AXA Real Estate Fund Switzerland: Successful Fiscal Year 2024/2025

The AXA Real Estate Fund Switzerland looks back on a pleasing fiscal year. The investment return achieved from October 2024 to the end of September 2025 amounts to 5.14 percent, exceeding the KGAST benchmark by 26 basis points during the same period*. This result enables an attractive distribution of CHF 31.00 per share. The broadly diversified fund has an investment portfolio with a market value of CHF 5.09 billion. With total net fund assets of CHF 4.35 billion as of 30 September 2025, the leading position of the AXA Real Estate Fund Switzerland as the largest NAV-based real estate fund for pension institutions in Switzerland has been consolidated.

Targeted further optimization of portfolio quality

The AXA Real Estate Fund Switzerland focuses on residential properties throughout Switzerland. These account for 60.5 percent of the total portfolio. This is complemented by prime-located commercial properties, primarily office uses, which make up about 30.8 percent of the total assets. A further eight percent of the portfolio is invested in mixed-use properties.

The portfolio quality was purposefully optimized in the fiscal year 2024/2025 through inner-city acquisitions and the sale of two non-strategic commercial properties. The acquisitions include two residential developments in Münchenstein (BL) and Egg (ZH), as well as the rounding off of a commercial share of a standing property in the city of Zurich and rounding offs of residential properties in Uster (ZH). The total value of the acquisitions is CHF 106.29 million. Additionally, two commercial properties in St. Gallen and Geneva were sold.

The fund also shows success in the rental of its properties as of 30 September 2025. The newly built residential property 'Reussinsel' in Lucerne, with 64 apartments, has been fully rented out since 1 April 2025. In the heritage-protected property at Tödistrasse 7 in Zurich, which was completely renovated in 2024, various long-term office leases were signed at current market price levels. In the attractive Geneva UNO district, the commercial property at Avenue de la Paix 1-7 is undergoing a comprehensive energy refurbishment.

This measure has resulted in the renewal of the lease agreement with an international foundation. Additionally, new tenants with an international background were also acquired for these spaces. At Speichergasse 6 in Bern, the lease with the building's main tenant was extended until 2048.

These successes form the basis for stable income and sustainable value development of the portfolio. The increase in earnings power as well as the resilience of the fund enable a stable investment and distribution return for investors.

Four stars in the Global Real Estate Sustainability Benchmark (GRESB)

The AXA Real Estate Fund Switzerland follows a clearly defined ESG integration and climate alignment approach with the goal of decarbonizing the real estate portfolio by 2050. The continuous modernization of existing properties contributes to meeting the required claim of a sustainable portfolio. Thanks to its careful sustainability strategy, the fund improved its scoring to 89 points in the reporting year and was awarded four out of a possible five stars in the 'Standing Investment' category by the Global Real Estate Sustainability Benchmark (GRESB) in October 2025.

Outlook

The fund management plans to strategically expand the portfolio and enhance it with quality residential, mixed-use, and commercial real estate. The focus is on investments in economically strong regions and further reduction of CO2 emissions.

*KGAST Immo-Index Mixed

Media contact: Nicole Horbelt, Head of Media Relations

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