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Schroder Investment Management (Switzerland) AG

SchroderImmoPLUSInvestment fund under Swiss law

of the “Real estate funds” category

Audited Annual Report

as of 30 September 2011

Schroder ImmoPLUS 3

St. Gallen, Davidstrasse 38

Schroder ImmoPLUS 3

Information in brief 4

Portfolio manager’s report 5

Statement of assets 8

Statement of income 9

Commentary on the annual financial statements 11

General information about the properties / Financial data on the properties 12

Breakdown of the properties 14

Changes in the portfolio 16

Mortgages 17

Valuation report 18

Short form report of the audit company 20

Additional information 21

Organisation and management 22

Valor: 725141ISIN: CH0007251413

Contents

Schroder ImmoPLUS 54 Schroder ImmoPLUS Schroder ImmoPLUS 54 Schroder ImmoPLUS

Key data 30.9.2011 30.9.2011 30.9.2010 30.9.2010 30.9.2009

Net asset value per unit CHF 908.74 867.57 838.65

Redemption price per unit before distribution¹ CHF 874.00 833.00 804.00

Closing price at end of period CHF 1 128.00 1043.00 880.00

Highest price CHF 1 150.00 1050.00 880.50

Lowest price CHF 985.50 879.00 751.50

Market capitalisation Mio. CHF 1 082.88 1001.30 844.80

Premium /Discount % 24,13 20,22 4,93

Synthetic fixed-rate mortgage

excl. incl. excl. incl.

Return and performance data adjustment2 adjustment2

Return on investment % 6,62 6,34 5,61 5,02 5,35

Performance3 % 9,55 9,55 20,00 20,00 1,94

Performance Benchmark (SXI Real Estate® Funds TR) % 6,61 6,61 10,75 10,75 9,99

Return on equity (ROE) % 6,77 6,52 5,77 5,24 5,60

Return on invested capital (ROIC) % 5,55 5,32 4,80 4,38 4,86

EBIT margin % 78,36 78,36 77,22 77,22 77,27

Total expense ratio (TERREF) % 0,83 0,83 0,83 0,83 0,89

Price / earnings ratio (P/E ratio) 18,19 19,04 20,63 22,89 18,67

Price / cash flow ratio (P/CF ratio) 23,55 23,55 22,75 22,75 20,04

Distribution

Distribution CHF 15.00 13.00 13.00

Distribution yield % 1,33 1,25 1,48

Distribution ratio % 31,32 28,36 29,60

Statement of assets

Total assets

Book value of properties Mio. CHF 1 078.78 1076.11 961.39

Market value of properties Mio. CHF 1 204.92 1185.97 1 058.83

Debt financing Mio. CHF 234.20 265.50 179.20

in % of book value % 22,12 25,15 18,98

in % of market value % 19,76 22,78 17,21

Debt financing as a percentage of total assets % 26,98 29,37 23,96

Net fund assets Mio. CHF 872.39 832.86 805.11

Statement of income

Net income Mio. CHF 43.24 41.19 39.89

Realized capital gains/losses Mio. CHF 0.00 0.49 0.10

Unrealized capital gains/losses from properties Mio. CHF 16.29 6.85 5.26

Unrealized capital gains/losses

from derivative financial positions Mio. CHF –2.66 –4.78 0.00

Total income Mio. CHF 56.87 43.75 45.25

Rental income Mio. CHF 71.97 68.95 65.08

Vacancy rate % 3,03 3,60 3,30

Units

Units issued – – –

Units redeemed – – –

Number of units in circulation 960 000 960 000 960 000

¹ Redemption price per unit net of redemption commission and liquidation taxes.

2 Unrealized capital gains/losses from derivative financial positions (hedged interest) as a result of a synthethic fixed-rate mortgage:

Adjustment –2,66 Mio. CHF (details on pages 11/17).

3 Past performance is no guarantee of future trends. The performance shown does not take into account any commissions and costs charged when

subscribing and redeeming units.

Information in brief

Schroder ImmoPLUS 54 Schroder ImmoPLUS Schroder ImmoPLUS 54 Schroder ImmoPLUS

Schroder ImmoPLUS enjoyed another very successful business year in 2010/11. Key portfolio measures rose significantly, with the return on investment increasing from 5.6% to 6.6% and the return on equity increas-ing from 5.8% to 6.8%. Rental income climbed by 4.4% to reach a new record of CHF 72 million. Net income rose 5% to CHF 43.2 million, while net income including unrealised capital gains and losses im-proved by 30% to CHF 56.9 million. This strong result is further reflected in the share price performance of Schroder ImmoPLUS gaining 9.6% over the reporting period, 3% above the benchmark for Swiss listed real estate funds.

This positive performance is attributable to a variety of factors. Firstly, rental income losses were low over the entire reporting period. Secondly, rental income from the properties in the portfolio increased further. And thirdly, previous purchases, such as the acquisi-tion in 2010 of the “Stadtgarten” shopping centre in Winterthur, also boosted results.

However, in the current market it is becoming increas-ingly difficult to make attractive acquisitions on behalf of the fund. Stock market uncertainty and record-low interest rates have forced many investors to look for alternatives to equities and bonds. Consequently, Swiss real estate is very much in favour with both private and institutional investors. This high demand, when coupled with the limited overall levels of supply, has combined to drive prices higher and yields lower than in the past. In general, investors can now expect net yields for prime properties of only around 3%, well below our return requirements.

Over the last 12 months, the fund management company considered a large number of investment opportunities, but took the conscious decision not to buy. The considered properties failed to meet our investment criteria both in terms of yield and/or quality. The fund’s long-term investment strategy remains based on creating adding value for investors and not on growth at any price.

Portfolio performanceThere are 52 properties in the portfolio, which was valued by the appraisers at CHF 1,185.0 million as per 30th September 2011. This represents an increase in market value of CHF 19.7 million or around 1.7%. This rise was attributable to the change in value of the portfolio properties held throughout the period as well as investments made (up CHF 3.3 million).

Development net fund assets/market values

Net fund assets Market values

0 100 200 300 400 500 600 700 800 900

100011001200

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

In m

io. C

HF

The net asset value per unit rose 4.7% from CHF 867.57 to CHF 908.74.

Further investments were made in the existing prop-erty portfolio during the reporting period. For exam-ple, new rental space was generated in a bank building in Langenthal where a long-term lease was agreed with the anchor tenant. An office property in the centre of Winterthur was successfully re-let and then refurbished. There was also an extensive refur-bishment of a business property in Sursee, where the rental space held by the main tenant, Credit Suisse, was expanded and a new long-term lease was agreed.

Portfolio qualityThe ongoing portfolio optimisation which has been underway in recent years – involving the sale of properties in secondary locations with little develop-ment potential and targeting investments in existing holdings as well as promising projects in prime locations – has further raised the quality of the portfolio. The overall rating of the Schroder Immo-PLUS portfolio is first class. Chart market matrix

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weighted portfolio Schroder ImmoPLUS

Location quality

outstanding

insufficient

sufficient

good

insufficient sufficient good outstanding

Portfolio manager’s report

Schroder ImmoPLUS 76 Schroder ImmoPLUS

The strict investment discipline is reflected in the overall results of the fund. A weighted gross yield of 6.3% was generated over the reporting period. The ten-year annualised net yield is around 5%. The weighted average real discount rate, as contained in Wüest & Partner’s market valuations of the individual properties as per 30th September 2011, decreased marginally by six basis points to 4.6%.

Rental Income lossesThe average rate of rental income losses decreased year-on-year by 0.6 % to 3.0%. Compared with national levels this rate is very low, emphasising the excellent quality of the portfolio. Looking forward, approaching lease expiries mean that vacancies are expected to rise temporarily in the next business period. During the course of all re-letting activities the maximisation of rental income takes priority, even if this means accepting somewhat higher short-term vacancy rates.

Occupancy trends

0%

2%

4%

6%

8%

10%

12%

30.0

9.98

30.0

9.99

30.0

9.00

30.0

9.01

30.0

9.02

30.0

9.03

30.0

9.04

30.0

9.05

30.0

9.06

30.0

9.07

30.0

9.08

30.0

9.09

30.0

9.10

30.0

9.11

Breakdown by usageAs no transactions took place in the reporting year, only marginal changes in the breakdown by usage type where witnessed. Office space currently ac-counts for 49%, retail space for 24% and residential space for 13% of the overall portfolio. The remaining 14% consists mainly of car parking and storage facilities.

Distribution according to types of use(as percentage of net rent)

0%

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Geographical breakdown The fund’s properties are spread throughout Switzer-land. By value, some 53% are located in the two major business centres of Zurich and Geneva. The remainder is to be found in medium and large busi-ness centres across Switzerland. New investments only target properties situated in attractive and well placed locations.

Geographical distribution(as percentage of the market value)

0%

5%

10%

15%

20%

25%

30%

35%

40%

ZH GE SG BE VD BS FR TI AG ZG LU SO BL

Major tenantsThe tenant stock is financially healthy and leases generally still have some years to run. Consequently, no negative surprises in connection with rental income were experienced. Credit Suisse remains the main tenant, accounting for 12.7% of total rental income as per the reporting date. The bank mainly occupies properties in prime locations in key financial centres such as Zurich, Geneva, Basle, Berne and Zug. The second largest tenant is Manor, with a share of 8.0%, split between two locations in Winterthur and St. Gallen. The third largest is JT International, which rents two modern office buildings in Geneva-Carouge, accounting for 7.8% of total rental income.

Long-term leases are also in place with the other major tenants. The sector mix is diversified.

20 largest tenants(in % of the total rental income)

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Lease maturitiesThe maturity structure of commercial leases is ac-tively managed. We are in regular contact with larger tenants and the asset manager takes part in impor-tant lease negotiations, together with the property managers, to ensure that value is generated for investors.

Expiry of leases

0% 5% 10% 15% 20% 25% 30%

0

1

2

3

4

5

6

7

8

9

10

>10

5,1% 5,8% 15,0%

6,0%

0,5%

12,5%

10,4%

10,0%

6,2%

8,0%

12,2%

3,4%

1,3%

3,4%

End of leasing contracts (in years)

Office/storage Parking Residential/others

Share price performanceIn general, over the last financial year the share prices of Swiss real estate funds have fared very well. In this environment, Schroder ImmoPLUS made further gains. On the reporting date, the price per unit was CHF 1,128 – an increase of CHF 85 resp. 8.1% when compared with the closing price for the previous year.

Based on the closing price, the premium – defined as the percentage difference between the market price and net asset value – was 24%.

Over a five year period, Schroder ImmoPLUS has achieved an average annual return of 8.3%, com-pared with 6.4% p.a. for the benchmark SXI Real Estate Funds® Total Return Index.

Price development

Schroder ImmoPLUS Schroder ImmoPLUS (Total return)*

SXI Real Estate Funds (Price-Index)* SXI Real Estate Funds (Total return)*

400

500

600

700

800

900

1’000

1’100

1’200

1’300

1’400

01.0

1.98

01.0

1.99

01.0

1.00

01.0

1.01

01.0

1.02

01.0

1.03

01.0

1.04

01.0

1.05

01.0

1.06

01.0

1.07

01.0

1.08

01.0

1.09

01.0

1.10

01.0

1.11

* Adjusted

OutlookThe long-term target is to further expand the portfolio as and when attractive purchase opportunities arise. Acquisitions will concentrate on high-yielding com-mercial premises in good locations. With moderate gearing of 20%, the fund manager has sufficient room for manoeuvre to be able to react quickly, without the need for capital to be raised. We remain committed to operating with strict investment discipline and will only undertake investments where such transactions add value for investors.

Two real estate transactions were undertaken after the 30th September 2011 reporting date and these are not taken into account in this report. The first transaction involved the acquisition of a retirement home in Berne and the second the sale of three multi-apartment residential properties in Birmensdorf.

Transfer of ownership of the retirement home in Berne took place on 4th October 2011. Around CHF 50 million was invested in the newly-built home. A long-term lease was signed with Senevita AG, a leading operator of retirement homes. The attractive risk/reward profile of the purchased property is expected to further improve the overall quality of the portfolio. The contract of sale for the three apartment buildings in Birmensdorf was also signed in October 2011. Extensive refurbishment work was expected for the Lärchenfeldstrasse 23 and 25 properties, built in 1975 and 1981 respectively. In view of the high refurbishment costs and limited rental upside poten-tial, conversion was deemed uneconomical. The fund manager therefore decided to sell the two buildings, together with the neighbouring property at Lärchen-feldstrasse 27. The transfer of ownership is scheduled for January 2012.

In the current transaction environment, where high sales proceeds can be achieved, we are planning two further disposals. Here, the emphasis will be on the sale of properties in secondary locations whose rental income potential has been exhausted.

The outlook for the coming year remains positive. The fund manager is confident that, given the exem-plary quality of the Schroder ImmoPLUS portfolio, the long term generation of an attractive return for inves-tors will continue. Rising rental income from the newly purchased retirement home is expected to compen-sate for the expected higher overall vacancy rate. On balance, rental income is expected to increase in 2012.


in CHF 30.9.2011 30.9. 2010

Assets

Cash holdings, balance on postal and bank accounts at sight

incl. fiduciary investments with third-party banks 8 937 827.89 4 132 020.56

Sites

Residential buildings 58 036 000.00 57 213 000.00

Commercial properties 1 030 769 000.00 1 014 565 000.00

of which under leasehold 7 929 000.00 7 899 000.00

Mixed-use properties 96 229 000.00 93 602 000.00

Total sites 1 185 034 000.00 1 165 380 000.00

Other assets 10 945 814.15 16 453 608.63

Total assets 1 204 917 642.04 1 185 965 629.19

Liabilities

Mortgages and other mortgage-backed liabilities 234 200 000.00 265 500 000.00

Other liabilities 25 657 925.28 25 186 646.65

Derivative financial positions (synthetic fixed-rate mortgage) 7 437 277.00 4 777 107.50

Total liabilities 267 295 202.28 295 463 754.15

Net assets before estimated liquidation taxes 937 622 439.76 890 501 875.04

Estimated liquidation taxess 65 235 287.00 57 637 000.00

Net assets 872 387 152.76 832 864 875.04

Number of units in circulation 960 000 960 000

Net asset value per unit 908.74 867.57

Less distribution 13.00 13.00

Asset value per unit after distribution 895.74 854.57

Information on balance sheet and units due to be redeemed

Value of depreciation account for sites 0.00 0.00

Value of reserves account for future repairs 30 310 000.00 27 575 000.00

Value of account of earnings retained for reinvestment 220 750 000.00 191 950 000.00

Number of units due be redeemed at end of next financial year none none

Total insurance value of assets 1 012 275 985.00 1 010 332 116.00

Changes in net assets

Net assets at beginning of financial year 832 864 875.04 805 107 255.05

Distribution –12 480 000.00 –12 480 000.00

Balance from sales and purchases of units, excl. equalization on the issue

of units and payouts of current income on the redemption of units 0.00 0.00

Total income 56 865 564.72 43 747 619.99

Balance of deposit/withdrawal of reserves for repairs 2 735 000.00 2 340 000.00

Change in liquidation taxes –7 598 287.00 –5 850 000.00

Net assets at end of financial year 872 387 152.76 832 864 875.04

Statement of assets


in CHF 1.10.2010–30.9.2011 1.10.2010–30.9.2011 1.10.2009–30.9.2010 1.10.2009–30.9.2010

Income

Income from postal and bank accounts 21 885.07 20 278.66

Income from short term investments 0.00 0.00

Rental income 71 971 939.00 68 950 060.96

Other income 210 109.30 215 434.00

Current income paid in by new subscribers 0.00 0.00

Total income 72 203 933.37 69 185 773.62

Expenses

Mortgage interest and interest on mortgage-backed liabilities 6 736 665.86 6 410 059.09

Other interest due 1 144.48 885.51

Ground rent 196 917.80 196 210.05

Repairs and maintenance 5 607 185.21 5 991 319.92

Management of the properties

Property expenses 2 209 287.24 2 448 483.27

Management expenses 210 528.10 300 037.22

Taxes and charges

Taxes on properties 951 466.70 918 143.35

Taxes on capital and profits 366 504.47 –53 612.91

Valuation and auditing expenses 112 770.00 127 650.00

Reserve for future repairs

Allocation 5 922 000.00 5 350 000.00

Withdrawal –3 187 000.00 –3 010 000.00

Remuneration (as per fund rugulations) for

the fund management company 5 936 975.84 5 294 165.96

the custodian bank 358 596.56 561 766.64

the property management company 3 522 076.30 3 450 502.75

Cost for annual report 9 847.45 4 363.20

Fees payable to supervisory bodies 8 725.25 9 701.93

Other expenses 204.45 441.15

Net current income out on redemption of units 0.00 0.00

Total expenses 28 963 895.71 28 963 895.71 28 000 117.13 28 000 117.13

Net income 43 240 037.66 41 185 656.49

Realized capital gains and losses 0.00 485 704.65

Realized income 43 240 037.66 41 671 361.14

Unrealized capital gains and losses on derivative financial positions –2 660 169.50 –4 777 107.50

Unrealized capital gains and losses on properties 16 285 696.56 6 853 366.35

Total income 56 865 564.72 43 747 619.99

Application of results

Net income of financial years 43 240 037.66 41 185 656.49

Carried forward from preceding year 41 572.28 135 915.79

Net income available for distribution 43 281 609.94 41 321 572.28

Net income earmarked for distribution to investors 14 400 000.00 12 480 000.00

Retained earnings for reinvestment 28 800 000.00 28 800 000.00

Carried forward to following year 81 609.94 41 572.28

Statement of income


Commentary on the annual financial statements

Statement of assetsThe fair market value of the properties is CHF 1,185.0 million, which equates to a year-on-year increase of 1.7%. The increase of CHF 19.6 million is made up of the capital appreciation in the value of the 52 proper-ties together with completed investments of around CHF 3.3 million.

Mortgage borrowing totalled CHF 234.2 million, equivalent to 19.8% of the fair market value of the properties. Gearing is therefore below the 50% legal maximum.

The replacement value of financial derivatives as at 30th September 2011 was CHF –7.4 million.

Provisions of CHF 2.7 million were set aside for future repairs, taking the total to CHF 30.3 million (+9.9%) or 2.56% of the fair market value of the properties.

Allowing for estimated taxes on liquidation, up CHF 7.6 million to CHF 65.2 million, net fund assets as at the reporting date were CHF 872.4 million, resulting in a net asset value per share of CHF 908.74.

Statement of incomeIn the latest period rental income rose 4.3% from CHF 69.0 million to CHF 72.0 million. This positive development was mainly attributable to the inclusion for the first-time of the full annual income of the “Stadtgarten” shopping centre in Winterthur, acquired in the previous business period, as well as the portfolio’s generally low rate of rental income losses.

Overall, ongoing expenses1 totalled CHF 26.2 million and cashflow2 reached CHF 46.0 million or CHF 47.89 per share.

After allocating CHF 2.7 million to provisions for future repairs, net income was CHF 43.2 million or CHF 45.04 per share.

The change in unrealised capital losses from financial derivatives was CHF 2.66 million.

Net income, after allowing for realised and unrealised capital gains and losses totalling CHF 13.6 million, was CHF 56.9 million.

DistributionA dividend of CHF 14.4 million or CHF 15.00 per share will be paid for the financial year 2010/2011. This gives a dividend yield of 1.33%. CHF 28.8 million will be retained for reinvestment and CHF 81,609.94 will be carried forward.

Gross amount 15.00Less 35% federal withholding tax 5.25Net amount 9.75

Coupon no. 16 may be redeemed free of charge at the Zürcher Kantonalbank from 9th December 2011 onwards.

Foreign investors may be able to reclaim some or all of the withholding tax deducted, provided the double taxation agreement with their country of residence allows for this. Where no double taxation agreement is in place, reclaims cannot be made.

Investors domiciled in Switzerland can reclaim the withholding tax deducted by declaring it in their tax returns or by submitting a separate withholding tax application.

¹ Expenses excluding changes in provisions and other expenses.

2 Net income before provisions and unrealised capital gains and losses.


General information about the properties / Financial data on the properties Acquisation costs Market value Insurance value Projected rental income2 Rental losses2 Gross income2

Location, address Number of buildings Total rental premises Year of construction Renewal year1 Acquisition date in CHF in CHF in CHF in CHF in CHF in % in CHF

Birmensdorf, Lärchenstrasse 23, 25 2 22 1975/1981 2001 1998 4 233 694 3 701 000 4 166 300 281 330 23 456 8.34 257 874

Birmensdorf, Lärchenstrasse 27 1 39 2000 – 1998 4 934 000 5 231 000 3 634 200 311 810 13 310 4.27 298 500

Neuenhof, Hardstrasse 54, 56 2 114 1990 2010 1997 7 799 836 8 544 000 14 702 000 612 756 42 516 6.94 570 240

Olten, Sälistrasse 74, 76 / Wiesenstrasse 8 (sold as of 1 March 2010)3 – – – – – – – – 416 – – 416

Rothrist, Bachweg 7, 9, 11, 13, 15, 19 6 131 1967 2002 1998 12 158 000 13 140 000 15 006 000 847 079 17 019 2.01 830 060

Viganello, Via Pedemonte 2 8 239 1990 2001 1997 20 259 000 27 420 000 22 809 116 1 756 661 54 706 3.11 1 701 955

Residential buildings 19 545 – – – 49 384 529 58 036 000 60 317 616 3 810 050 151 006 3.96 3 659 044

Ascona, Viale B. Papio 6 1 18 1962 1989, 2008 1997 3 823 500 4 290 000 3 496 163 267 909 – – 267 909

Baden, Hirschlistrasse 3 1 17 1928 1997 1997 4 311 000 5 227 000 6 946 000 336 066 8 736 2.60 327 330

Basel, Hochstrasse 37, 39 2 91 1994 – 1997 18 895 000 21 970 000 20 239 000 1 369 005 40 778 2.98 1 328 227

Basel, Spalenberg 65 1 6 1898 1983 1997 5 062 000 6 550 000 8 150 000 382 236 – – 382 236

Basel, Steinenring 60 1 17 1920 1992, 2006 1997 6 908 870 8 600 000 7 628 000 509 338 51 822 10.17 457 516

Bern, Bundesplatz 2 / Marktgasse 47, 49 2 29 1900 1976 1997 30 656 666 40 630 000 34 605 400 2 260 776 – – 2 260 776

Bern, Christoffelgasse 6 1 10 1910 1975 1997 28 132 943 38 560 000 30 935 100 2 250 012 – – 2 250 012

Bussigny-près-Lausanne, Route de Renens 1 1 227 1990 – 1997 11 735 816 18 130 000 22 241 897 1 393 467 26 045 1.87 1 367 422

Carouge, Rue de la Gabelle 1 1 92 2006 – 2006 57 857 000 53 210 000 56 211 000 3 506 532 – – 3 506 532

Carouge, Rue de la Gabelle 1A 1 50 2006 – 2006 30 367 000 28 720 000 30 931 038 1 911 150 – – 1 911 150

Fribourg, Route de Beaumont 10, 12 1 85 1970 1999, 2008 1997 6 515 000 10 300 000 8 885 600 684 408 – – 684 408

Genève, Avenue Louis Casaï 18 1 177 1985 – 2003 42 334 000 45 780 000 41 579 649 3 258 813 9 668 0.30 3 249 145

Genève, Rue de la Cité 3 1 11 1850 1994 1997 4 950 000 8 780 000 4 174 687 487 810 – – 487 810

Genève, Rue du Mont-Blanc 21 1 27 1942 1989 2006 11 613 000 12 770 000 12 151 479 813 744 20 431 2.51 793 313

Glattbrugg, Schaffhauserstrasse 134, 136 1 267 1989 2003 2000 44 906 665 36 890 000 32 410 500 2 893 728 815 586 28.18 2 078 142

Kloten, Oberfeldstrasse 14 (sold as of 1 July 2010)3 – – – – – – – – – 35 572 – -35 572

Küsnacht, Bahnhofstrasse 4 1 18 1932 1958, 1984 1997 3 775 000 6 036 000 6 700 000 373 203 – – 373 203

Langenthal, Marktgasse 29 1 6 1946 1990, 2011 1997 2 323 561 2 777 000 4 486 200 145 476 – – 145 476

Luzern, Hertensteinstrasse 32 1 12 1992 – 1998 16 762 900 19 320 000 5 895 000 1 014 310 1 455 0.14 1 012 855

Montreux, Place de la Paix 1 1 11 1911 1995, 2001 1997 5 426 000 6 987 000 12 417 166 455 804 – – 455 804

Morges, Grand-Rue 52 1 11 1970 – 1997 3 770 685 4 547 000 4 813 991 285 975 22 791 7.97 263 184

Reinach, Hauptstrasse 36 1 52 1972 2001 1997 5 596 000 5 177 000 7 699 000 390 311 8 120 2.08 382 191

Solothurn, Hauptgasse 14 / Löwengasse 3 2 71 1899 1962, 1989, 2001 1997 9 745 563 11 160 000 17 734 545 750 999 72 315 9.63 678 684

St. Gallen, Davidstrasse 38 1 115 2004 – 2003 20 126 000 21 300 000 9 152 900 1 228 304 8 054 0.66 1 220 250

St. Gallen, Lindentalstrasse 10 1 59 2005 – 2005 11 373 200 11 570 000 6 591 900 718 104 – – 718 104

St. Gallen, Webersbleiche 1 208 2007 – 2005 68 426 170 74 050 000 41 551 700 4 367 698 57 770 1.32 4 309 928

Stäfa, Bahnhofstrasse 26 1 59 1974 2004 1997 6 685 000 8 773 000 9 552 600 553 353 2 280 0.41 551 073

Sursee, Bahnhofstrasse 18 1 40 1977 1999, 2011 1997 4 461 336 5 370 000 4 221 000 296 510 10 692 3.61 285 818

Vevey, Rue du Simplon 50 1 37 1977 2008 1997 10 224 120 10 060 000 15 084 551 716 056 11 530 1.61 704 526

Villars-sur-Glâne, Cormanon-Est 1 240 2006 – 2005 41 425 400 37 000 000 38 489 800 2 593 560 – – 2 593 560

Wil, Lerchenfeldstrasse 10 / Poststrasse 10 2 17 2006 – 2004 6 151 000 7 929 000 8 578 500 538 200 62 050 11.53 476 150

Wil, Obere Bahnhofstrasse 39 / Postrasse 144 2 328 2004 – 2004 59 819 000 63 660 000 37 029 700 4 020 726 15 568 0.39 4 005 158

Winterthur, Bankstrasse 8,12 / Stadthausstrasse 10b 1 222 1980 1998 2010 156 614 079 157 050 000 83 378 100 8 759 370 87 675 1.00 8 671 696

Winterthur, Unterer Graben 27 1 7 1933 1999 1997 2 295 000 2 390 000 2 186 700 139 344 – – 139 344

Winterthur, Unterer Graben 29 1 20 1970 1991, 1999, 2011 1997 6 599 000 8 346 000 11 629 000 519 625 14 333 2.76 505 292

Zug, Bahnhofstrasse 17 1 58 1986 1992, 2005, 2009 1997 20 415 955 23 050 000 39 075 000 1 476 416 3 576 0.24 1 472 840

Zürich, Bahnhofstrasse 26 1 18 1938 1993, 1999, 2006, 2010 1997 17 866 440 63 150 000 9 735 000 2 872 234 – – 2 872 234

Zürich, Goethestrasse 14 1 7 1863 1993 1997 5 192 438 6 991 000 6 953 000 379 872 – – 379 872

Zürich, Hufgasse 17 1 34 1937 – 1997 4 180 367 5 608 000 3 018 100 344 827 5 858 1.70 338 969

Zürich, Rämistrasse 36 1 7 1888 1996, 2003 1997 4 383 000 7 979 000 6 542 900 466 104 – – 466 104

Zürich, Schaffhauserstrasse 228 1 71 1973 2004 2006 31 414 624 31 290 000 17 993 300 2 006 496 – – 2 006 496

Zürich, Thurgauerstrasse 54 1 287 1993 2006, 2007 1998 92 796 276 81 220 000 113 351 300 5 596 732 431 634 7.71 5 165 099

Zürich, Universitätsstrasse 105 1 23 1973 1994 1997 4 488 687 7 572 000 11 388 900 418 128 – – 418 128

Commercial properties 47 3 162 – – – 930 405 259 1 030 769 000 855 835 366 63 752 730 1 824 337 2.86 61 928 393

of which under leasehold 2 17 – – – 6 151 000 7 929 000 8 578 500 538 200 62 050 11.53 476 150

Basel, Dornacherstrasse 230, 232, 234 3 98 1989 2004 1999 21 103 109 20 820 000 19 704 000 1 296 809 23 667 1.83 1 273 142

Genève, Rue de Saint-Jean 30, 30a, 32, 32a 4 255 1992 1998 28 491 000 39 560 000 28 363 995 2 740 496 98 516 3.59 2 641 981

Locarno, Via Pioda 15, 17 1 54 1982 2001 1997 4 596 000 4 768 000 8 343 282 373 751 8 076 2.16 365 675

Renens, Rue de Lausanne 71, 73 8 258 1990 2007 1997 18 886 000 21 150 000 30 293 726 1 639 195 54 998 3.36 1 584 197

Zürich, Weinbergstrasse 161 1 19 1930 1990 1997 6 030 247 9 931 000 9 418 000 605 367 85 860 14.18 519 507

Mixed-use properties 17 684 – – – 79 106 356 96 229 000 96 123 003 6 655 618 271 116 4.07 6 384 502

Total 83 4 391 – – – 1 058 896 144 1 185 034 000 1 012 275 985 74 218 399 2 246 460 3.03 71 971 939

¹ Year of the last comprehensive renovation. 2 Any deviation in the totals are due to rounding differences. 3 Settlement from previous year 4 Marginal part under leasehold


Acquisation costs Market value Insurance value Projected rental income2 Rental losses2 Gross income2

Location, address Number of buildings Total rental premises Year of construction Renewal year1 Acquisition date in CHF in CHF in CHF in CHF in CHF in % in CHF

Birmensdorf, Lärchenstrasse 23, 25 2 22 1975/1981 2001 1998 4 233 694 3 701 000 4 166 300 281 330 23 456 8.34 257 874

Birmensdorf, Lärchenstrasse 27 1 39 2000 – 1998 4 934 000 5 231 000 3 634 200 311 810 13 310 4.27 298 500

Neuenhof, Hardstrasse 54, 56 2 114 1990 2010 1997 7 799 836 8 544 000 14 702 000 612 756 42 516 6.94 570 240

Olten, Sälistrasse 74, 76 / Wiesenstrasse 8 (sold as of 1 March 2010)3 – – – – – – – – 416 – – 416

Rothrist, Bachweg 7, 9, 11, 13, 15, 19 6 131 1967 2002 1998 12 158 000 13 140 000 15 006 000 847 079 17 019 2.01 830 060

Viganello, Via Pedemonte 2 8 239 1990 2001 1997 20 259 000 27 420 000 22 809 116 1 756 661 54 706 3.11 1 701 955

Residential buildings 19 545 – – – 49 384 529 58 036 000 60 317 616 3 810 050 151 006 3.96 3 659 044

Ascona, Viale B. Papio 6 1 18 1962 1989, 2008 1997 3 823 500 4 290 000 3 496 163 267 909 – – 267 909

Baden, Hirschlistrasse 3 1 17 1928 1997 1997 4 311 000 5 227 000 6 946 000 336 066 8 736 2.60 327 330

Basel, Hochstrasse 37, 39 2 91 1994 – 1997 18 895 000 21 970 000 20 239 000 1 369 005 40 778 2.98 1 328 227

Basel, Spalenberg 65 1 6 1898 1983 1997 5 062 000 6 550 000 8 150 000 382 236 – – 382 236

Basel, Steinenring 60 1 17 1920 1992, 2006 1997 6 908 870 8 600 000 7 628 000 509 338 51 822 10.17 457 516

Bern, Bundesplatz 2 / Marktgasse 47, 49 2 29 1900 1976 1997 30 656 666 40 630 000 34 605 400 2 260 776 – – 2 260 776

Bern, Christoffelgasse 6 1 10 1910 1975 1997 28 132 943 38 560 000 30 935 100 2 250 012 – – 2 250 012

Bussigny-près-Lausanne, Route de Renens 1 1 227 1990 – 1997 11 735 816 18 130 000 22 241 897 1 393 467 26 045 1.87 1 367 422

Carouge, Rue de la Gabelle 1 1 92 2006 – 2006 57 857 000 53 210 000 56 211 000 3 506 532 – – 3 506 532

Carouge, Rue de la Gabelle 1A 1 50 2006 – 2006 30 367 000 28 720 000 30 931 038 1 911 150 – – 1 911 150

Fribourg, Route de Beaumont 10, 12 1 85 1970 1999, 2008 1997 6 515 000 10 300 000 8 885 600 684 408 – – 684 408

Genève, Avenue Louis Casaï 18 1 177 1985 – 2003 42 334 000 45 780 000 41 579 649 3 258 813 9 668 0.30 3 249 145

Genève, Rue de la Cité 3 1 11 1850 1994 1997 4 950 000 8 780 000 4 174 687 487 810 – – 487 810

Genève, Rue du Mont-Blanc 21 1 27 1942 1989 2006 11 613 000 12 770 000 12 151 479 813 744 20 431 2.51 793 313

Glattbrugg, Schaffhauserstrasse 134, 136 1 267 1989 2003 2000 44 906 665 36 890 000 32 410 500 2 893 728 815 586 28.18 2 078 142

Kloten, Oberfeldstrasse 14 (sold as of 1 July 2010)3 – – – – – – – – – 35 572 – -35 572

Küsnacht, Bahnhofstrasse 4 1 18 1932 1958, 1984 1997 3 775 000 6 036 000 6 700 000 373 203 – – 373 203

Langenthal, Marktgasse 29 1 6 1946 1990, 2011 1997 2 323 561 2 777 000 4 486 200 145 476 – – 145 476

Luzern, Hertensteinstrasse 32 1 12 1992 – 1998 16 762 900 19 320 000 5 895 000 1 014 310 1 455 0.14 1 012 855

Montreux, Place de la Paix 1 1 11 1911 1995, 2001 1997 5 426 000 6 987 000 12 417 166 455 804 – – 455 804

Morges, Grand-Rue 52 1 11 1970 – 1997 3 770 685 4 547 000 4 813 991 285 975 22 791 7.97 263 184

Reinach, Hauptstrasse 36 1 52 1972 2001 1997 5 596 000 5 177 000 7 699 000 390 311 8 120 2.08 382 191

Solothurn, Hauptgasse 14 / Löwengasse 3 2 71 1899 1962, 1989, 2001 1997 9 745 563 11 160 000 17 734 545 750 999 72 315 9.63 678 684

St. Gallen, Davidstrasse 38 1 115 2004 – 2003 20 126 000 21 300 000 9 152 900 1 228 304 8 054 0.66 1 220 250

St. Gallen, Lindentalstrasse 10 1 59 2005 – 2005 11 373 200 11 570 000 6 591 900 718 104 – – 718 104

St. Gallen, Webersbleiche 1 208 2007 – 2005 68 426 170 74 050 000 41 551 700 4 367 698 57 770 1.32 4 309 928

Stäfa, Bahnhofstrasse 26 1 59 1974 2004 1997 6 685 000 8 773 000 9 552 600 553 353 2 280 0.41 551 073

Sursee, Bahnhofstrasse 18 1 40 1977 1999, 2011 1997 4 461 336 5 370 000 4 221 000 296 510 10 692 3.61 285 818

Vevey, Rue du Simplon 50 1 37 1977 2008 1997 10 224 120 10 060 000 15 084 551 716 056 11 530 1.61 704 526

Villars-sur-Glâne, Cormanon-Est 1 240 2006 – 2005 41 425 400 37 000 000 38 489 800 2 593 560 – – 2 593 560

Wil, Lerchenfeldstrasse 10 / Poststrasse 10 2 17 2006 – 2004 6 151 000 7 929 000 8 578 500 538 200 62 050 11.53 476 150

Wil, Obere Bahnhofstrasse 39 / Postrasse 144 2 328 2004 – 2004 59 819 000 63 660 000 37 029 700 4 020 726 15 568 0.39 4 005 158

Winterthur, Bankstrasse 8,12 / Stadthausstrasse 10b 1 222 1980 1998 2010 156 614 079 157 050 000 83 378 100 8 759 370 87 675 1.00 8 671 696

Winterthur, Unterer Graben 27 1 7 1933 1999 1997 2 295 000 2 390 000 2 186 700 139 344 – – 139 344

Winterthur, Unterer Graben 29 1 20 1970 1991, 1999, 2011 1997 6 599 000 8 346 000 11 629 000 519 625 14 333 2.76 505 292

Zug, Bahnhofstrasse 17 1 58 1986 1992, 2005, 2009 1997 20 415 955 23 050 000 39 075 000 1 476 416 3 576 0.24 1 472 840

Zürich, Bahnhofstrasse 26 1 18 1938 1993, 1999, 2006, 2010 1997 17 866 440 63 150 000 9 735 000 2 872 234 – – 2 872 234

Zürich, Goethestrasse 14 1 7 1863 1993 1997 5 192 438 6 991 000 6 953 000 379 872 – – 379 872

Zürich, Hufgasse 17 1 34 1937 – 1997 4 180 367 5 608 000 3 018 100 344 827 5 858 1.70 338 969

Zürich, Rämistrasse 36 1 7 1888 1996, 2003 1997 4 383 000 7 979 000 6 542 900 466 104 – – 466 104

Zürich, Schaffhauserstrasse 228 1 71 1973 2004 2006 31 414 624 31 290 000 17 993 300 2 006 496 – – 2 006 496

Zürich, Thurgauerstrasse 54 1 287 1993 2006, 2007 1998 92 796 276 81 220 000 113 351 300 5 596 732 431 634 7.71 5 165 099

Zürich, Universitätsstrasse 105 1 23 1973 1994 1997 4 488 687 7 572 000 11 388 900 418 128 – – 418 128

Commercial properties 47 3 162 – – – 930 405 259 1 030 769 000 855 835 366 63 752 730 1 824 337 2.86 61 928 393

of which under leasehold 2 17 – – – 6 151 000 7 929 000 8 578 500 538 200 62 050 11.53 476 150

Basel, Dornacherstrasse 230, 232, 234 3 98 1989 2004 1999 21 103 109 20 820 000 19 704 000 1 296 809 23 667 1.83 1 273 142

Genève, Rue de Saint-Jean 30, 30a, 32, 32a 4 255 1992 1998 28 491 000 39 560 000 28 363 995 2 740 496 98 516 3.59 2 641 981

Locarno, Via Pioda 15, 17 1 54 1982 2001 1997 4 596 000 4 768 000 8 343 282 373 751 8 076 2.16 365 675

Renens, Rue de Lausanne 71, 73 8 258 1990 2007 1997 18 886 000 21 150 000 30 293 726 1 639 195 54 998 3.36 1 584 197

Zürich, Weinbergstrasse 161 1 19 1930 1990 1997 6 030 247 9 931 000 9 418 000 605 367 85 860 14.18 519 507

Mixed-use properties 17 684 – – – 79 106 356 96 229 000 96 123 003 6 655 618 271 116 4.07 6 384 502

Total 83 4 391 – – – 1 058 896 144 1 185 034 000 1 012 275 985 74 218 399 2 246 460 3.03 71 971 939

¹ Year of the last comprehensive renovation. 2 Any deviation in the totals are due to rounding differences. 3 Settlement from previous year 4 Marginal part under leasehold


Breakdown of the properties

Dwellings Total Retail Offices, Other Kinos und Lagerräume übrige

No. dwelling units outlets practices premises Parkings Restaurants Komm.

Location, address 1–1,5 2–2,5 3–3,5 4–4,5 5+ No. No. m2 No. m2 No. m2 No. Anzahl m2 Anzahl m2 Anzahl m2

Birmensdorf, Lärchenstrasse 23, 25 – 1 5 6 – 12 – – – – 4 42 6

Birmensdorf, Lärchenstrasse 27 – – 3 – 6 9 – – – – – – 30

Neuenhof, Hardstrasse 54, 56 1 2 11 7 1 22 2 126 4 187 6 277 80

Rothrist, Bachweg 7, 9, 11, 13, 15, 19 – 5 28 15 8 56 – – – – 3 67 72

Viganello, Via Pedemonte 2 10 6 38 24 12 90 – – – – 16 390 133 239 390

Residential buildings 11 14 85 52 27 189 2 126 4 187 29 776 321

Ascona, Viale B. Papio 6 – – – – – – – – 5 881 7 272 6

Baden, Hirschlistrasse 3 1 1 1 – – 3 1 220 3 660 – – 10

Basel, Hochstrasse 37, 39 – 6 3 – – 9 – – 10 4 160 16 916 56

Basel, Spalenberg 65 – – – – – – – – 5 1 116 1 175 –

Basel, Steinenring 60 – 1 2 – – 3 1 68 6 1 014 7 332 –

Bern, Bundesplatz 2 / Marktgasse 47, 49 – – – – – – – – 14 3 991 15 2 028 –

Bern, Christoffelgasse 6 – – – – – – – – 7 4 335 3 1 113 –

Bussigny-près-Lausanne, Route de Renens 1 – – – – – – – – 18 4 374 15 292 194

Carouge, Rue de la Gabelle 1 – – – – – – – – 5 6 601 1 1 346 86

Carouge, Rue de la Gabelle 1A – – – – – – – – 5 3 675 1 354 44

Fribourg, Route de Beaumont 10, 12 – – – 1 – 1 – – 6 2 729 3 293 75

Genève, Avenue Louis-Casaï 18 – – – – – – – – 13 6 081 15 555 149

Genève, Rue de la Cité 3 – 1 2 – – 3 2 330 6 574 – – –

Genève, Rue du Mont-Blanc 21 – – – – – – 4 193 21 1 215 2 95 –

Glattbrugg, Schaffhauserstrasse 134, 136 – – – – – – – – 11 6 237 10 2 868 246

Küsnacht, Bahnhofstrasse 4 – – – – – – – – 7 896 5 578 6

Langenthal, Marktgasse 29 – – – – – – – – 3 416 3 213 –

Luzern, Hertensteinstrasse 32 2 6 1 – – 9 2 261 – – 1 885 –

Montreux, Place de la Paix 1 – 1 2 – 1 4 – – 5 1 353 2 337 –

Morges, Grand-Rue 52 – – – 2 – 2 2 236 6 719 1 73 –

Reinach, Hauptstrasse 36 1 1 3 1 – 6 – – 4 505 6 334 36

Solothurn, Hauptgasse 14 / Löwengasse 3 – – 1 3 1 5 10 589 17 1 263 15 432 24

St. Gallen, Davidstrasse 38 – – – – – – – – 6 2 678 10 495 99

St. Gallen, Lindentalstrasse 10 – – – – – – – – 3 2 160 2 1 345 54

St. Gallen, Webersbleiche 1 5 10 2 – 18 7 7 189 9 1 977 14 863 160

Stäfa, Bahnhofstrasse 26 – – – – – – 5 476 10 1 373 11 322 33

Sursee, Bahnhofstrasse 18 – – – – – – 1 103 7 885 8 317 24

Vevey, Rue du Simplon 50 2 2 2 3 2 11 1 175 7 1 304 5 380 13

Villars-sur-Glâne, Cormanon-Est – – – – – – 22 5 145 6 2 698 11 2 329 201

Wil, Lerchenfeldstrasse 10 / Poststrasse 10 – 2 – – – 2 2 305 7 1 729 6 367 –

Wil, Obere Bahnhofstrasse 39 – – 3 10 – 13 12 6 711 1 4 21 619 281

Winterthur, Bankstrasse 8/12 / Stadthausstrasse 10b – – – 2 – 2 13 10 166 14 2 030 83 5 387 110

Winterthur, Unterer Graben 27 1 – – 1 – 2 1 94 3 211 1 51 –

Winterthur, Unterer Graben 29 – – – – – – – – 5 1 500 4 539 11

Zug, Bahnhofstrasse 17 – – – – – – 1 70 5 3 465 7 1 558 45

Zürich, Bahnhofstrasse 26 – – – – – – 6 416 7 770 5 198 –

Zürich, Goethestrasse 14 – – – – – – – – 6 696 1 52 –

Zürich, Hufgasse 17 – 3 1 – – 4 – – 4 440 7 127 19

Zürich, Rämistrasse 36 – 2 – – – 2 – – 4 624 1 79 –

Zürich, Schaffhauserstrasse 228 – – – – – – – – 7 3 469 1 634 63

Zürich, Thurgauerstrasse 54 – – – – – – – – 32 14 807 51 6 358 204

Zürich, Universitätsstrasse 105 – – – – – – – – 5 800 5 287 13 23 1 087 Kommerziell

Commercial properties 8 31 31 25 4 99 93 32 746 325 96 415 383 35 799 2 262

of which under leasehold – 2 – – – 2 2 305 7 1 729 6 367 –

Basel, Dornacherstrasse 230, 232, 234 – 10 28 6 – 44 – – 11 1 756 6 195 37

Genève, Rue de Saint-Jean 30, 30a, 32, 32a – – – 11 31 42 2 208 9 1 597 19 952 183

Locarno, Via Alfredo Pioda 15, 17 2 9 5 2 – 18 – – 4 370 1 260 31

Renens, Rue de Lausanne 71, 73 – 26 25 19 – 70 4 1 585 2 153 25 1 096 157

Zürich, Weinbergstrasse 161 – 5 4 1 – 10 1 96 4 811 3 236 1

Mixed-use properties 2 50 62 39 31 184 7 1 889 30 4 687 54 2 739 409

Total 21 95 178 116 62 472 102 34 761 359 101 289 466 39 314 2 992


Dwellings Total Retail Offices, Other Kinos und Lagerräume übrige

No. dwelling units outlets practices premises Parkings Restaurants Komm.

Location, address 1–1,5 2–2,5 3–3,5 4–4,5 5+ No. No. m2 No. m2 No. m2 No. Anzahl m2 Anzahl m2 Anzahl m2

Birmensdorf, Lärchenstrasse 23, 25 – 1 5 6 – 12 – – – – 4 42 6

Birmensdorf, Lärchenstrasse 27 – – 3 – 6 9 – – – – – – 30

Neuenhof, Hardstrasse 54, 56 1 2 11 7 1 22 2 126 4 187 6 277 80

Rothrist, Bachweg 7, 9, 11, 13, 15, 19 – 5 28 15 8 56 – – – – 3 67 72

Viganello, Via Pedemonte 2 10 6 38 24 12 90 – – – – 16 390 133 239 390

Residential buildings 11 14 85 52 27 189 2 126 4 187 29 776 321

Ascona, Viale B. Papio 6 – – – – – – – – 5 881 7 272 6

Baden, Hirschlistrasse 3 1 1 1 – – 3 1 220 3 660 – – 10

Basel, Hochstrasse 37, 39 – 6 3 – – 9 – – 10 4 160 16 916 56

Basel, Spalenberg 65 – – – – – – – – 5 1 116 1 175 –

Basel, Steinenring 60 – 1 2 – – 3 1 68 6 1 014 7 332 –

Bern, Bundesplatz 2 / Marktgasse 47, 49 – – – – – – – – 14 3 991 15 2 028 –

Bern, Christoffelgasse 6 – – – – – – – – 7 4 335 3 1 113 –

Bussigny-près-Lausanne, Route de Renens 1 – – – – – – – – 18 4 374 15 292 194

Carouge, Rue de la Gabelle 1 – – – – – – – – 5 6 601 1 1 346 86

Carouge, Rue de la Gabelle 1A – – – – – – – – 5 3 675 1 354 44

Fribourg, Route de Beaumont 10, 12 – – – 1 – 1 – – 6 2 729 3 293 75

Genève, Avenue Louis-Casaï 18 – – – – – – – – 13 6 081 15 555 149

Genève, Rue de la Cité 3 – 1 2 – – 3 2 330 6 574 – – –

Genève, Rue du Mont-Blanc 21 – – – – – – 4 193 21 1 215 2 95 –

Glattbrugg, Schaffhauserstrasse 134, 136 – – – – – – – – 11 6 237 10 2 868 246

Küsnacht, Bahnhofstrasse 4 – – – – – – – – 7 896 5 578 6

Langenthal, Marktgasse 29 – – – – – – – – 3 416 3 213 –

Luzern, Hertensteinstrasse 32 2 6 1 – – 9 2 261 – – 1 885 –

Montreux, Place de la Paix 1 – 1 2 – 1 4 – – 5 1 353 2 337 –

Morges, Grand-Rue 52 – – – 2 – 2 2 236 6 719 1 73 –

Reinach, Hauptstrasse 36 1 1 3 1 – 6 – – 4 505 6 334 36

Solothurn, Hauptgasse 14 / Löwengasse 3 – – 1 3 1 5 10 589 17 1 263 15 432 24

St. Gallen, Davidstrasse 38 – – – – – – – – 6 2 678 10 495 99

St. Gallen, Lindentalstrasse 10 – – – – – – – – 3 2 160 2 1 345 54

St. Gallen, Webersbleiche 1 5 10 2 – 18 7 7 189 9 1 977 14 863 160

Stäfa, Bahnhofstrasse 26 – – – – – – 5 476 10 1 373 11 322 33

Sursee, Bahnhofstrasse 18 – – – – – – 1 103 7 885 8 317 24

Vevey, Rue du Simplon 50 2 2 2 3 2 11 1 175 7 1 304 5 380 13

Villars-sur-Glâne, Cormanon-Est – – – – – – 22 5 145 6 2 698 11 2 329 201

Wil, Lerchenfeldstrasse 10 / Poststrasse 10 – 2 – – – 2 2 305 7 1 729 6 367 –

Wil, Obere Bahnhofstrasse 39 – – 3 10 – 13 12 6 711 1 4 21 619 281

Winterthur, Bankstrasse 8/12 / Stadthausstrasse 10b – – – 2 – 2 13 10 166 14 2 030 83 5 387 110

Winterthur, Unterer Graben 27 1 – – 1 – 2 1 94 3 211 1 51 –

Winterthur, Unterer Graben 29 – – – – – – – – 5 1 500 4 539 11

Zug, Bahnhofstrasse 17 – – – – – – 1 70 5 3 465 7 1 558 45

Zürich, Bahnhofstrasse 26 – – – – – – 6 416 7 770 5 198 –

Zürich, Goethestrasse 14 – – – – – – – – 6 696 1 52 –

Zürich, Hufgasse 17 – 3 1 – – 4 – – 4 440 7 127 19

Zürich, Rämistrasse 36 – 2 – – – 2 – – 4 624 1 79 –

Zürich, Schaffhauserstrasse 228 – – – – – – – – 7 3 469 1 634 63

Zürich, Thurgauerstrasse 54 – – – – – – – – 32 14 807 51 6 358 204

Zürich, Universitätsstrasse 105 – – – – – – – – 5 800 5 287 13 23 1 087 Kommerziell

Commercial properties 8 31 31 25 4 99 93 32 746 325 96 415 383 35 799 2 262

of which under leasehold – 2 – – – 2 2 305 7 1 729 6 367 –

Basel, Dornacherstrasse 230, 232, 234 – 10 28 6 – 44 – – 11 1 756 6 195 37

Genève, Rue de Saint-Jean 30, 30a, 32, 32a – – – 11 31 42 2 208 9 1 597 19 952 183

Locarno, Via Alfredo Pioda 15, 17 2 9 5 2 – 18 – – 4 370 1 260 31

Renens, Rue de Lausanne 71, 73 – 26 25 19 – 70 4 1 585 2 153 25 1 096 157

Zürich, Weinbergstrasse 161 – 5 4 1 – 10 1 96 4 811 3 236 1

Mixed-use properties 2 50 62 39 31 184 7 1 889 30 4 687 54 2 739 409

Total 21 95 178 116 62 472 102 34 761 359 101 289 466 39 314 2 992


Purchases

None

Sales

None

Largest tenantsRental income per tenant greater than 5 %

Credit Suisse AG 12.7 %

Manor AG 8.0 %

JT International SA 7.8 %

Changes in the portfolio


30.9.2010 30.9.2011

Type of loan Maturity Interest rate, % Amount, CHF New loans Redemption Amount, CHF

Fixed-rate mortgage 05.06.2008 – 06.06.2011 3.4901 20 000 000 – –20 000 000 –

Fixed-rate mortgage 03.08.2006 – 02.08.2011 2.5001 20 000 000 – –20 000 000 –

Fixed-rate mortgage 29.06.2007 – 29.06.2012 3.4901 25 000 000 – – 25 000 000







Libor 3M 01.09.2011 – open 0.2352 13 500 000 – –7 500 000 6 000 000

Libor 3M 01.09.2011 – open 0.2352 – 4 200 000 – 4 200 000

Libor 3M 01.09.2011 – open 0.2352 – 12 000 000 – 12 000 000

Libor 3M 01.03.2010 – 01.03.2018 2.2301 27 000 000 – – 27 000 000

Libor 3M 01.03.2010 – 01.03.2019 2.3701 27 000 000 – – 27 000 000

Libor 3M 01.03.2010 – 01.03.2020 2.4801 27 000 000 – – 27 000 000

Total 265 500 000 16 200 000 –47 500 000 234 200 000

¹ Interest rates fixed. 2 Interest rates variable.

Derivative financial positions (Hedged interest)

30.9.2011 30.9.2010

Amount Interest rate Recovery value in % of Recovery value in % of

CHF % Maturity CHF net fund assets CHF net fund assets

27 000 000 2,00 2018 –2 213 686.00 –0,25 –1 394 782.00 –0,17

27 000 000 2,14 2019 –2 533 067.00 –0,29 –1 647 504.00 –0,20

27 000 000 2,25 2020 –2 829 507.00 –0,33 –1 873 803.00 –0,22

81 000 000 – 7 576 260.00 –0,87 –4 916 089.00 –0,59 3 Incl. accrued interest.

Transactions with related parties ( Art. 74 § 3 CISO-FINMA)

None

Mortgages

3 3


The taskUnder the Swiss Collective Investment Schemes Act (CISA), at the end of each financial year properties held by real estate funds must be valued at current market value by independent appraisal experts.

The properties owned by Schroder ImmoPLUS were individually valued as at 30 September 2011 by independent appraisal experts accredited by FINMA; on-site visits were made to properties where the previous valuation was carried out more than three years ago or where a new appraiser was carrying out a valuation for the first time.

The fund managers appointed Wüest & Partner to be in charge of the valuations. Their tasks included coordinating the entire valuation process, collating data, providing valuation software and compiling and checking the results of the individual appraisal experts. The appraisal experts appointed by the fund managers are responsible for actually visiting and valuing the properties. Schroder Investment Manage-ment (Switzerland) AG is responsible for providing documentation.

Valuation report

Valuation standardsWüest & Partner confirm that the valuations comply with the statutory requirements of the Swiss Collec-tive Investment Schemes Act (CISA), the Swiss Collective Investment Schemes Ordinance (CISO) and the guidelines of the Swiss Fund Association SFA, and are also in accordance with normal sector valuation standards. Market value was defined as “fair value,” i.e. the likely sale price in the present market environment under normal circumstances, as expressed in Switzerland under the term “fair market value.”

Valuation methodValuations use the discounted cashflow (DCF) method. This determines the market value of a property as the total of expected future net income, discounted to the valuation date. Discounting is done for each property in line with the market and on a risk-adjusted basis, i.e. allowing for their individual opportunities and risks.

The valuation includes a detailed analysis and as-sessment of individual income and expense items. The appraisers are provided with the amounts invoiced for each property and up-to-date market information. The estimation and modelling of future cash flows, which are the factors that drive the valuation, are the responsibility of the appraisers, as is the discount rate. Once the appraisers have completed the valuations, Wüest & Partner check the results using key data and control values to identify with appropriate certainty any important methodological inconsistencies or material diver- gences. Finally, Wüest & Partner put the results of the individual valuations together and review them in a portfolio report for the fund managers.

Independence and confidentiality Wüest & Partner and all the accredited appraisers have confirmed their independence and guaranteed that the information relating to this valuation will be treated in confidence.


Results of the valuations The appraisers valued the properties of Schroder ImmoPLUS as at 30 September 2011 according to the DCF model.

The real estate portfolio was unchanged between 1 October 2010 and 30 September 2011, still consisting of 52 properties.

As at 30 September 2011, the experts put the market value of the entire Schroder ImmoPLUS portfolio of 52 properties at CHF 1,185.034 million. As such, the market value of the portfolio increased by some CHF 19.654 million over the year, or just under 1.7%.

The 1.7% increase consists of appreciation in the value of the 52 properties and the investments made (totalling around CHF 3.341 million/+0.3%).

The discount rates applied reflect current observa-tions on the real estate market and are derived from models subjected to plausibility tests. Under the latest valuation, the average real discount rate on invest-ment properties, weighted by market value, is now 4.62% (previous year 4.68%). The lowest real discount rate selected for a property is 4.10%; the highest is 5.0%. The gross yield of the whole portfolio is cur-rently 5.95%, and the annuity rate is 5.85%.

The income position is stable. Current rental income as at the reference date was roughly CHF 70.47 million (+1.0% year-on-year). However, the vacancy situation has deteriorated somewhat of late; the vacancy rate across the portfolio as a whole as at 30 September 2011 was 3.7% (previous year 3.4%). Even in the present environment, the portfolio’s well-main-tained estate, good locations and good mix of tenants mean it can be regarded as stable and sustainable.

Zurich, 30 September 2011

Wüest & Partner AG

Reto Stiefel Andreas Ammann


As audit company for collective investment schemes, we have audited the accompanying financial state-ments of the investment fund

Schroder ImmoPLUS

which comprise the statement of net assets and the income statement, the statement on the appro¬priation of available earnings and the disclosu-re of the total costs as well as the supplemental disclosures in accordance with art. 89 para. 1 lit. b–h and art. 90 of the Swiss Collective Investment Schemes Act (CISA) for the year ended 30 September 2011.

Responsibility of the Board of DirectorsThe Board of Directors of the Fund Management Company is responsible for the preparation of the financial statements in accordance with the require-ments of the Swiss Collective Investment Schemes Act, the related ordinances as well as the investment fund agreement and the prospectus. This responsibi-lity includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors of the Fund Management Compa-ny is further responsible for selecting and applying appropriate accounting policies and making accoun-ting estimates that are reasonable in the circumstan-ces.

Responsibility of the audit company for collecti-ve investment schemesOur responsibility is to express an opinion on these financial statements based on our audit. We conduc-ted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

Short form report of the audit company

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the existence and effective-ness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements for the year ended 30 September 2011 comply with the Swiss Collective Investment Schemes Act, the related ordinances as well as the investment fund agreement and the prospectus.

Report on other legal requirementsWe confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and art. 127 CISA as well as on independence (art. 11 AOA) and that there are no circumstances incompa-tible with our independence.

Zurich, 11 November 2011

PricewaterhouseCoopers Ltd

Markus Schmid Xavier FranquetAudit Expert Audit ExpertAuditor in charge


FeesFund management remuneration– Remuneration under the fund contract: max. 1.00% p.a.– Rate actually charged: 0.50% p.a. Reimbursements for institutional investors who financially hold units for third parties are paid from the management commission. Custodian bank remuneration– Remuneration under the fund contract: max. 0.1% p.a.– Rate actually charged: 0.04% p.a.

LegalIGIMO AG, the fund’s property company, is the defendant in three cases, two before the court for landlord and tenant law (Mietgericht) and one before the court of first instance. The cases were launched in Geneva in 2010. In the former two cases, the complainants are seeking to enforce claims for damages in connection with building costs incurred; one of the complaints was suspended in December 2010. The third case is a pending action with a company involved in construction.

Principles for the valuation and calculation of the net asset value Principles for the valuation The finished buildings are valued using the DCF (discounted cash flow) method. Details concerning this method can be found in the valuation report provided by the property valuers. Derivative financial positions (used for interest rate hedging) are valued at fair value. Other assets are recognised on the balance sheet at nominal value or cost value.

Calculation of the net asset value The net asset value per unit is derived from the market value of the fund assets, less any liabilities and any taxes likely to be incurred in the event of fund liquidation, divided by the number of units in circula-tion.

Sales restrictionsFund units may not be acquired or held by or trans-ferred to investors that are domiciled in the USA and/or are nationals of the USA or any of its territories.

Additional information


Organization and management

Management CompanySchroder Investment Management (Switzerland) AGCentral 2P.O. Box 1828 CH-8021 ZurichPhone +41 44 250 11 11Fax +41 44 250 13 12

Board of Directors ChairmanGavin RalstonChairman EMEA & Global Head of Products Schroder plc, London

Vice President Dr. Bruno H. LetschManaging Director (Special projects) Swiss Re, Zurich

Delegate of the board of directors Stephen J. MillsCEO Schroder Investment Management (Switzerland) AG, Zurich

MembersBenno FluryChief Investment OfficerNationale Suisse, Basel

Philipp MallinckrodtGroup Head Private Banking and PropertySchroder plc, London

Heinz Scheiwiller (till 4.3.2011)Deputy Chairman of the Executive Board COO Private Banking Schroder & Co Bank AG, Zurich

John TroianoHead of Global Institutional BusinessSchroder plc, London

Executive BoardCEOStephen J. Mills MembersStefan Frischknecht, Deputy CEO Dirk Spiegel Patrick Stampfli

Custodian BankZürcher Kantonalbank, Zurich

AuditorsPricewaterhouseCoopers AG, Zurich

Accredited valuation expertsAndreas Ammann, architect (ETH/SIA), partner Wüest & Partner AG, ZurichAlbert De Maddalena, architect (HTL degree), BernUrs Gulde, architect (HTL degree), St. Gallen (till 31.12.2010)Piero Nosetti, architect (ETH degree), EmmenbrückeThomas Pfenninger, trustee graduate, Geroldswil

Real estate CompanyIGIMO AG c/o Schroder Investment Management(Switzerland) AGCentral 28001 Zurich IGIMO AG is 100%-owned by Schroder ImmoPLUS.

Schroder Investment Management (Switzerland) AG

Central 2CH-8001 ZurichPhone +41 (0)44 250 11 11

[email protected]

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