01.07.10 | 30.06.26 | 4.4 | 40% | |||||||||||||||||||||||||||||||||
NTG Gondrand Road AG | 5 | 431 | 5% | 82,635 | 165 | 165 | 165 | 54% | 4% | 68,020 | 140 | 140 | 140 | 40% | 7.3% | -18% | 01.06.15 | 31.05.25 | 31.05.22 | 0.3 | 92% | |||||||||||||||||||||||
O | 1 | 431 | 86% | 71,115 | 165 | 165 | 165 | 54% | 89% | 60,340 | 140 | 140 | 140 | 40% | 7.0% | -15% | 01.06.15 | 31.05.25 | 31.05.22 | 0.3 | 100% | |||||||||||||||||||||||
IP | 4 | 14% | 11,520 | 11% | 7,680 | 10.0% | -33% | 01.10.15 | 31.05.25 | 31.05.22 | 0.3 | 40% | ||||||||||||||||||||||||||||||||
AC Keramik GmbH | 7 | 689 | 5% | 81,912 | 113 | 113 | 113 | 5% | 5% | 80,470 | 110 | 110 | 110 | 5% | 7.2% | -2% | 01.11.20 | 31.10.25 | 3.7 | 97% | ||||||||||||||||||||||||
Ret | 1 | 689 | 95% | 77,592 | 113 | 113 | 113 | 5% | 94% | 75,790 | 110 | 110 | 110 | 5% | 7.0% | -2% | 01.11.20 | 31.10.25 | 3.7 | 100% | ||||||||||||||||||||||||
OP | 6 | 5% | 4,320 | 6% | 4,680 | 10.0% | 8% | 01.11.20 | 31.10.25 | 3.7 | 40% | |||||||||||||||||||||||||||||||||
Polygene AG | 2 | 525 | 5% | 78,804 | 147 | 147 | 147 | 44% | 5% | 75,060 | 140 | 140 | 140 | 40% | 7.1% | -5% | 01.01.08 | 31.12.23 | 1.9 | 99% | ||||||||||||||||||||||||
O | 1 | 525 | 98% | 77,364 | 147 | 147 | 147 | 44% | 98% | 73,500 | 140 | 140 | 140 | 40% | 7.0% | -5% | 01.01.08 | 31.12.23 | 1.9 | 100% | ||||||||||||||||||||||||
IP | 1 | 2% | 1,440 | 2% | 1,560 | 10.0% | 8% | 01.01.14 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
S&C Sportcars AG | 31 | 154 | 4% | 65,000 | 137 | 137 | 137 | 37% | 5% | 74,120 | 140 | 140 | 140 | 40% | 9.1% | 14% | 01.08.20 | 28.02.26 | 25.09.23 | 3.2 | 59% | |||||||||||||||||||||||
IP | 30 | 68% | 43,920 | 71% | 52,560 | 10.0% | 20% | 01.11.20 | 28.02.26 | 31.01.22 | 3.3 | 40% | ||||||||||||||||||||||||||||||||
O | 1 | 154 | 32% | 21,080 | 137 | 137 | 137 | 37% | 29% | 21,560 | 140 | 140 | 140 | 40% | 7.0% | 2% | 01.08.20 | 31.01.25 | 31.01.25 | 3.0 | 100% | |||||||||||||||||||||||
Polymed Medical Center (Lager) | 2 | 485 | 3% | 43,650 | 90 | 90 | 90 | 2% | 38,800 | 80 | 80 | 80 | 7.0% | -11% | 01.04.16 | 0.3 | 40% | |||||||||||||||||||||||||||
W | 2 | 485 | 100% | 43,650 | 90 | 90 | 90 | 100% | 38,800 | 80 | 80 | 80 | 7.0% | -11% | 01.04.16 | 0.3 | 40% | |||||||||||||||||||||||||||
Resin Floor GmbH | 4 | 255 | 3% | 40,620 | 151 | 153 | 152 | 39% | 2% | 34,920 | 110 | 140 | 129 | 24% | 7.2% | -14% | 01.02.18 | 31.01.23 | 1.0 | 97% | ||||||||||||||||||||||||
O | 1 | 165 | 61% | 24,900 | 151 | 151 | 151 | 47% | 66% | 23,100 | 140 | 140 | 140 | 40% | 7.0% | -7% | 01.02.18 | 31.01.23 | 1.0 | 100% | ||||||||||||||||||||||||
Ret | 1 | 90 | 34% | 13,800 | 153 | 153 | 153 | 32% | 28% | 9,900 | 110 | 110 | 110 | 5% | 7.0% | -28% | 01.04.20 | 31.01.23 | 1.0 | 100% | ||||||||||||||||||||||||
OP | 2 | 5% | 1,920 | 5% | 1,920 | 10.0% | 0% | 01.02.18 | 31.01.23 | 1.0 | 40% |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT - Desktop Valuation as of 1 February 2022 | Page 20 of 35 |
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 | ||||||||||||||||||||||||||||||||||
Vale Moto GmbH | 12 | 280 | 3% | 39,660 | 119 | 119 | 119 | 5% | 3% | 41,600 | 110 | 110 | 110 | 5% | 7.8% | 5% | 01.01.13 | 31.12.22 | 01.07.22 | 0.4 | 90% | |||||||||||||||||||||||
Ret | 1 | 280 | 84% | 33,360 | 119 | 119 | 119 | 5% | 74% | 30,800 | 110 | 110 | 110 | 5% | 7.0% | -8% | 01.01.13 | 31.12.22 | 01.07.22 | 0.4 | 100% | |||||||||||||||||||||||
IP | 8 | 10% | 4,140 | 21% | 8,640 | 10.0% | 109% | 01.10.15 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
OP | 3 | 5% | 2,160 | 5% | 2,160 | 10.0% | 0% | 01.01.13 | 31.12.22 | 01.07.22 | 0.9 | 40% | ||||||||||||||||||||||||||||||||
Nachmieter 24 GmbH | 2 | 220 | 2% | 24,880 | 100 | 100 | 100 | 15% | 2% | 32,720 | 140 | 140 | 140 | 40% | 7.2% | 32% | 01.07.21 | 30.06.24 | 2.1 | 93% | ||||||||||||||||||||||||
O | 1 | 220 | 88% | 22,000 | 100 | 100 | 100 | 15% | 94% | 30,800 | 140 | 140 | 140 | 40% | 7.0% | 40% | 01.07.21 | 30.06.24 | 2.4 | 100% | ||||||||||||||||||||||||
IP | 1 | 12% | 2,880 | 6% | 1,920 | 10.0% | -33% | 16.10.21 | 0.1 | 40% | ||||||||||||||||||||||||||||||||||
Bacchus Weine, Theodor Ricca… | 4 | 215 | 2% | 24,015 | 52 | 135 | 105 | 36% | 2% | 26,020 | 80 | 140 | 114 | 40% | 7.2% | 8% | 01.07.20 | 31.12.30 | 6.6 | 96% | ||||||||||||||||||||||||
O | 1 | 121 | 68% | 16,335 | 135 | 135 | 135 | 36% | 65% | 16,940 | 140 | 140 | 140 | 40% | 7.0% | 4% | 01.01.21 | 31.12.30 | 8.9 | 100% | ||||||||||||||||||||||||
W | 2 | 94 | 26% | 6,240 | 52 | 80 | 66 | 29% | 7,520 | 80 | 80 | 80 | 7.0% | 21% | 01.07.20 | 31.12.24 | 1.8 | 100% | ||||||||||||||||||||||||||
IP | 1 | 6% | 1,440 | 6% | 1,560 | 10.0% | 8% | 01.01.21 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
Fehr GmbH | 7 | 76 | 2% | 23,740 | 142 | 142 | 142 | 41% | 1% | 22,160 | 140 | 140 | 140 | 40% | 8.6% | -7% | 01.05.20 | 31.03.25 | 30.09.22 | 1.8 | 67% | |||||||||||||||||||||||
IP | 6 | 55% | 12,960 | 52% | 11,520 | 10.0% | -11% | 01.11.20 | 31.03.25 | 30.09.22 | 0.7 | 40% | ||||||||||||||||||||||||||||||||
O | 1 | 76 | 45% | 10,780 | 142 | 142 | 142 | 41% | 48% | 10,640 | 140 | 140 | 140 | 40% | 7.0% | -1% | 01.05.20 | 31.03.25 | 30.09.22 | 3.2 | 100% | |||||||||||||||||||||||
Theodor Riccardo AG | 6 | 164 | 1% | 22,806 | 27 | 130 | 116 | 33% | 1% | 21,640 | 80 | 140 | 113 | 41% | 7.4% | -5% | 01.01.12 | 31.12.24 | 2.6 | 40% | ||||||||||||||||||||||||
Ind. | 1 | 90 | 50% | 11,340 | 126 | 126 | 126 | 33% | 58% | 12,600 | 140 | 140 | 140 | 41% | 7.0% | 11% | 01.01.15 | 31.12.24 | 2.9 | 40% | ||||||||||||||||||||||||
W | 3 | 74 | 33% | 7,626 | 27 | 130 | 103 | 27% | 5,920 | 80 | 80 | 80 | 7.0% | -22% | 01.01.15 | 31.12.24 | 2.9 | 40% | ||||||||||||||||||||||||||
IP | 2 | 17% | 3,840 | 14% | 3,120 | 10.0% | -19% | 01.01.12 | 31.12.24 | 1.1 | 40% | |||||||||||||||||||||||||||||||||
Bventures GmbH | 3 | 53 | 1% | 13,440 | 143 | 143 | 143 | 41% | 1% | 11,260 | 140 | 140 | 140 | 40% | 8.0% | -16% | 01.08.20 | 31.07.25 | 31.01.23 | 2.1 | 74% | |||||||||||||||||||||||
O | 1 | 53 | 56% | 7,560 | 143 | 143 | 143 | 41% | 66% | 7,420 | 140 | 140 | 140 | 40% | 7.0% | -2% | 01.08.20 | 31.07.25 | 31.01.23 | 1.0 | 100% | |||||||||||||||||||||||
IP | 2 | 44% | 5,880 | 34% | 3,840 | 10.0% | -35% | 01.03.21 | 21.07.25 | 3.5 | 40% | |||||||||||||||||||||||||||||||||
Jonathan hare goods and han… | 1 | 95 | 1% | 12,600 | 133 | 133 | 133 | 37% | 1% | 13,300 | 140 | 140 | 140 | 41% | 7.0% | 6% | 01.11.21 | 31.10.26 | 30.04.23 | 1.2 | 100% | |||||||||||||||||||||||
Ind. | 1 | 95 | 100% | 12,600 | 133 | 133 | 133 | 37% | 100% | 13,300 | 140 | 140 | 140 | 41% | 7.0% | 6% | 01.11.21 | 31.10.26 | 30.04.23 | 1.2 | 100% | |||||||||||||||||||||||
TPA Transporte Panatlantic AG | 2 | 71 | 1% | 11,380 | 140 | 140 | 140 | 41% | 1% | 11,500 | 140 | 140 | 140 | 41% | 7.4% | 1% | 01.03.21 | 0.2 | 92% | |||||||||||||||||||||||||
Ind. | 1 | 71 | 87% | 9,940 | 140 | 140 | 140 | 41% | 86% | 9,940 | 140 | 140 | 140 | 41% | 7.0% | -0% | 01.03.21 | 0.2 | 100% | |||||||||||||||||||||||||
IP | 1 | 13% | 1,440 | 14% | 1,560 | 10.0% | 8% | 01.03.21 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
Keni Polsterei Service, Krenar … | 1 | 85 | 1% | 10,200 | 120 | 120 | 120 | 27% | 1% | 11,900 | 140 | 140 | 140 | 40% | 7.0% | 17% | 01.08.20 | 31.07.25 | 31.07.22 | 3.5 | 100% | |||||||||||||||||||||||
O | 1 | 85 | 100% | 10,200 | 120 | 120 | 120 | 27% | 100% | 11,900 | 140 | 140 | 140 | 40% | 7.0% | 17% | 01.08.20 | 31.07.25 | 31.07.22 | 3.5 | 100% | |||||||||||||||||||||||
Clavis Treuhand Maksimovic | 2 | 36 | 0% | 6,840 | 140 | 140 | 140 | 40% | 0% | 6,960 | 140 | 140 | 140 | 40% | 7.8% | 2% | 01.08.21 | 31.07.26 | 4.5 | 100% | ||||||||||||||||||||||||
O | 1 | 36 | 74% | 5,040 | 140 | 140 | 140 | 40% | 72% | 5,040 | 140 | 140 | 140 | 40% | 7.0% | 0% | 01.08.21 | 31.07.26 | 4.5 | 100% | ||||||||||||||||||||||||
IP | 1 | 26% | 1,800 | 28% | 1,920 | 10.0% | 7% | 01.08.21 | 31.07.26 | 4.5 | 100% | |||||||||||||||||||||||||||||||||
Berg Elektro GmbH | 1 | 42 | 0% | 5,880 | 140 | 140 | 140 | 41% | 0% | 5,880 | 140 | 140 | 140 | 41% | 7.0% | 0% | 01.07.21 | 30.06.26 | 4.4 | 100% | ||||||||||||||||||||||||
Ind. | 1 | 42 | 100% | 5,880 | 140 | 140 | 140 | 41% | 100% | 5,880 | 140 | 140 | 140 | 41% | 7.0% | 0% | 01.07.21 | 30.06.26 | 4.4 | 100% | ||||||||||||||||||||||||
Network 41 AG | 2 | 0% | 5,760 | 0% | 3,840 | 10.0% | -33% | 01.10.21 | 0.1 | 40% | ||||||||||||||||||||||||||||||||||
IP | 2 | 100% | 5,760 | 100% | 3,840 | 10.0% | -33% | 01.10.21 | 0.1 | 40% | ||||||||||||||||||||||||||||||||||
Elan AG | 1 | 40 | 0% | 5,600 | 140 | 140 | 140 | 40% | 0% | 5,600 | 140 | 140 | 140 | 40% | 7.0% | 0% | 01.11.20 | 0.2 | 40% | |||||||||||||||||||||||||
O | 1 | 40 | 100% | 5,600 | 140 | 140 | 140 | 40% | 100% | 5,600 | 140 | 140 | 140 | 40% | 7.0% | 0% | 01.11.20 | 0.2 | 40% | |||||||||||||||||||||||||
Butti Mario | 1 | 82 | 0% | 3,840 | 47 | 47 | 47 | 0% | 6,560 | 80 | 80 | 80 | 7.0% | 71% | 01.04.18 | 0.2 | 40% | |||||||||||||||||||||||||||
W | 1 | 82 | 100% | 3,840 | 47 | 47 | 47 | 100% | 6,560 | 80 | 80 | 80 | 7.0% | 71% | 01.04.18 | 0.2 | 40% | |||||||||||||||||||||||||||
Clear Channel Schweiz AG | 1 | 0% | 3,500 | 0% | 3,500 | 7.0% | 0% | 01.12.00 | 30.11.25 | 3.8 | 100% | |||||||||||||||||||||||||||||||||
SUwo | 1 | 100% | 3,500 | 100% | 3,500 | 7.0% | 0% | 01.12.00 | 30.11.25 | 3.8 | 100% | |||||||||||||||||||||||||||||||||
A |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT – Desktop Valuation as of 1 February 2022 | Page 21 of 35 |
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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 | ||||||||||||||||||||||||||||||||||
Total tenants | 137 | 10,807 | 100% | 1,520,591 | 27 | 165 | 126 | 36% | 100% | 1,568,050 | 80 | 140 | 130 | 37% | 7.3% | 3% | 01.09.00 | 31.12.30 | 23.10.22 | 2.2 | 71% |
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT – Desktop Valuation as of 1 February 2022 | Page 22 of 35 |
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Projected accounts summary
Statement | Annuity | Periods | real cashflows | ||||||||||||||||||||||||||||
CHF p.a. | CHF p.a. | % | Q. | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Exit | ||||||||||||||||
project. | ||||||||||||||||||||||||||||||
01.02.2022 | 01.02.2022 | 01.02.2023 | 01.02.2024 | 01.02.2025 | 01.02.2026 | 01.02.2027 | 01.02.2028 | 01.02.2029 | 01.02.2030 | 01.02.2031 | 01.02.2032 | |||||||||||||||||||
- | - 31.01.2023 | - 31.01.2024 | - 31.01.2025 | - 31.01.2026 | - 31.01.2027 | - 31.01.2028 | - 31.01.2029 | - 31.01.2030 | - 31.01.2031 | - 31.01.2032 | ||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||
Est. rental inc. | 1,816,485 | 100.0% | 1,765,001 | 1,753,635 | 1,758,095 | 1,763,760 | 1,800,183 | 1,825,180 | 1,825,725 | 1,825,725 | 1,825,775 | 1,826,330 | 1,826,330 | |||||||||||||||||
Vacancy | 130,570 | 7.2% | 179,283 | 87,299 | 80,854 | 92,596 | 119,534 | 133,049 | 133,087 | 133,087 | 133,186 | 134,273 | 134,273 | |||||||||||||||||
Income losses | 25,355 | 1.4% | 368,690 | 32,985 | 47,075 | 67,038 | 231,398 | 0 | 0 | 0 | 1,412 | 7,058 | 0 | |||||||||||||||||
Rent-free | 25,355 | 1.4% | 368,690 | 32,985 | 47,075 | 67,038 | 231,398 | 0 | 0 | 0 | 1,412 | 7,058 | 0 | |||||||||||||||||
Actual gross income | 1,660,560 | 91.4% | 1,217,028 | 1,633,351 | 1,630,166 | 1,604,126 | 1,449,252 | 1,692,131 | 1,692,638 | 1,692,638 | 1,691,178 | 1,684,999 | 1,692,057 | |||||||||||||||||
Costs | ||||||||||||||||||||||||||||||
Operating costs | 109,542 | 6.0% | 45% | 228,969 | 139,083 | 126,510 | 144,221 | 183,735 | 120,000 | 120,000 | 120,000 | 122,541 | 95,000 | 95,000 | ||||||||||||||||
% | 6.03% | 12.97% | 7.93% | 7.20% | 8.18% | 10.21% | 6.57% | 6.57% | 6.57% | 6.71% | 5.20% | 5.20% | ||||||||||||||||||
Insurance | 15,000 | 0.8% | 49% | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | ||||||||||||||||
Property management | 70,000 | 3.9% | 53% | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | ||||||||||||||||
Other expenditures | 10,000 | 0.6% | 60% | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | ||||||||||||||||
Property taxes | 0 | 0.0% | 10% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Utilities | 6,973 | 0.4% | 52% | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 0 | 0 | ||||||||||||||||
Leasing costs | 7,570 | 0.4% | 108,969 | 19,083 | 6,510 | 24,221 | 63,735 | 0 | 0 | 0 | 2,541 | 0 | 0 | |||||||||||||||||
Maintenance costs | 114,422 | 6.3% | 73% | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 120,000 | 120,000 | ||||||||||||||||
% | 6.30% | 5.67% | 5.70% | 5.69% | 5.67% | 5.55% | 5.48% | 5.48% | 5.48% | 5.48% | 6.57% | 6.57% | ||||||||||||||||||
Maintenance and repair | 114,422 | 6.3% | 73% | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 120,000 | 120,000 | ||||||||||||||||
Refurbishment costs | 608,377 | 33.5% | 95% | 1,997,900 | 249,750 | 73,000 | 4,597,500 | 608,800 | 0 | 0 | 0 | 30,250 | 0 | 516,834 | ||||||||||||||||
% | 33.49% | 113.20% | 14.24% | 4.15% | 260.66% | 33.82% | 0.00% | 0.00% | 0.00% | 1.66% | 0.00% | 28.30% | ||||||||||||||||||
Refurbishment | 517,222 | 28.5% | 95% | 747,000 | 0 | 0 | 4,100,000 | 0 | 0 | 0 | 0 | 0 | 0 | 516,834 | ||||||||||||||||
Tenant improvements | 91,156 | 5.0% | 1,250,900 | 249,750 | 73,000 | 497,500 | 608,800 | 0 | 0 | 0 | 30,250 | 0 | 0 | |||||||||||||||||
Total costs | 832,341 | 45.8% | 2,326,869 | 488,833 | 299,510 | 4,841,721 | 892,535 | 220,000 | 220,000 | 220,000 | 252,791 | 215,000 | 731,834 | |||||||||||||||||
Total net income | 828,218 | 45.6% | -1,109,841 | 1,144,518 | 1,330,656 | -3,237,594 | 556,717 | 1,472,131 | 1,472,638 | 1,472,638 | 1,438,387 | 1,469,999 | 960,223 |
Re-letting vacancy and incentives:
For the possible re-lettings some incentives/rent-free Period (50% of the projected annual income) are taken into account.
Marketing expenses:
15% of the projected income for the re-letting of the possibly vacant space.
Contribution to tenant improvements:
In the valuation some costs of CHF 200 to 250 per sq m are taken into account as TI to the charge of the landlord within the upcoming years.
Wüest Partner calculates – based on the information received by the client – the following CAPEX within the next 10 years:
- 2022: CHF 80,000 – Modernization fire safety system (remaining part), adjustment 4th floor
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT – Desktop Valuation as of 1 February 2022 | Page 23 of 35 |
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- 2022: CHF 7,500 – Replacment Thermostatventile 3.OG
- 2022: CHF 54,500 – Renovation part of the roof
- 2022: CHF 20,000 – Replacement door container room
- 2022: CHF 240,000 – Renovation part of the roof
- 2022: CHF 10,000 – Study with architect
- 2022: CHF 75,000 – Water evacuation Parking (during storm)
- 2022: CHF 35,000 – Renewal pump water drainage
- 2022: CHF 5,000 – Replacement lights LED
- 2022: CHF 210,000 – Replacement part of the windows/blinds
- 2022: CHF 10,000 – Replacement steering/ventiles heating system 1. UG
- 2025/26: CHF 100,000 – Replacement locking system (estimate Wüest Partner, according to former CAPEX budget).
- 2025/26: CHF 4,000,000 – Facade, Windows (estimate Wüest Partner).
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT – Desktop Valuation as of 1 February 2022 | Page 24 of 35 |
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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, %] | 4.00% | 3.90% | 3.80% | 3.70% | 3.60% | 3.50% | 3.40% | 4.00% | 3.90% | 3.80% | 3.70% | 3.60% | 3.50% | 3.40% | |||||||||||||||||
Target rental income | -10% | 1,634,836 | 16,690,000 | 17,120,000 | 17,570,000 | 18,050,000 | 18,550,000 | 19,080,000 | 19,640,000 | -27% | -25% | -23% | -21% | -19% | -17% | -14% | ||||||||||||||||
-5% | 1,725,660 | 18,960,000 | 19,450,000 | 19,960,000 | 20,500,000 | 21,070,000 | 21,670,000 | 22,310,000 | -17% | -15% | -13% | -11% | -8% | -6% | -3% | |||||||||||||||||
+0% | 1,816,485 | 21,230,000 | 21,780,000 | 22,350,000 | 22,950,000 | 23,590,000 | 24,270,000 | 24,980,000 | -7% | -5% | -3% | 0% | 3% | 6% | 9% | |||||||||||||||||
+5% | 1,907,309 | 23,500,000 | 24,110,000 | 24,740,000 | 25,410,000 | 26,120,000 | 26,860,000 | 27,650,000 | 2% | 5% | 8% | 11% | 14% | 17% | 20% | |||||||||||||||||
+10% | 1,998,133 | 25,770,000 | 26,440,000 | 27,130,000 | 27,860,000 | 28,640,000 | 29,460,000 | 30,320,000 | 12% | 15% | 18% | 21% | 25% | 28% | 32% | |||||||||||||||||
Vacancy | +100% | 14.38% | 17,970,000 | 18,430,000 | 18,910,000 | 19,430,000 | 19,970,000 | 20,540,000 | 21,140,000 | -22% | -20% | -18% | -15% | -13% | -11% | -8% | ||||||||||||||||
+50% | 10.78% | 19,600,000 | 20,100,000 | 20,630,000 | 21,190,000 | 21,780,000 | 22,400,000 | 23,060,000 | -15% | -12% | -10% | -8% | -5% | -2% | 0% | |||||||||||||||||
+0% | 7.19% | 21,230,000 | 21,780,000 | 22,350,000 | 22,950,000 | 23,590,000 | 24,270,000 | 24,980,000 | -7% | -5% | -3% | 0% | 3% | 6% | 9% | |||||||||||||||||
-50% | 3.59% | 22,870,000 | 23,450,000 | 24,070,000 | 24,720,000 | 25,410,000 | 26,130,000 | 26,900,000 | -0% | 2% | 5% | 8% | 11% | 14% | 17% | |||||||||||||||||
-100% | 0.00% | 24,500,000 | 25,130,000 | 25,790,000 | 26,480,000 | 27,220,000 | 28,000,000 | 28,820,000 | 7% | 9% | 12% | 15% | 19% | 22% | 26% | |||||||||||||||||
Repair costs | -10% | 547,539 | 22,750,000 | 23,340,000 | 23,950,000 | 24,600,000 | 25,280,000 | 26,000,000 | 26,770,000 | -1% | 2% | 4% | 7% | 10% | 13% | 17% | ||||||||||||||||
-5% | 577,958 | 21,990,000 | 22,560,000 | 23,150,000 | 23,780,000 | 24,440,000 | 25,140,000 | 25,880,000 | -4% | -2% | 1% | 4% | 6% | 10% | 13% | |||||||||||||||||
+0% | 608,377 | 21,230,000 | 21,780,000 | 22,350,000 | 22,950,000 | 23,590,000 | 24,270,000 | 24,980,000 | -7% | -5% | -3% | 0% | 3% | 6% | 9% | |||||||||||||||||
+5% | 638,796 | 20,470,000 | 21,000,000 | 21,550,000 | 22,130,000 | 22,750,000 | 23,400,000 | 24,090,000 | -11% | -8% | -6% | -4% | -1% | 2% | 5% | |||||||||||||||||
+10% | 669,215 | 19,710,000 | 20,220,000 | 20,750,000 | 21,310,000 | 21,900,000 | 22,530,000 | 23,190,000 | -14% | -12% | -10% | -7% | -5% | -2% | 1% | |||||||||||||||||
118318 | 101-17096-102 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 04.02.2022, DRAFT – Desktop Valuation as of 1 February 2022 | Page 25 of 35 |
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Quality profile compact
Weighting | Rating | |||||
Commercial | 100 | 3.6 - Above-average | ||||
Location | 40 | 4.1 - Good | ||||
Macro-location | 40 | 4.9 - Excellent | ||||
Micro-location | 60 | 3.6 - Above average | ||||
Office | 25 | 3.6 - Above average | ||||
Infrastructure | 30 | 3.0 - Average | ||||
Clustering | 30 | 3.0 - Average | ||||
Terrain | 40 | 4.5 - Very good | ||||
Retail | 25 | 3.6 - Above average | ||||
Infrastructure | 30 | 3.0 - Average | ||||
Clustering | 30 | 3.0 - Average | ||||
Terrain | 40 | 4.5 - Very good | ||||
Industry | 25 | 3.6 - Above average | ||||
Infrastructure | 30 | 3.0 - Average | ||||
Clustering | 30 | 3.0 - Average | ||||
Terrain | 40 | 4.5 - Very good | ||||
Gastronomy | 25 | 3.6 - Above average | ||||
Infrastructure | 30 | 3.0 - Average | ||||
Clustering | 30 | 3.0 - Average | ||||
Terrain | 40 | 4.5 - Very good | ||||
Property | 40 | 3.2 - Average | ||||
Usability | 40 | 3.6 - Above-average | ||||
Room quality | 40 | 3.5 - Slightly above-average | ||||
Flexibility | 40 | 3.5 - Slightly above-average | ||||
Parking / allotment | 20 | 4.0 - Good | ||||
Standard | 30 | 3.0 - Mainstream | ||||
Building shell | 33 | 3.0 - Mainstream | ||||
Interior fit-out | 33 | 3.0 - Mainstream | ||||
Technical installations | 33 | 3.0 - Average | ||||
Condition | 30 | 2.9 - Sound | ||||
Building shell | 20 | 2.5 - In disrepair to sound |
Weighting | Rating | |||||
Interior fit-out | 40 | 3.0 - Sound | ||||
Technical installations | 40 | 3.0 - Sound | ||||
Investment | 20 | 3.3 - Above-average | ||||
Lettability | 50 | 3.5 - Above-average | ||||
Saleability | 50 | 3.0 - Average |
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Total | ||||||
Macro-location | 40 | 4.9 - Excellent | ||||
Micro-location | 60 | 3.6 - Above average | ||||
Usability | 40 | 3.6 - Above-average | ||||
Standard | 30 | 3.0 - Mainstream | ||||
Condition | 30 | 2.9 - Sound | ||||
Investment | 20 | 3.3 - Above-average |
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Photo documentation
Front Aspect (2012) | Office space (2012) | Industrial space 1 (2012) | ||
Industrial space 2 (2012) | Showroom 1 (2012) | Showroom 2 (2012) | ||
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Workshop (2012) | Facade (2012) | Car parking (2012) | ||
Loading bay area (2012) | Roof (2012) | Toilet facilities (2012) | ||
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Maps | ||
Macro location | Micro location | |
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Context
Order
Wüest Partner was commissioned by Optibase RE1 to value the property in question as per the stipulated day of valuation for accounting reasons.
The valuations comply with national and international standards. These standards also accord with the reporting guidelines commonly used in Switzerland. The valuation focuses on the calculation of the market value. In the absence of any official definitions of market value in Switzerland, the concept used in standard European valuation textbooks is adopted. Property values are thus determined in accordance with the guidelines of the RICS (Royal Institution of Chartered Surveyors) and TEGOVA (The European Group of Valuers' Associations).
In accordance to these regulations the market value is defined as «the estimated amount for which a property should exchanged 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 have each acted knowledgeably, prudently, and without compulsion.»
Value and price may diverge. No allowance can be made in this valuation for any circumstances affecting the price.
Assumption
The valuation is based on the current letting situation as disclosed in the relevant rent-roll prepared by the charged management. The projected rental income reflects the relevant terms and conditions of ongoing rental contracts as well as the general regulations of the rental law and the generally applied business principles. The estimation of the rental values is determined individually for all separate letting units on the basis of the prevailing local and regional market conditions.
The projection of the running and maintenance cost is determined on the basis of the property accounts of previous operations and validated with benchmarks and comparable information of the extensive database by Wüest Partner.
The expected capital expenditures for preserving the building and it’s structure were calculated by means of a lifecycle 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.
The relevant discount is based on a risk-adjusted interest rate. Rates are determined individually for each property on the basis of appropriate benchmarks derived from comparable transactions. Credit risks posed by specific tenants are , if not otherwise stated, not explicitly factored into the valuation Inflation is respected with an annual rate of 0.5%. Specific adjustment clauses in the rental contracts are reflected individually.
Disclaimer
The commissioned valuation – and, in particular, the forecasts presented therein – were prepared by Wüest Partner to the best of its knowledge and with due observance of current professional standards. The valuation was performed with reference to the specified 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.
The valuation is based on the disclosed documentation provided by the landlord or it’s agents and listed in the documentation summary. A site visit has been held in the course of the first recognition of the property.
Nothing in the Report should be construed as advice to proceed or not to proceed with a transaction and/or any investment or provision of finance or the consideration of terms on which to so proceed. The scope of this Report is not nor does it purport to be a confirmation or complete review of all matters of a legal, technical or real estate relevant nature which may be of interest or concern to a potential purchaser and financing parties considering or evaluating whether to proceed with a transaction or the consideration or terms on which to so proceed.
In consideration of our agreement to make a copy of the Report available to you, you agree to treat the contents of the Report as confidential and not to distribute copies of the Report, or otherwise disseminate the contents of the Report, to any person without our prior written consent, with the exception of (a) disclosure on a confidential basis to such of your professional advisers, directors, officers, servants, employees and/or agents and members of the group of companies controlled by you who need to consider the matters set out in the Report (b) disclosure required by law in any jurisdiction, or (c) disclosure for regulatory purposes. We hereby confirm to have performed the valuation independently and neutrally in conformity with its business policies. It is addressed to Optibase RE1 and was carried out solely for those purposes specified above. No conflicts of interest of any kind exist. Wüest Partner shall accept no liability in respect of third parties other than that mentioned above.
Method
The valuation 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 income from ongoing operations discounted to present-day equivalents. No allowance is made for any possible transaction cost (such as taxes, charges or fees). Further valuation does not account for any taxation (except of mandatory property taxes) or interest cost. The net income of operations is discounted individually for each property with due allowance for specific opportunities and threats, and with adjustment in line with prevailing market conditions and risks. All projected cash flows are presented to ensure maximum transparency.
Wüest Partner applies a so-called two-period DCF model. The evaluation period extends to infinity, as of the date of valuation. The cash flow is shown explicitly in the first 10 periods. In addition, the exit value is applied in the following period, which represents all subsequent periods.
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Documentation index | ||||||||||||
Basics | Available | Appendix | Date | Broker | Source | Comment | ||||||
Land registry sheet | 21.12.2017 | Optibase RE1 | LR Niederglatt | |||||||||
Leasehold documentation | ||||||||||||
Land register plan | Optibase RE1 | GIS | Online | |||||||||
Building and zoning regulation | Optibase RE1 | Rümlang | Online | |||||||||
Preservation order | ||||||||||||
Contaminated site | ||||||||||||
Picture documentation | 17.12.2012 | Optibase RE1 | Wüest Partner | |||||||||
Site visit | 17.12.2012 | Optibase RE1 | Wüest Partner | |||||||||
Property management | Available | Appendix | Date | Broker | Source | Comment | ||||||
Area list | 31.01.2022 | Optibase RE1 | Swiss Real Management AG | rent roll | ||||||||
Net rents | 31.01.2022 | Optibase RE1 | Swiss Real Management AG | according to rent roll | ||||||||
Ancillary costs | 31.01.2022 | Optibase RE1 | Swiss Real Management AG | according to rent roll | ||||||||
Net rent area | 31.01.2022 | Optibase RE1 | Swiss Real Management AG | according to rent roll | ||||||||
Contracts of business tenants | Optibase RE1 | Swiss Real Management AG | divers | |||||||||
Turnover sales | ||||||||||||
Property expenses | ||||||||||||
Property budget | ||||||||||||
Investment planning | 31.01.2022 | Optibase RE1 | Swiss Real Management AG | |||||||||
Construction | Available | Appendix | Date | Broker | Source | Comment | ||||||
Building insurance certificate (BIC) | 18.03.2020 | Optibase RE1 | gem. iSure | |||||||||
Building volume (BIC) | ||||||||||||
Construction year (BIC) | ||||||||||||
Building permit | ||||||||||||
Building plans | 18.03.2020 | Optibase RE1 | gem. Mietvertrag | |||||||||
Building specification | ||||||||||||
Areas/volume | ||||||||||||
Building services information | ||||||||||||
Investment expenditure | ||||||||||||
Track record of maintenance/renovation | 31.01.2022 | Optibase RE1 | Swiss Real Management AG | since 2015 | ||||||||
Condition analysis |
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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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|
Transaction
Valuation |
Fee rate
|
Amount of
Filing Fee |
|||||||||
Fees to Be Paid
|
$
|
10,926,528
|
.0000927
|
$
|
1,013
|
|||||||
Fees Previously Paid
|
0
|
0
|
||||||||||
Total Transaction Valuation
|
$
|
10,926,528
|
||||||||||
Total Fees Due for Filing
|
$
|
1,013
|
||||||||||
Total Fees Previously Paid
|
0
|
|||||||||||
Total Fee Offsets
|
0
|
|||||||||||
Net Fee Due
|
$
|
1,013
|