As CEO, I have been responsible for the operational and strategic development of Helvetica since November 2025. I am particularly pleased to be accompanying you in 2026, a year in which we will be celebrating our 20th anniversary. I would like to thank you for the trust you have placed in Helvetica and its employees. Open, direct and transparent dialogue with you is a key concern for us.
With "Helvetica Insights", we are establishing an information channel through which we will inform you regularly, compactly and in a structured manner about our most important news. The aim is to give you a clear overview of the development of our property investment vehicles and of Helvetica as a whole.
In the first issue of 2026, we will focus on our products and give you an update on the Helvetica Swiss Commercial Fund (HSC Fund), the Helvetica Swiss Living Fund (HSL Fund) and the "Helvetica Life" investment foundation launched in December 2025 with the "Nachhaltiges Suburbanes Wohnen Schweiz" investment group. The figures for the 2025 financial year for the listed funds HSC Fund and HSL Fund will be published on
19 March 2026.
We hope you enjoy reading this report and look forward to continuing our dialogue with you.
Kind regards
Dominik Fischer
CEO
In the 2025 financial year, both of Helvetica's listed investment vehicles were able to fulfil their strategic objectives despite the challenging market environment. The focus was on stable cash flows, active asset management, selective transactions and consistent progress in decarbonisation. The definitive annual results for 2025 will be published on 19 March 2026.
In addition, the successful launch of the Helvetica Life investment foundation with the "Nachhaltiges Suburbanes Wohnen Schweiz" investment group was an ideal addition to the product portfolio.
Stable income, high cash flow quality and further improved portfolio resilience
The Helvetica Swiss Commercial Fund (ISIN: CH0335507932) can look back on a solid financial year 2025. Thanks to stable rental income, active portfolio and letting management and a further optimised financing structure, the fund has confirmed its position as a high-yield Swiss commercial real estate product (see press release dated 2 December 2025).
Earning power 2025
An investment return of over 6% is expected for the 2025 financial year (see press release dated 2 December 2025), of which over 5% will come from current net income. The targeted distribution of CHF 5.35 per unit is on a par with previous years. At the current market price of CHF 108.60 (as at 16 February 2026), this corresponds to an attractive distribution yield of approx. 4.9%. This underlines the fund's ability to generate stable and attractive cash flows even in a more challenging market environment.
Portfolio development and letting
In the second half of 2025, two fully let, off-market properties were acquired in eastern Switzerland and the Zurich area with a total volume of around CHF 15 million. Both properties have net yields of over 5% and long lease terms and make an above-average contribution to the stability of the portfolio. These acquisitions increase the annual gross rental income by around CHF 1 million. The WAULT of the overall portfolio was increased to over 4.5 years thanks to active management and multi-year contract extensions with major tenants. The vacancy rate at the end of the year (reporting date) was further reduced.
Zuzwil: Acquisition
As of 1 October 2025, the fully let bolt-on property with additional utilisation potential at Industriestrasse 9 in Zuzwil (SG) was acquired, which extends the neighbouring property at Herbergstrasse 11, which is already owned. The production property comprises two floors with a small, compact office wing of around
140 m² and a flexibly usable commercial and logistics hall of around 2 920 m².
Wil: Acquisition
The logistics property at Industriestrasse 23 in Wil (ZH) was acquired on 1 December 2025. The property, consisting of a spacious logistics hall and an adjoining office wing, offers ideal conditions for versatile commercial use in the areas of production, warehousing and logistics. Six docking ramps ensure efficient and smooth goods handling. The building does not have a basement and has room heights of between 3 and 5 metres as well as a floor load of 0.5 to 1 t/m2, which also provides optimum support for more demanding logistics and commercial areas.
Dietikon: New letting
Following the departure of the previous anchor tenant at Rietstrasse 1 in Dietikon (ZH), the 4 500 m² space was seamlessly leased to a Swiss furniture retailer with international brands on the same market-compliant terms as of 1 July 2025. The 15-year contract significantly increases the WAULT. The opening took place on
25 October 2025.
Fribourg: New letting
The office building at Route du Jura 37 in Fribourg currently has a vacancy rate of around 11%. The main tenant with a share of around 40% is UBS, which is scheduled to move out in mid-2026. In recent months, however, the vacant space has been successfully re-let ahead of schedule. The second and third floors as well as storage space and car parking spaces were let to a large Swiss telecommunications company at market conditions. Further space was let to established providers from the fitness and mobility sectors with strong credit ratings. The new rental agreements will come into force at the same time as UBS's departure in mid-2026, meaning that there will be no transitional vacancies. As a result, the vacancy rate will fall from around 11% today to around 7%. Further letting measures are underway for the remaining areas.
Frauenfeld & Villars-sur-Glâne: Re-letting
In Frauenfeld (TG) at Zürcherstrasse 370 and Villars-sur-Glâne (FR) at Route de Villars 103 to 110, the lease agreements for 10 290 m2 with a car dealer were extended early until the end of 2032 on the same terms as part of an energy-related site upgrade. Helvetica is equipping the property with a photovoltaic system, from which the tenant will benefit in future by purchasing electricity at a reduced rate.
Böckten & Oberentfelden: Re-letting
At the Böckten (BL), Rohrmattstrasse 1a and 1b, and Oberentfelden (AG), Industriestrasse 40, the rental agreements with the anchor tenant from the food industry for the 9 000 m² and 7 700 m² of space were renewed on existing terms. The leases were extended until 2036 and 2038 respectively. The installation of heat pumps and photovoltaic systems is planned.
Sustainability
The HSC Fund consistently continued on its CO₂ reduction path in 2025. Photovoltaic systems were realised or expanded in Lyssach, Rümlang and Fribourg, among others. At the same time, the replacement of fossil-fuelled heating systems with heat pumps is progressing according to plan. The combination of photovoltaics and heat pumps forms the central strategy for reducing Scope 1 and Scope 2 emissions to almost zero. Partnership-based solutions with tenants as part of contract extensions are also increasing the economic efficiency and attractiveness of the properties.
Positioning and outlook
With its high earning power, broad diversification across uses and tenants and disciplined financing strategy, the HSC Fund confirms its strong positioning in the Swiss commercial property market. The investment return target of 6% for 2025 is on track and the fund is forecasting a constant distribution (CHF 5.35 per unit) at the level of previous years. The annual results for 2025 will be published on 19 March 2026.
Operational stability, targeted streamlining and basis for the next growth phase
The Helvetica Swiss Living Fund (ISIN: CH0495275668) successfully demonstrated the robustness of its suburban residential portfolio in the 2025 financial year. Thanks to targeted portfolio adjustments, active asset management and a solid financing base, the fund held its own even in a competitive market environment, demonstrating the sustainable quality of its investment approach (see press release dated 2 December 2025).
Operational development 2025
An investment return of over 4% is expected for the 2025 financial year (see press release dated 2 December 2025), of which around 3% will come from stable net income. The targeted distribution of CHF 2.80 per share is at the previous year's level. At the current share price of CHF 105.20 (as at 16 February 2026), this corresponds to a distribution yield of approx. 2.7%. The stability and earning power of the portfolio are based on a consistently high occupancy rate and strong, predictable income. The vacancy rate was reduced further and will reach its lowest level since launch at around 3% at the end of the year (reporting date). This is well below the previous year's figure.
Portfolio optimisation
The portfolio was systematically optimised in the second half of 2025. A residential property in Eastern Switzerland worth around CHF 17 million and two mixed-use properties in Northwestern Switzerland worth around CHF 6 million each were sold at market value. At the same time, attractive residential properties in the canton of Berne and eastern Switzerland were acquired for a total of around CHF 35 million. The net yield of the new acquisitions is above the current portfolio average of 3.1%. This improves the quality of cash flow while reducing future investment requirements. The transactions serve to simplify, stabilise and sustainably align the portfolio.
Pieterlen: Acquisition
The residential property at Ahornweg 12 in Pieterlen (BE) was acquired on 1 October 2025. It comprises 14 modern flats with balconies or garden seating areas in a quiet residential neighbourhood near Pieterlen railway station. Thanks to its central location and good transport links to public transport and the A5 motorway, it offers attractive living space for families and professionals.
Egnach: Acquisition
The residential property at Schäfliplatz 1 to 3 in Egnach (TG) was acquired on 1 November 2025. The property is a modern apartment block built in 2013 with a balanced mix of uses comprising 20 flats, commercial and storage space and a car park. The property is located in a centre zone with good basic services.
Sustainability
In the 2025 financial year, the HSL Fund implemented targeted energy optimisation measures. In Wattwil (SG), photovoltaic systems were installed on five properties and the heating systems were converted to air-to-water heat pumps, which led to an improvement in the GEAK rating from D to B. In addition, two photovoltaic systems with a total output of around 61 kWp were realised in Pratteln (BL).
The measures are part of the long-term strategy to improve the energy efficiency of the portfolio and sustainably reduce the carbon footprint; tenants also benefit from up to 20% lower electricity costs compared to the public grid.
Positioning and outlook
The HSL Fund thus confirms its strong positioning in the suburban residential property segment with a focus on affordable housing for families and multi-person households. The combination of stable cash flows, active value creation in the portfolio and a disciplined financing strategy forms a solid basis for further growth, sustainably reduced risks and attractive distributions.
In the next phase, in addition to selective growth, the fund will increasingly focus on implementing attractive investments in the portfolio in order to realise existing potential for value creation, increase income and continue to keep risks low. The 2025 annual results will be published on 19 March 2026.
Successful initial issue and development of a sustainable residential portfolio
The initial issue of the "Nachhaltiges Suburbanes Wohnen Schweiz" investment group was successfully completed in mid-December 2025 (see press release dated 16 December 2025). A total of eleven Swiss pension funds participated with capital commitments totalling around CHF 98 million, significantly exceeding the targeted minimum volume. The Helvetica Life Investment Foundation investment group remains open for subscriptions.
Focus on sustainable suburban living
The committed capital will be used to gradually build up a diversified initial portfolio. The investment focus is on sustainable existing properties, properties with targeted refurbishment potential and selected development projects in well-developed suburban regions with stable residential demand. The investment group is geared towards the long term and focusses on predictable, current income. The target allocation of the portfolio after the build-up phase consists of 70% sustainable existing properties (GEAK A-C) and 30% refurbishment properties (GEAK D-G) and projects.
Governance and management
Portfolio management and the management of the investment group are carried out by the FINMA-regulated fund management company Helvetica Property Investors, based on clearly defined investment guidelines. With 20 years of experience in the Swiss real estate market and around 30 specialised real estate experts, Helvetica has proven expertise in the selection, development and management of residential properties in suburban locations.
Attractive addition for pension funds
The "Nachhaltiges Suburbanes Wohnen Schweiz" investment group is an attractive addition for pension funds wishing to diversify their property portfolio beyond core urban locations. The broad participation in the initial issue emphasises the relevance of this approach in the current market environment.
More information
We would be happy to explain the investment group, the investment strategy and the structure of the portfolio in detail in a personal meeting:
| 19 March 2026 | Publication of the Annual Report 2025 of the HSC Fund and HSL Fund |
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| 22 April 2026 | Ex-date dividend distribution from the HSC Fund and HSL Fund |
| 24 April 2026 | Value date dividend distribution from the HSC Fund and HSL Fund |
| 10 June 2026 to 11 June 2026 | 2nd Pillar Trade Fair and Pension Symposium in Zurich, Messe Zurich (Halls 3 and 4, Stand 118) |
CIO and Member of the Executive Board
Following the appointment of Dominik Fischer as CEO, Dirk Adriaenssen took over the role of Chief Investment Officer in November 2025 and has since been responsible for all strategic and operational property activities from investment and portfolio to ESG and property management.
As a Swiss property expert, the entire Helvetica team will guide you through all phases of the property investment cycle with its in-depth understanding of the market and many years of experience. Around 30 proven experts cover the entire property investment value chain.
