acron helvetia vii verkaufsbroschuere englisch

8/9/2019 ACRON HELVETIA VII Verkaufsbroschuere Englisch

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Z Ü R I C H D Ü S S E L D O R F D A L L A S T U L S A

ACRON HELVETIA VII IMMOBILIEN AG

BUILDING WEALTH


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ACRON HELVETIA VII IMMOBILIEN AG

OFFICE REAL ESTATE PORTIKONTHURGAUERSTRASSE 130, 8152 GLATTPARK

ZURICH-OPFIKON, SWITZERLAND


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P R E F A C E | 3

Dear Reader,

Protable real estate in a good location is essential as a component of a sound and viable assetstructure. It is also possible to secure a bit of Switzerland with such an investment, an opportunity

that must be seized today. On that note, we are pleased to present to you with this investment

ACRON HELVETIA VII Immobilien AG.

The investment company invests in an economically strong location with an enormous growth

potential. With the concept of this investment and the acquisition of the oce real estate Portikon,

which has the Minergie-P® certication in Glattpark in the economic area of Zurich, ACRON HELVETIA VII

Immobilien AG meets all the requirements of a successful capital investment. The property was

completed in the fall of 2009, and has already been fully leased, for example, to the pharmaceutical

groups Nycomed International Management GmbH and Baxter Healthcare S.A. It is currently thelargest property in Switzerland in accordance with the Minergie-P® standard. Investors of ACRON

HELVETIA VII receive a distribution of, initially, 6.25 percent p.a., which then rises to 6.50 percent p.a.

In the construction of the property, the project developer HOCHTIEF Development Schweiz AG used

alternative sources of energy, and thus realized savings. The investment property was built in a

resource-saving manner and will consume over its lifetime signicantly fewer primary resources

and/or produce lower energy costs than comparable oce properties. Thus, in the construction

process synergies were achieved, which will benet both the tenants through lower energy costs

and the environment through decreasing emissions. At the same time the quality and eciency of

the property was increased, which contributes to maintaining and increasing the value of the projectfor investors.

With the proven concept of ACRON HELVETIA VII we oer potential investors another traditional, safe

and transparent investment product. Arguments such as widest possible protection against Ination,

regular income and good and long-term performance potential are characteristic of this investment.

In Addition, we can share with you our expertise in the real estate sector and our experience of 28

years. Being a family company, our long-term focus is on success - unlike companies that are run by

managers and whose executives may often change. Built in 1981, we are continuing on responsibly

and persistently. We had already initiated 22 U.S. investments by the time we prepared our rst Swiss

investment. This present investment opportunity represents our seventh opportunity to invest in theSwiss real estate market.

We thank you for your interest.

Zurich, June 30, 2010

Klaus W. Bender Kai BenderDelegate of the Board of Directors Managing Director


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C O N T E N T S | 5

Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Information on those responsible for the prospectus 4

The offer - an overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Your partner ACRON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Transparency in indirect real estate

investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Investment concept of the

ACRON HELVETIA series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Track Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Switzerland as a place for investments . . . . . . . . . . . . . . . 2 2

Macro location – Metropolitan area of Zurich . . . . 2 6

Micro location – Glattpark,

Zurich-Opfikon, Zurich . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

The property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0

Nycomed International Management GmbH . . . . . 4 2

Baxter Healthcare S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Restaurant Graf Z . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5

HOCHTIEF Facility Management Swiss AG . . . . . . . 4 6

HOCHTIEF Development Schweiz AG . . . . . . . . . . . . . 4 6

Liquidi ty forecast including notes . . . . . . . . . . . . . . . . . . . . . . . 48

Financial and investment plan . . . . . . . . . . . . . . . . . . . . . . . 4 8

Liquidity Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Notes on the forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6

Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0

Fiscal aspects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Contractual and legal aspects . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Contractual partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Articles of incorporation/association and bylaws

of ACRON HELVETIA VII Immobil ien AG .. . . . . . . . . . . . . 73

Global certi ficate of share capital . . . . . . . . . . . . . . . . . . . . . . . 78

Guidelines for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

CONTENTS


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SUBJECT OF THE PARTICIPATION

The investor participates as a shareholder of ACRON HELVETIA VII Immobilien AG (hereinafter also ACRON

HELVETIA VII), domiciled in Zurich, Switzerland. The share capital of the investment company amounts to

a total of CHF 55,000,000. The total investment amounts to CHF 142,000,000. This investment involvesthe exibly designed oce real estate Portikon, which is also certied according to the energy standard

Minergie-P® (comparable to the LEED Gold standard). It was completed on September 9, 2009, and is

fully leased.

Portikon is located in Glattpark, Zurich-Opkon, between Zurich airport and Zurich downtown. The invest-

ment company ACRON HELVETIA VII acquired the property presented here through the purchase of the

property company Portikon AG on September 30, 2009, from HOCHTIEF Projektentwicklung GmbH, Essen,

Germany, for a price of CHF 127 million.

Set up as a closed property investment, ACRON oers qualied investors pursuant to CISA shares inACRON HELVETIA VII for sale as investment shares as part of this private placement oering (qualied

investor fund). ACRON acts as asset manager of the property and managing director of the company. The

project partner HOCHTIEF Facility Management Swiss AG is responsible for facility management. The

investor will receive the income generated from his investment by means of a combined distribution of

the par value reduction and payout of a dividend per share.

THE OFFER -

AN OVERVIEW

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PROPERTY DATA

The investment property is an oce property in Glattpark in Zurich-Opkon. The property was built on a

site area of approximately 71,278.62 square feet. The rentable area is about 202,374.65 square feet,

which has already been fully leased to the pharmaceutical companies Nycomed International ManagementGmbH (hereinafter also Nycomed) and Baxter Healthcare S.A. (hereinafter also Baxter) as well as, to a

lesser extent, to the restaurant operator Graf Z, HOCHTIEF Facility Management Swiss AG (hereinafter

also HTFM) and HOCHTIEF Development Schweiz AG.

Real estate Company ACRON HELVETIA VII Immobilien AG

Registered oce c/o ACRON AG, Stockerstrasse 8, 8002 Zurich, Switzerland

Seller HOCHTIEF Projektentwicklung GmbH, 45133 Essen, Germany

Type of property Oce property

Property address Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opkon, Switzerland

Year built 2009Land area 6,622 square meters (71,278.62 square feet)

Total rentable area Total area of 18,801.22 square meters (202,374.65 square feet)

of which – primary rentable area 14,612.70 square meters (incl. 521.81 sqm restaurant)

– outer surface 656.30 square meters (incl. 206.70 sqm restaurant)

– community area 2,180.21 square meters (incl. lobby)

– storage/basement area 1,351.91 square meters

Parking spaces 144 in parking garage

Energy standard Minergie-P® (Green Building)

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Tenant Nycomed International Management GmbH (44.72%)

The company Nycomed International Management GmbH is a global player in

the pharmaceutical industry, 28th in the world. With approximately 12,000 em-

ployees in 50 markets worldwide, the company is the 15th largest manufacturer

of over-the-counter products. Nycomed concentrates on the purchase of

licenses and the production and distribution of drugs. Moreover, it supplies

Hospitals, specialists and general practitioners with specialist products andprovides a comprehensive range of OTC products in select markets. The group‘s

products are available in over 100 countries around the world.

Contract period 10 years plus 2 options at 5 years each; special termination right as of Decem-

ber 31, 2014, with a walk-away penalty in the amount of a full-year net lease.

Rent The annual rent is net CHF 3,434,780.

Utilities Triple-Net contract

Indexing 100 percent according to the Swiss national index of consumer prices.

Tenant Baxter Healthcare SA (45.94%)

The company is engaged in the manufacture and trade of medical devices andpharmaceutical products. In 2009, the company employed 140 people in Switzer-

land. For the purpose of expansion, Baxter set up its headquarters on the property

presented herein and expects to employ 220 – 230 people on site. Its parent

company is Baxter Healthcare Corporation, based in Deereld, Illinois, U.S. The

group of companies is active worldwide in over 110 countries and employs about

48,000 people in total. The investment property Portikon will serve as its

European headquar ters.

Contract period 10 years plus two options, each ve years.

Rent The annual rent is net CHF 3,950,795.

Utilities Triple-Net contractIndexing 100 percent according to the Swiss national index of consumer prices.


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Tenant Graf Z AG (5.35%)

The company manages a restaurant. On the Portikon property, the tenant

guarantees service primarily during oce hours. The tenants on site have agreed,

by contract, to use the restaurant for the catering of conferences, meetings and

kitchenettes.

Contract period 10 years plus two options, each ve years.

Rent The annual rent is net CHF 161,398 plus turnover-rent component.



Tenant HOCHTIEF Facility Management Swiss AG (0.85%)

The company is part of the international network of specialists of HOCHTIEF. The

group covers with its services the entire value chain of the real estate in the areas

of development, construction, service as well as concession and operation.

Contract period 4 years

Rent The annual rent is net CHF 53,841.



Tenant HOCHTIEF Deelopment Schweiz AG (3.15%)HOCHTIEF Projektentwicklung has set up its own regional company in Switzerland:

HOCHTIEF Development Schweiz AG. It is active in the product market segments

oce real estate, retail and hotels. The location of the new company is Zurich.

From here, it plans to develop operative business in the German-speaking part of

Switzerland at rst. HOCHTIEF Projektentwicklung is the leading inner-city de-

veloper in Germany. The rst project realized by HOCHTIEF Development Schweiz

was the „Portikon“ in Zurich-Opkon.

Contract period 8 years

Rent The annual rent is net CHF 243,512.

Utilities Triple-Net contractIndexing 100 percent according to the Swiss national index of consumer prices.


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INVESTMENT DATA / USE OF ISSUE PROCEEDS

Share capital CHF 55,000,000 38.7%of which share capital investors CHF 54,900,000

of which share capital ACRON AG CHF 100,000

Borrowed capital CHF 87,000,000 61.3%Total nancing CHF 142,000,000 100.0%

Gross purchase price incl. resere CHF 135,045,000 95.1%plus incidental investment costs CHF 6,955,000 4.9%

Total inestment CHF 142,000,000 100.0%

Further details regarding use of issue proceeds can be found in the chapter „Financing and investment plan“.

PROPERTY ASSESSMENT / APPRAISAL

As part of the acquisition of the investment property by ACRON HELVETIA VII, ACRON AG commissioned

in July 2009 the renowned real estate consulting rm Wuest & Partner, Zurich, with the valuation of the

property. It is an assessment of the fully-leased property showing, as of January 1, 2010 (valuation date),

a value of CHF 130,030,000.

DISTRIBUTION

Shares entitle shareholders to a pro-rated share in the expected distributions of the company. Between

2010 and 2013, they are expected to amount to 6.25 percent p.a. in relation to the issue price of the

shares and then rise to 6.50 percent p.a. from 2014. Distributions are not guaranteed, but dependent on

the business performance of the company. The company will issue distributions for the rst time on

August 31, 2010. Until at least 2024 the distributions will be tax-exempt for investors. Earliest from 2024,

the distributions will consist in part of the payment of a dividend (taxable).

RETURN ACCORDING TO THE INTERNAL RATE OF RETURN METHOD (IRR)

The investment in ACRON HELVETIA VII is expected to yield a return (internal rate of return) of 8.7 percentp.a. before taxes.

ISSUE PRICE / PAYOUT

The issue price is CHF 100 per share. All shares are fully paid up.

MINIMUM INVESTMENT

The minimum amount subscribed for an investment in ACRON HELVETIA VII is 1,000 shares,

i.e., CHF 100,000.


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SECURITY CODE / ISIN

Security code 4981363 / ISIN CH 0049813634

DELIVERY/LISTING ON THE BERNE STOCK EXCHANGE. THE BX BERNE EXCHANGE

Once the share capital released for distribution in the amount of CHF 54,900,000 has been placed, the

shares will be registered to the securities portfolios of the investors. Further plans of management provide

for opening the shares of ACRON HELVETIA VII to the public following registration and, thus, also to non-qualied investors as well as for listing them on the BX Berne eXchange.

TRANSPARENCY

The investor will be kept fully informed about his investment by means of a 15-year distribution forecast,

the revenue and expenses of the investment company contained therein, detailed accounts of all contracts

concerning the investment, etc. The investor is thus able to make investment decisions based on

transparent information.

RISKS

In particular, the investment is subject to the typical risks associated with the leasing, maintenance andsale of real estate. Potential investors are requested to read, in particular, the comments under the

heading „Risks“ carefully.

SELLING RESTRICTIONS

The shares of ACRON HELVETIA VII are not authorized for public subscription and are only oered to

„qualied investors“ in Switzerland and Germany, pursuant to CISA (in particular section 10. paragraph 3

CISA). For this reason, ACRON HELVETIA VII is not a SICAF as dened in CISA and is, therefore, not

subject to FINMA oversight pursuant to CISA. It is intended to issue a share of no more than 45 percent

of the nominal share value and/or voting rights to investors in Germany who are fully taxable. The term

„qualied investor“ includes, for example, wealthy private individuals who conrm in writing that theyhave direct or indirect nancial holdings of at least CHF 2 million net at the time of the acquisition. The

investor therefore certies to the Partnership that it is an accredited investor under applicable laws

including the laws of the United States of America.


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This private prospectus is not a prospectus pursuant to section 652a of the Swiss Law of Obligations

(OR) or a prospectus of listing particulars under section 32 of the Stock Exchange Listing Regulation of

the SWX Swiss Exchange and therefore does not meet the standards of information contained therein.

HIGHLIGHTS OF THE INVESTMENT

Property quality: Portikon is today the largest property in Switzerland certied according to the

Minergie-P® standard (similar to LEED gold certication).

Tenant: Mix of reputable tenants with two companies as main tenants with a strong credit rating.

Investment designed for international investors.

Closed property investment in the legal form of a Swiss Aktiengesellschaft (company limited by

shares or stock corporation).

Tax optimization: Largely tax-free distributions thanks to ACRON investment concept.

Dividend return in the rst years (until 2024) is tax-free.

Investors of ACRON HELVETIA VII receive a distribution of, initially, 6.25 percent p.a., which then

rises to 6.50 percent p.a.

Stock-exchange listing following placement: The shares of ACRON HELVETIA VII are to be open to

the public following placement of all shares and, thus, also to non-qualied investors as well as to

be listed on the BX Berne eXchange.

An investment that is 100 percent transparent: This way, transparency of the investment property

is maintained, including all the pertinent valuation criteria such as lease and purchase agreements,

property valuation, other valuation factors and nancing loans.

No liability of the investor.

ACRON, as Manager, is responsible for fully protecting the interests of the shareholders:

Administration of the investment company by carrying out the tasks of management; facility-

management controlling, responsibility for renewal of lease agreements as well as for asset

management. The xed investment parameters can be changed only by the Shareholders‘ Meeting

by a qualied majority.

ACRON as a second-generation family business:

Kai Bender, CEO of ACRON AG, Zurich, Switzerland,

Peer Bender with Oliver Weinrich, management of ACRON GmbH, Düsseldorf, Germany,

Long-term leadership situation without frequent changes in leadership.

Monitoring the application of funds: German bank.


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ATTRACTIVE DESIGN – WELL DEFINED STRUCTURES



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As initiator of indirect real estate investments, the ACRON Group has been active in private capital

investments for almost 30 years. The company has been domiciled in Switzerland for over 20 years, and

since then it has realized eight real-estate investments in Switzerland. The Swiss parent company

ACRON AG has subsidiaries in Germany and in the southwest of the United States. Klaus W. Benderfounded the company in 1981 and is Delegate of the Board of Directors of ACRON AG, while Kai Bender

was appointed Managing Director in 2009. Peer Bender and Oliver Weinrich manage the aairs of ACRON

in Düsseldorf. With its total of 40 employees, ACRON takes care of all the tasks and responsibilities

relating to the concept and realization of real estate projects, including property and investment

Management, as well as managing the various real-estate investment companies in Switzerland and the

U.S. This allows for quick responses to trends and developments in the investment markets as well as

signicantly reduced owner‘s costs. With this present Investment, the Swiss portfolio now numbers nine

companies, which, taken together, comprise a market value of CHF 467 (US-$ 405) million. Together with

the 32 investment companies in the United States, the transaction volume realized so far by ACRON

amounts to CHF 743 (US-$ 611) Million.

The core of each ACRON investment is the real estate asset value. Accordingly, the company handles

investments in properties already acquired by the investment company. For each newly acquired property,

a company is set up. The investments are tailored to the requirements of sophisticated Investors, and

provide ongoing transparency. Three Swiss investment companies are already listed on the Berne stock

market BX Berne eXchange, and more will follow.

YOUR PARTNER

ACRON

14 | Y O U R P A R T N E R A C R O N

ACRON HELVETIA I

Büro- & Logistikimmobilie,

Waser, Buchs

SaanenLausanne

Genf

Zermatt

Como

St. Moritz

Glarus

Näfels

Bern

Solothurn

Luzern

Zürich

Basel

ACRON HELVETIA IV

Radisson Blu Hotel, Zürich Flughafen

(veräussert 2009)

ACRON HELVETIA I

Riedpark, Neerach

(veräussert 2006/2007)

ACRON HELVETIA I

Bürogebäude Südpark Zuchwilerstrasse,

Solothurn

ACRON HELVETIA V

Fiege Logistik- und Büroliegenschaften,

Münchenstein

ACRON HELVETIA III

Büroimmobilie T-Systems, Bern

ACRON HELVETIA II

Viersternehotel Steigenberger, Gstaad-Saanen

ACRON HELVETIA VI

Büro- & Logistikimmobilie

Andreas Messerli AG, Wetzikon

ACRON HELVETIA IX

Fachmarktzentrum Näfels,

Näfels

ACRON HELVETIA VII

Büroimmobilie Portikon,

Zürich-Opfikon

ACRON HELVETIA I

LSG Skychefs, Rümlang

(veräussert 2008)


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ACRON‘S SWITZERLAND PORTFOLIO

Following ACRON‘s successful establishment in the southwest of the United States, and 22 initiated US

investments, ACRON created the rst Swiss investment project in 2000, ACRON HELVETIA I Immobilien

Aktiengesellschaft. This one consists of a portfolio mix of two dierent properties and currently holds the

oce and logistics property in Waser in Buchs, Zurich, as well as the oce property Südpark in Solothurn.ACRON HELVETIA II Immobilien AG holds as investment property the four-star Hotel Steigenberger Gstaad-

Saanen, which is run by the Steigenberger Hotels AG, Thalwil. In the tourist region of the Berner Oberland

(Bernese Highlands), it is one of the leading hotels and also plays a signicant role in the seg ment of

seminar hotels. The lease agreement with Steigenberger was entered into for a period of 25 years to 2030.

The investment property of ACRON HELVETIA III Immobilien AG is an oce building in Bern-Zollikofen.

The property has been leased, until 2018, to T-Systems Schweiz AG, a wholly owned subsidiary of German

Telekom. ACRON HELVETIA IV was founded in the spring of 2006. It was renamed to ACRON L&R

Immobilien AG following the complete subscription for shares by the British investor London & Regional

Properties. In 2006 it invested in the Congress Center at Zurich Airport, which was still under construction

at the time. As Radisson SAS Hotel (now Radisson Blu), Zurich Airport, it opened as planned in August 2008.ACRON HELVETIA VI Immobilien AG acquired on March 6, 2009, the oce and logistics property in

Wetzikon, Zurich, that is occupied by and leased to Andreas Messerli AG until February 2029. Furthermore,

in December 2009 ACRON HELVETIA V acquired a logistics property in the economic region of Basel and

leased it completely to the logistics company „Fiege Logistik (Schweiz) AG“. In the same month ACRON

HELVETIA IX also acquired a retail park in Näfels in the canton of Glarus, leased to a number of reputable

tenants. With the exception of ACRON L&R, whose management is handled by ACRON, ACRON is involved

in all investments as a founding shareholder with a capital of CHF 100,000.

Y O U R P A R T N E R A C R O N | 15


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16 | Y O U R P A R T N E R A C R O N

Release: January 1, 2010

ACRON AG, Zurich

Share capital: CHF 1,384,000

Real Estate AGs (Switzerland) US L.P.s

ACRON HELVETIA IImmobilien AG

ACRONBoston Place L.P.

ACRON HELVETIA IIIImmobilien AG

ACRONShiloh Square L.P.

ACRON HELVETIA VImmobilien AG

ACRON16 Centre Plaza L.P.

ACRON HELVETIA VIIImmobilien AG

ACRONKings Park L.P.

ACRONValley Centre L.P.

ACRONReserve at Westchase L.P.

ACRONStonebriar Commons L.P.

ACRON HELVETIA IXImmobilien AG

ACRON HELVETIA IIImmobilien AG

ACRON2500 Penn L.P.

ACRON HELVETIA IVImmobilien AG

ACRON21 Lewis Plaza L.P.

ACRON HELVETIA VIImmobilien AG

ACRONOne Summerside Place L.P.

ACRON HELVETIA VIIIImmobilien AG

ACRONPreston North L.P.

ACRONParkway Commons L.P.

ACRONTriad I L.P.

ACRON GmbH, Dusseldorf Share capital: CHF 759,258

ACRON US Holding Corp., Tulsa/OKEquity: CHF 489,694

ACRON U.S. Management. Inc., Tulsa/OK, Dallas/TX, Houston/TX

ACRON (USA) L.P., Tulsa/OK, Dallas/TX

100 % 100 %

100 %

99 %

1 %

(Management)


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* Equity capital has been provided by means of a subordinated investor loan.

THE RESULTS OF THE ACRON HELVETIA SERIES SO FAR

ACRON HELVETIA II

Y O U R P A R T N E R A C R O N | 17

Company Investment Property

Investmentvolumein CHF

Dividends,accumulated untilend of 2009, in %

Target Actual

Dividendsaveragein % p.a.

ACRON HELVETIA IImmobilien AG (2000)

Oce-/Logistics Property,Buchs, Zurich

Oce building Südpark, Solothurn,

Solothurn

34,259,445 57.30 52.30 5.81

ACRON HELVETIA IIImmobilien AG (2005)

4* Hotel Steigenberger,Gstaad-Saanen, Berne

28,200,000 30.00 30.00 6.00

ACRON HELVETIA IIIImmobilien AG (2005)

Oce building T-Systems,Münchenbuchsee, Bern-Zollikofen,Berne

27,200,000 25.00 22.25 5.56

ACRON HELVETIA IVImmobilien AG* (2006/2009)

Radisson Blu Hotel,Airport Zurich, Zurich

154,350,000 Sold 18.72 (IRR)

ACRON HELVETIA V

Immobilien AG (2010)

Oce-/Logistics Properties Fiege,

Münchenstein, Basel-Landschaft 27,100,000

Forecast2010

6.75

FirstdistributionAugust 2011

Forecast for15 years

6.92

ACRON HELVETIA VIImmobilien AG (2009)

Oce-/Logistics Property Messerli,Wetzikon, Zurich

18,800,000 6.506.53

(in August2010)

6.53

ACRON HELVETIA VIIImmobilien AG (2009)

Oce Property Portikon,Glattpark, Zurich-Opkon, Zurich

142,000,000 6.256.29

(in August2010)

6.29

ACRON HELVETIA VIIIImmobilien AG (2010)

Currently at Purchase phase

ACRON HELVETIA IXImmobilien AG (2010)

Retail Park Näfels,Näfels, Glarus

35,000,000Forecast

2010

6.50

FirstdistributionAugust 2011

Forecast for15 years

6.67


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1 8 | T R A N S P A R E N C Y

TRANSPARENCY IN INDIRECT REAL ESTATE

INVESTMENTS

As a result of the expansion of the capital investment market and the wider choice of products for direct

and indirect investment opportunities, institutional and private investors are called upon to select their

investments based on their personal objectives. Indirect investments, for example, are open-ended property

funds, closed Investments, shares in property companies and investment foundations. In view of suchdiversity in investment opportunities, investors should primarily focus on strong diversication, thus

spreading the risk.

Traditional investment products are less enticing when compared to, say, opportunity funds in terms of

return; the expected risk potential, however, is much lower, which makes such products all the more

attractive. Similarly, indirect property investments may include a variety of very dierent risk-return proles.

With some indirect investments it must be noted that investors are inadequately informed about the

actual contents of investments and, thus, about the corresponding risk. Criteria such as location or type of

use of the investment property cannot be assessed by the investor due to the concept-specic, temporary

exchange of investment properties on the part of the investment company.

By contrast, indirect investments such as those of the ACRON HELVETIA series, are transparent and can

be assessed with respect to investment content and the resulting risk for the entire term of the investment.Once the investors have joined, the property inventory of a corresponding risk situation can and will be

Direct / self

(investor purchasesown properties)

REAL ESTATE INVESTMENTS

INDIRECT /

ACRON HELVETIA-INVESTMENT(outsourced Management. Investor in-

vests in respective real estate company)

PRIVATE PLACEMENT

Qualied Investor Fund – QIF ACRON HELVETIA IV

(ACRON L&R) Immobilien AG

ACRON HELVETIA VImmobilien AG

ACRON HELVETIA VI

Immobilien AG

ACRON HELVETIA VIIImmobilien AG

PUBLIC PLACEMENT

Exchange Quotation ACRON HELVETIA I

Immobilien AG

ACRON HELVETIA IIImmobilien AG

ACRON HELVETIA III

Immobilien AG

MIXED FORMS

(enterpreneurially-minded Investments.NOT real estate Investments in the true

sense)


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I N V E S T M E N T C O N C E P T | 19

changed by the company only after consulting the investors and only with the approval of a majority of

them. It is clear, therefore, that the investor has taken a reliable investment decision for the medium to long

term, which will have to be diversied. After all, with each Investment, the investor participates in a property

selected by him. It is recommended that the investment capital be spread among further alternative

investment opportunities. Transparency, however, must be maintained in order to be able to respond to

dierent trends in dierent ways. The more investments in dissimilar properties there are (location, type of

use, lease constellation), the lower the risk.

INVESTMENT CONCEPT OF THE ACRON HELVETIA SERIES

After assessing a property and deciding to purchase it, ACRON sets up a HELVETIA investment company

as a company limited by shares (Aktiengesellschaft) that subsequently acquires the property in question

and holds it as its only asset. Investors are invited to participate in the share capital. They do so by sharing

in the combination of par value reduction and dividend payout resulting from the management of the real

property. Since the assets with the specic property as the sole investment content are dened in precise

terms, the risk of the investment company is also known precisely. After the company has been set up, the

shareholder knows the risk prole from the start. It is disclosed and transparent from the very beginning

and will not be changed during the term of the shareholder‘s participation or the life of the company.

ACRON runs the investment company by taking over management. It acts according to the bylaws on

behalf of the investors and will not change, as in this present case of a private placement or qualied

investor fund, any known investment parameters without informing the investor and seeking his consent

rst. This way, transparency of the investment property is maintained, including all the pertinent valuation

criteria such as lease and purchase agreements, property valuations, other valuation factors and nancing

loans.

Quick Facts inestment concept• Investment for investors in Switzerland and other countries

• Closed property investment in the legal form of a Swiss Aktiengesellschaft

(company limited by shares)

• Distribution attractive from a tax perspective: The shareholder receives a

combination of par value reduction and dividend payout

• No liability on the part of the investor

• Tax optimization: Largely tax-free distributions thanks to ACRON investment concept

• Monitoring the application of funds: Provided by German nancial institution

• 100 percent transparency of the investment


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20 | T R A C K R E C O R D

1) The investment company ACRON HELVETIA I Immobilien AG was founded in 2000. The real-estate propertiesheld by the company at that time were sold in 2006 and 2008, respectively. The properties currently held wereacquired in 2007 and 2008, respectively.

TRACK RECORDIn the past nearly 30 years, ACRON has planned and implemented over 40 real-estate

investments. The track record illustrated in tabular form includes all holdings from 1997.

Property company/Property (sold)

ACRON Daytona L.P. Supermarket in Daytona, FL

ACRON Lawrence L.P. Supermarket in Lawrence, KS

ACRON USA FONDS WINN DIX IE L .P. Supermarket in Myrtle Beach, SC

ACRON USA FONDS Giant/Elmcrest L.P.Supermarket in Philadelphia, PA;Oce building in Tulsa, OK

ACRON Harvard Garden L.P. Oce building in Tulsa, OK

ACRON 21 Centre Park L.P. Oce complex in Tulsa, OK

ACRON Elmcrest (II) L.P. Oce building in Tulsa, OK

Property company/Property (currently under management)

ACRON Boston Place L.P. Oce building in Tulsa, OK

ACRON USA FONDS 2500 PENN L.P. Supermarket in Oklahoma-City, OK

ACRON USA FONDS SHILOH SQUARE L.P. Shoppingcenter in Dallas, TX

ACRON 21 Lewis Plaza L.P. Oce building in Tulsa, OK

ACRON 16 Centre Plaza L.P. Oce building in Tulsa, OK

ACRON One Summerside Place L.P. Oce building in Dallas, TX

ACRON Kings Park L.P. Oce building in Dallas, TX

ACRON Preston North L.P. Oce building in Dallas, TX

ACRON Valley Centre L.P. Oce building in Dallas, TX

ACRON Parkway Commons L.P. Oce building in Dallas, TX

ACRON Triad I L.P. Oce building in Tulsa, OK

ACRON Reser ve at Westchase L.P. Oce building in Houston, TX

ACRON Stonebriar Commons L.P. Development Property-Mix in Dallas, TX

Property company/Property (currently under management)

ACRON HELVETIA I Immobilien AGOce Center Waser in Buchs, ZH;Oce building Südpark in Solothurn, SO

ACRON HELVETIA II Immobilien AG Hotel in Gstaad-Saanen, BE

ACRON HELVETIA III Immobilien AG Oce building in Bern-Zollikofen, BE

ACRON HELVETIA IV2) Immobil ien AG Oce-, Hotel and Conference Center at Airport-Zurich, ZH

ACRON HELVETIA V Immobilien AG Oce-/Logistic buildings Fiege in Münchenstein, BL

ACRON HELVETIA VI Immobil ien AG Oce-/Logistic building in Wetzikon, ZH

ACRON HELVETIA VII Immobil ien AG Oce building Portikon at Glattpark in Zurich-Opkon, ZH

ACRON HELVETIA V II I Immobil ien AG Currently at Purchase phase

ACRON HELVETIA IX Immobilien AG Retail Park in Näfels, GL

Radisson Blu Hotel, Airport Zurich

****Steigenberger Hotel, Gstaad-Saanen

Oce building Kings Park, Dallas

Oce building Portikon, Zurich-Opkon

Oce-/Logistics building Messerli, Wetzikon


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T R A C K R E C O R D | 21

Twelve U.S. properties (mainly supermarkets) were acquired by ACRON in the years 1988 to

1996. They achieved for the then-investors an average distribution yield of 10 percent p.a. Since

the success of those investments is not suitable for assessing today‘s management performance,

however, only the investments initiated since 1997 will be explained in greater detail herein.

Purchase SaleHolding period

in yearsEquityin US-$

Purchase volumenet in US-$

Sales volumenet in US-$

1997 2006 9 940,000 2,365,000 3,250,000

1997 2008 11 1,597,000 4,182,918 5,500,000

1997 2006 9 1,010,000 1,807,000 1,475,000

1997/1998 2001/2003 4 1,675,000 4,918,656 6,800,000

1998 2009 11 510,500 1,440,000 2,047,445

1999 2005 6 950,000 3,235,000 3,850,000

2003 2004 1 1,000,000 1,578,656 3,400,000

Purchase SaleHolding period

in yearsEquityin US-$

Purchase volumenet in US-$

1996 -- -- 965,000 896,000

1998 -- -- 1,650,000 5,031,925

1999 -- -- 2,225,000 8,213,028

2000 -- -- 1,710,010 4,045,000

2001 -- -- 1,106,000 3,180,000

2001 -- -- 1,400,010 3,240,000

2003 -- -- 4,310,000 9,500,000

2004 -- -- 4,850,000 7,425,000

2004 -- -- 5,600,000 8,825,000

2005 -- -- 5,565,000 12,450,000

2005 -- -- 6,720,000 14,400,000

2006 -- -- 14,850,000 34,550,000

2009 -- -- 3,700,000 3,500,000

Purchase Sale Holding Periodin years Equityin CHF Purchase volumenet in CHF IRR at Salein % p.a.

2007/20081) -- -- 7,781,970 31,900,000 --

2005 -- -- 10,350,000 24,220,000 --

2005 -- -- 8,200,000 23,665,885 --

2005 2009 4 35,350,000 137,174,721 18.72

2009 -- -- 12,100,000 24,150,000 --

2009 -- -- 7,800,000 17,000,000 --

2009 -- -- 55,000,000 127,000,000 --

2009 -- -- 13,500,000 31,500,000 --

Oce-/Logistic building Waser, Buchs

Oce building T-Systems, Münchenbuchsee

Retail park Näfels, Näfels

Oce-/Logistic properties Fiege,Münchenstein

Oce building Reserve at Westchase, Houston

2) Equity capital was provided by means of a subordinated investor loan. In 2009, the initial investor of ACRONHELVETIA IV sold its investment to an institutional investor and realized an annual return (IRR) of approximately19 percent. Even after the sale of the company, which has since been renamed, ACRON AG continues to be re-sponsible for its management.


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Political stability, liberalization of the legal framework, an appropriate tax regime, largely positive economic

trends and favorable nancing/earnings conditions are characteristic of Switzerland and attractive to

international investors. Their demand for investment properties in Switzerland is expected to increasefurther, because by international comparison, the nancial market of Switzerland has weathered the

crisis well.

INTERNATIONAL RANKINGS OF SWITZERLAND

According to the World Economic Forum, Switzerland exhibits a very innovative environment, taking into

account the high priority that companies attach to research and development. Here is what makes

Switzerland stand out:

• Excellent infrastructure

• Very good technological development

• Flexible workforce

• Good economic and stable political environment

• Powerful education and science systems

• Attractive tax climate

• Central location in the euro area

SWITZERLAND AS A PLACE

FOR INVESTMENTS

22 | S W I T Z E R L A N D A S A P L A C E F O R I N V E S T M E N T S


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Sources:IMD World Competitiveness Yearbook 2009; The Global Competitiveness Report 2009-2010; Global Summary Innovation Index (GSII); Euromoney 2008; Mercer Survey. Quality of Living

Global City Rankings 2009; Mercer Survey. Quality of Living Global City Rankings 2008; UBS. Prices and Wages: A comparison of purchasing power around the world. March 2008

THE SWISS ECONOMY IS PICKING UP SPEED

Since the low point of the recession in early 2009, the economic development of Switzerland has performed

better than expected - the fourth quarter saw an increase of 0.7 percent over the previous quarter, the

highest growth achieved since the end of 2007. In comparison to the richer OECD Countries, the decline of

the Swiss economy for the full year 2009 was relatively minor at 1.5 percent, which gives Switzerland a

relatively good starting position. The economy is recovering rapidly and this trend is continuing.

S W I T Z E R L A N D A S A P L A C E F O R I N V E S T M E N T S | 23

12 3• Political stability 1)

• Employer-employee agreement 2)

• Personal safety Berne,

Geneva, Zurich 6)

• Work motivation 1)

• R&E expenditure 1)

• Purchasing power Geneva 7)

• Quality of life Zurich 5)

• Competitiveness 2)

• Labour market: international

experience 1)

• Attractive for highly-skilled

workers from abroad 1)

• Quality of infrastructure 2)

• Health infrastructure 1)

• Purchasing power Zurich 7)

• Nobel prizes per million

inhabitants 1)

• Quality of life Geneva 5)

• Global innovation index 3)

• Credit rating 4)


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While at the end of 2008 and throughout 2009 the forecasts were often revised downward, nowadays we

see the reverse in terms of the gross domestic product (GDP). Although there are divergent forecasts for

2010, they consistently show upward trends and indicate that a signicant recovery is in sight. For

example, Credit Suisse expects to see economic growth of 0.9 percent in 2010 (previously 0.6 percent),

while UBS, according to its latest estimate in April 2010, even speaks of an increase of 2.5 percent

(previously 2.0 percent). The estimates of other forecasters uctuate between 1.2 and 1.7 percent.

DIVERSIFICATION WITH A HUGE POTENTIAL

Often seen by outsiders as a „country of banks“, Switzerland boasts a highly diversied economy. The

market capitalization of companies listed on the Swiss stock exchange was CHF 915 billion in September

2009. The highest rated among them is the food giant Nestlé, closely followed by the chemical and

pharmaceutical multinational companies Roche and Novartis. The list of the highest rated companies in

Switzerland includes various industries such as banks, insurers, chemicals and pharmaceuticals, energy,

electronics, real estate, hardware and equipment, media, food and production technology.

According to a McKinsey study, 180 international companies, e.g., Kraft Foods (immediate neighbor of

the investment property Portikon), Nissan and Google, have set up regional oces in Switzerland over thelast ten years. As a result, only Luxembourg has a greater density of Fortune 500 corporate giants per

inhabitant.

SWITZERLAND‘S REAL ESTATE MARKET IS SOLID

With the start of the subprime and subsequent banking crisis, it was the real estate market that suered

at rst. Institutional investors, professional investors and many private investors, however, can tell the

dierence and therefore still - or again - regard commercial property as a protable investment. In these

dicult times for the stock market, in particular, property investments serve as popular and suitable

diversication tools - and they are ideal tangible assets to hedge against ination. A survey by Sal.

Oppenheim Real Estate has shown that 87 percent of pension funds intend to increase their investmentactivity in real estate in the future as well.

24 | S W I T Z E R L A N D A S A P L A C E F O R I N V E S T M E N T S

2006 2007 2008 2009 2010P 2011P

Switzerland 3.6 3.6 1.8 –1.5 2.5 2.1

EWU 3.1 2.8 0.5 –4.0 1.5 2.2

Germany 3.4 2.6 1.0 –4.9 1.6 2.2

France 2.4 2.3 0.3 –2.2 1.7 2.2

Italy 2.1 1.4 –1.3 –5.1 1.1 2.1

Great Britain 2.9 2.6 0.5 –5.0 1.5 2.7

USA 2.7 2.1 0.4 –2.4 3.0 3.0

Japan 2.0 2.4 –1.2 –5.0 2.0 1.4

Source: UBS Outlook 2nd. Quarter 2010, April 8, 2010

ECONOMIC DEVELOPMENT SELECTED COUNTRIES – GDP-COMPARISON


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The Swiss real estate market is surprisingly resilient in light of the crisis. The nancial crisis has had a

generally moderate impact on the number of sales and thus on the prices of land and real estate.

MANY NEW BUILDINGS IN THE SWISS OFFICE MARKET

Like in 2007, oce space availability in Switzerland was 4.3 percent by the end of 2008, equivalent to

1.6 million square meters of rentable oce space. In early 2009 numerous new buildings with a total area

of 600,000 square meters were built in many major cities in Switzerland. However, as many companies- despite the good order situation - are skeptical about the future and further negative impact on the

markets, they are currently reluctant to lease new space. Accordingly, the number of new planning

applications in recent months has dropped, and even approved applications were often not realized. With

a general improvement in economic conditions in the coming years, as is forecast, the current available

space will likely diminish.

At CHF 224.00 net per square meter and year, the average rent in Switzerland had virtually remained

unchanged in 2008. The top leases in major centers went further up still and reached CHF 1,025.00 in

Geneva and CHF 920.00 in Zurich per square meter and year. The oer prices for Swiss oce properties

in the rst quarter of 2009 fell on average by 1.8 percent from the previous quarter, and the zenith of theaverage rental prices seems to have been reached. In the high-price segment of the most expensive

10 percent of oce space, the prices increased further, reecting the high quality awareness that feeds

demand. The Swiss centers remain attractive oce locations by regional and international standards.

Quick Facts Switzerland

• Stronghold of security and stability.

• Protection of property, protection from expropriation, no government „threats“.

• Protection of privacy, banking secrecy.

• Top service „Swiss made“ - in holistic, national and international terms: Reliability, constancy, performance, sense of duty, honesty, predictability and eciency.

• Textbook customer service orientation, where service is seen as a tradition: Multilingualism,

friendliness and international relations.

• The entire nancial universe - investments and trade.

• Above-average nancial strength, convincing risk management,

liquidity, renancing and compliance.

S W I T Z E R L A N D A S A P L A C E F O R I N V E S T M E N T S | 25


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26 | M A C R O L O C A T I O N – M E T R O P O L I T A N A R E A O F Z U R I C H

MACRO LOCATION - METROPOLITAN AREA OF ZURICH

Across Europe, Switzerland stands out with its moderate rate of taxation. In the cantonal tax competition,

the canton of Zurich with its low tax rates is in the top group. The city of Zurich is regularly named the place

with the highest quality of life.

Zurich and its surroundings form the economic center of Switzerland. At approximately 140,000 companies,1.6 million employees generate a national income of CHF 170 billion. The economic area makes up a good

third of Switzerland and is home to 3.2 million inhabitants, i.e., about 45 percent of the population. Six

cantons, especially Schahausen, Solothurn, Glarus, Schwyz, Graubünden and, of course, Zurich are

combined in the „Greater Zurich Area“, interacting with the world as a single economic area.

ZURICH, SWITZERLAND‘S ECONOMIC ENGINE

Eighty-ve of the one hundred largest Swiss companies have their headquarters within an hour‘s drive

from the city center of Zurich. These include representative companies like ABB, IBM, Kraft Foods, Google,

Siemens, UBS, Credit Suisse, Bankhaus Julius Bär & Co. AG or GE Money Bank. The nancial industry

continues to be, as before, one of Zurich‘s key sectors. Swiss banks manage about a third of the globalcross-border investments. More than a third of the banks in Switzerland have their head oces in the

economic area of Zurich. They are drivers of employment and also attract other business services

companies. In addition, the city boasts the third largest insurance market in the world.

Switzerland is one of the countries in Europe with the highest purchasing power, thanks to relatively stable

economic framework conditions. By comparison, the Swiss have been found to have the highest net

income in the world. According to a UBS study, Zurich and Geneva are among the most expensive cities

in the world, but they also lead the world in the highest net wages paid. Zurich is Switzerland‘s biggest

city, followed by Geneva. It owes its position as a global city with a global reach particularly to its economic

signicance, internationalism and high quality of life.

BELOW-AVERAGE UNEMPLOYMENT RATE IN THE CANTON OF ZURICH

The Zurich job market has exhibited robust employment trends while unemployment has remained

consistently low. While the unemployment rate in the canton of Zurich rose by 0.2 percent in the rst

quarter of 2009, it remains, at 3.0 percent, below the overall Swiss average of 3.3 percent. Compared to

the rest of Europe and the world, these are excellent numbers. As a result of the booming economy and

the resulting favorable earning opportunities on the one hand, and the special quality of life in Zurich on

the other, this location has attracted a growing number of foreign workers for years. Thus, in the rst

quarter of 2009, there were 790,000 foreign employees in Zurich, which represents an increase of

0.3 percent compared to the previous quarter. These foreign workers generally come well or highly-qualied, contributing to a quality labor supply.


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M A C R O L O C A T I O N – M E T R O P O L I T A N A R E A O F Z U R I C H | 27

CENTRAL LOCATION AND FULLY DEVELOPED INFRASTRUCTURE

Since access to input and output markets is becoming ever more crucial for internationally active

companies, and with fast connections gaining in importance in today‘s business world, the intercontinental

transportation network of a location becomes a decisive factor. Zurich is situated in the heart of Europe,

and destinations both in Switzerland and abroad can be reached quickly. This is due to the fully developedinfrastructure for private motor vehicle trac and the transport sector, the dense public transit network

as well as the city‘s own international airport: with its high frequency of direct ights and its excellent

service standard, it is among the best three airports in Europe.

STABLE OFFICE MARKET IN ZURICH

As in previous years, the oce market in the economic area of Zurich logged a positive development in

2008. According to the current oce market report for Switzerland in 2009 by Colliers (Schweiz) AG,

oce space availability decreased by 80,000 square meters to 649,000 square meters thanks to stable

demand. Thus, the supply of vacant space fell within a year and resulted in an availability rate of 4.6 percent.

When the nancial crisis hit Zurich in the fall of 2008, it was met with a booming economy and a prosperingproperty market. The prices tended consistently upward, reaching top levels in mid-2008. The Zurich real-

estate market saw 11,000 private transactions in 2008. Thus, market activity increased by 6.3 percent

over the previous year.

Despite the expansion of the Zurich oce market in past years, as well as throughout 2008, a degree of

uncertainty among market participants made itself felt at the end of the year due to the nancial crisis.

For the rst time there was increased restraint on the demand side. On the basis of economic forecasts,

one must expect a decline in demand for 2009 and 2010. There will probably be increased competitive

pressure on the supplier side, as well as increased price pressure. The latest project developments in

Zurich, for example, include the 126-meter Prime Tower (40,000 square meters) on the Maag-Areal, thefuture tallest building in Switzerland; in Zurich West, the campus of the Art Academy (70,000 square

meters); next to the Central Station, the Teachers‘ College (40,000 square meters); the UBS Campus

(30,000 square meters); and the investment property presented here, Portikon in Glattpark, Zurich-North

(19,000 square meters), and the Andreaspark (15,000 square meters).


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28 | M A C R O L O C A T I O N – M E T R O P O L I T A N A R E A O F Z U R I C H

Quick Facts City of Zurich

• Total area: 91,9 square kilometers

• Population: 381,039 (3rd quarter 2008)

• Unemployment rate: 3.0 percent (January 2009)

• Economic facts: In 2005, approx. 25,000 local workplaces; strongly inuenced by nancial market

• Key sectors (percentage of employees):

- Banking and insurance 17%

- Business services 12%

- Health and social services 11%

- Hospitality and transportation 10%

- Creative industries 9%

• Reputable companies: ABB, Bankhaus Julius Bär & Co. AG, Credit Suisse, Kraft Foods, Degussa,

Google, IBM, Lindt & Sprüngli, Siemens, La Prairie, Hewlett-Packard, Kaba AG, Hygolet, A.W. Faber-

Castell, Pzer, Siemens, UBS, GE Money Bank

Source: City Administration of Zurich 2007; Statistical Oce of the Canton of Zurich; Statistics of the City of Zurich


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MICRO LOCATION - GLATTPARK, ZURICH-OPFIKON

The district Glattpark is part of the municipality of Opkon, located in the booming region of Glattal,

Opkon, which is part of the agglomeration of Zurich and which is considered vibrant and progressive, is

located between the airport Zurich-Kloten and the city center of Zurich with the old town and lake. The

proximity to the airport and the vibrant city of Zurich is the dynamic basis of commercial activities.

Moreover, Opkon is among the most tax-friendly municipalities within the Canton of Zurich. It is notsurprising that many well-known and national companies have relocated to Opkon. In addition to many

international hotels, companies of all sizes have set up branch oces here, such as UBS, General Motors

[Europe] SA, Merck Sharp Dome, Kraft Foods, Kanebo, Hotelplan. etc.

Opkon, with its excellent connection to the international transport networks, is considered to be one of

the best developed towns of Switzerland. Excellent infrastructural conditions are in place: the Zurich

airport, the well-developed train stations, the large number of bus lines and the Glattalbahn (a rapid rail

transit system that will be expanded further until 2010) and a sophisticated road network. All major

European business centers are located within a radius of not more than two hours by plane.

Quick Facts Opkon

• Population: 15,000

• Jobs: 18,000

• Central location and high-performance infrastructure with ecient transport connections

• Low level of taxation and uncomplicated authorities

• Flexible and promising labor market with a highly skilled workforce

• Recreation areas

GLATTPARK

The district Glattpark, located in the north of Zurich, has seen dynamic growth for years. When it was

created, the originally separate villages and neighborhoods came together more and more to form a

functionally connected urban network. As a result, mobility needs increased steadily, resulting in the

development of a new and far-reaching trac route, the construction of the Glattalbahn rapid transit

system. Glattpark, due to its location, its proximity to the airport and its tax advantages, is a preferred

business location for companies.

M I C R O L O C A T I O N – G L A T T P A R K , Z U R I C H - O P F I K O N | 29


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30 | M I C R O L O C A T I O N – G L A T T P A R K , Z U R I C H - O P F I K O N

Its history goes back to the 20th century when the area was set aside for the creation of an inland port.

New plans became more specic with the design of a landing site for zeppelins. The explosion of the

Hindenburg in 1937, however, put an end to this plan.

Quick Facts Glattpark• Planning timeframe: 1957 to 2000.

• Total area: 67,4 hectares of district planning area (28 plots with 28 owners)

• Population as of June 2009: 1,500

• Population potential: 9,000

• Jobs potential: 7,000

• Estimated investment volume for buildings: CHF 1 billion (excluding land portion)

INFRASTRUCTURE

The most innovative and most important trac engineering development of the location has been theconstruction of the Glattalbahn rapid transit system, which has four stops in Glattpark alone. To this one

must add highway connections to Berne, Basel, St. Gallen and Chur. The train stations Oerlikon and Opkon

complete the supply of uncomplicated and short labor and travel routes. This advantageous infrastructure

makes Portikon a prime location that is easy to reach.

Thanks to the modern Glattalbahn rapid transit system. Portikon is linked by public transit to the city of

Zurich, the airport Zurich-Kloten and the surrounding municipalities. The close proximity to the bus stop

at the main entrance of the property and the stop of the Glattalbahn at Thurgauerstrasse render Portikon

easily accessible within ten-minute intervals. The airport is nine minutes away, and Zurich‘s city center

about 15 minutes.

Quick Facts Glattalbahn

• Range: 12.7 km, comprehensive network with 21 stops

• Construction from 2004 to 2010: Expansion takes place in three stages

(Commissioning of the stages in a two-year cycle)

• Connection: Connects the suburban municipalities Kloten, Opkon, Rümlang,

Wallisellen and Dübendorf with the northern part and city center of Zurich

• Total investment: CHF 650,000,000


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THE IMMEDIATE VICINITY

Within walking distance of the investment property Portikon is the eight-story oce building Lightcube of

Allreal Generalunternehmung AG. The food company Kraft Foods Europe opened here its Swiss head

oce in the fall of 2006. On a site of 5,241 square meters, it was the rst commercial building in Glattpark,

having been completed within two years. It alone provides 500 jobs. Directly behind the oce building

Lightcube, the real estate company Allreal wants to construct another oce building from January 2010

under the working title „Lilienthal Boulevard“, which is to house 600 jobs. Ideally, it should be ready foroccupancy from the late summer of 2011. The luxury car dealership Schmohl moved into its premises in

the north of Glattpark in 2004. In a prominent location, it represents the luxury makes Rolls Royce,

Bentley, Bugatti and Lamborghini. For expansion reasons, a second exhibition space was completed

subsequently, giving it a surface area of 4,293 square meters. Other companies in the immediate vicinity

include the „Textil- und Modecenter“ (TMC) for textiles and clothing, which opened in August 1978 and

represents 1,500 brands, the four-star Novotel hotel with 255 rooms and ten conference rooms and the

ve-star Hotel Renaissance with 204 rooms and over 1,500 square meters of conference space. The

television studio of Swiss TV (SF) is located on Fernsehstrasse 1-4. This is located midway between

Hagenholzstrasse and Thurgauerstrasse, where the investment property Portikon is located. Swiss

Television is the largest business unit of SRG SSR idée suisse.

AXA Leben AG is the investor behind the completed Lilienthal building. It is a mixed use of retail and

infrastructure space as well as apartments. By contrast, the concept of the residential area of Glattbach

of the Leopold Bachmann Foundation includes four residential and commercial buildings, the apartments

of which are already fully leased. Following the opening of a cosmetics studio and a restaurant here, the

food retailer Spar is said to open a large store in late 2009. The apartments, competitively priced by

comparison, are designed for cost-conscious buyers, quite unlike the spacious new apartments with a

view of the lake in the trac-free development Wohnen am See by Turintra AG, c/o UBS Fund Management

AG, behind Portikon, Credit Suisse Anlagestiftung also conrmed the location decision made by ACRON

and completed the Frontwave building with 70 attractive apartments at the end of 2007. One third of thearea is taken up by the Opkerpark with a park and lake. A 550-meter long and 40-meter wide lake oers

residents and workers in Glattpark swimming, parks, promenades, playgrounds and sports facilities. It is

the heart of Glattpark.

For 2010/2011, there are other building plans that are to be realized in the second stage of construction.

This includes, for example, the major project Cockpit on the Lindbergh-Allee avenue by the company

Karl Steiner AG, with an investment volume of around CHF 130,000,000. The residential development

Chavez Verde by Swissbuilding with 27 condominiums, 46 apartments and four studio apartments will then

be built, as well as various buildings in the area towards the TV studio.

M I C R O L O C A T I O N – G L A T T P A R K , Z U R I C H - O P F I K O N | 31


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5. KARL STEINER AG: COCKPIT

6. ALLREAL: LIGHTCUBE OF KRAFT FOODSEUROPE

7. PREMIUM CAR DEALER SCHMOHL

8. GLATTALBAHN – LINE 10

VICINITY OF GLATTPARK

1. TEXTIL & MODE CENTER TMC 3

2. CREDIT SUISSE: GALLERIA BUILDING3. NOVOTEL

4. ACRON HELVETIA VII: PORTIKON

T H U R GA U

E R S T RA S S

E

Z ü R

C H E R

C I T Y

F L U

G H A F

E N

8

9

2

1

3

6

5

7

4

BOULEvARD(MIT WEITERFüHRUNG AB 2010)

10

B

32 |


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9. GLATTALBAHN – LINE 11

10. SWISS HEAD QUARTER OF PFIZER AG 11. RESIDENTIAL DEVELOPMENT GLATTBACH

12. SWISS TELEVISION

FIRST CONSTRUCTION PHASE GLATTPARK

SECOND CONSTRUCTION PHASE GLATTPARK

12

11

Residential development Glattbach (11)

Lindbergh-Platz

Lightcube: swiss head quarter of Kraft Foods Europe (6)

OPFIKERPARK

A

A

B

| 33


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The investment property Portikon is located in the district Glattpark, Zurich-Opkon. Thus, it is located

directly between the airport Zurich-Kloten and the Zurich city center. Within Switzerland it is the largest

property certied according to the Minergie-P® standard. Its name Portikon goes back in the history of

Glattpark. The syllable „Port“ indicates the inland port that was to be built here in 1920, but was not, while

the sux „-ikon“ is taken from the city name Opkon.

Portikon opens to Thurgauerstrasse with a spacious lobby. The oce building was built as a „four-core

concept“ with a large, covered courtyard (atrium), to which the lobby leads. The central, light-lled atrium

provides all oors with light for well-lit workplaces, openness and transparency. Two elevators per core

(real estate section) allow for a decentralized mode of transport close to the oces. Together with a

delivery elevator, there is a total of eleven elevators. The ground oor houses the meeting and conference

rooms of the main tenant Baxter Healthcare.

Looking after the physical well-being of employees and visitors, there is the restaurant Graf Z, which is

accessible from the atrium and the outside. Thanks to the integrated opportunity for lunch breaks or holdingbusiness lunches, Portikon tenants and visitors from surrounding buildings derive a substantial added value.

Portikon is characterized by an identity-creating architecture and stands out as an oce property from among

the other buildings. The facade covered with aluminum elements lends the building an elegant and well-

structured form. For tenants there are designated glass surfaces on the facade where they can ax their

corporate logos. On the attic oor there are spacious roof terraces accessible from the related rental spaces.

The major component, both of the outer and the inner facade, is glass, creating the property‘s characteristic

open feel. The balustrades from the rst upper to the attic oor consist of aluminum elements. All windows are

equipped with automatic shutters, allowing sunlight to be blocked whenever necessary.

THE PROPERTY

34 | T H E P R O P E R T Y


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The concept „Convenience at Work“, developed by HOCHTIEF Development Schweiz, and implemented

at Portikon, includes nished rental spaces including lighting. This also serves to ensure the building and

energy standard Minergie-P® and creates added value for the tenants and thus for the 600 – 800 people

working here. By adding attractive elements, a comfortable working environment full of amenities is

created here, in addition to the modern, air and light-ooded building shell. The spatial concept allows forexible subdivisions of up to 10,500 square meters, which can be used to create self-contained individual

oces, large-scale communication zones or conference and presentation rooms. The „four-core concept“

in conjunction with the access control system ensures a high degree of privacy and security. The generous

height of three meters and Tab-Silent elds in the ceilings provide for a pleasant working atmosphere and

excellent acoustics. The gentle heating and cooling system is based on concrete core activation.

The energy for heating the building is obtained from the district heating network. Cooling is provided, for

example, by a 1,100-square-meter photovoltaic system on the roof. By minimizing electromagnetic radiation

within the building, an acceptable and pleasant work environment was created. Portikon was built

according to the requirements of the Passive House standard Minergie-P

®

and built in line with thesustainability principles of the „2,000-Watt Society“. Minergie-P® buildings are based on the technical

optimum, and guarantee low energy consumption while maintaining comfort. They are also characterized

by low specic heat requirements, low-weighted energy indicators for ventilation, heating and hot water

as well as the high air-tightness of the building shell.

As part of the security concept, Portikon was equipped with a modern access and locking system. By way

of code cards that can be used only in designated authorization areas, employees enter the building and

head to their oces. During regular opening hours, visitors can enter the building only through the two

revolving doors at the main entrance. Visitors who want to access the tenant areas must rst notify the

tenant in question directly via the intercom. The tenants Baxter and Nycomed have separate receptionareas in the lobby staed by their own employees.

T H E P R O P E R T Y | 35

Photovoltaics complex on the roof of Portikon


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Overall, Portikon comes with 144 car parking spaces. They are secured with a barrier at the entrance.

Parking is accessible via the tenants‘ code cards or, for visitors, via the intercom.

In addition to a central delivery area (shipments to and from the building) behind the building, Portikon

also has an additional gate to access the courtyard.

Quick Facts Portikon oce property

• Use: Oce property, including restaurant

• Address: Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opkon, Switzerland

• Year built: 2009

• Building permit: February 12, 2008

• Property area: approx. 6,622 square meters

• Rental space: about 18,800 square meters in total (oces, storage, restaurants)

• Parking spaces: 144

• Occupancy rate: 100 percent

• Tenant:

– Nycomed International Management GmbH (44.72%)

– Baxter Healthcare S.A. (45.94%)

– Graf Z AG (5.35%)

– HOCHTIEF Facility Management GmbH (0.85%)

– HOCHTIEF Development Schweiz AG (3.15%)

• Rent: CHF 7,834,239.05 p.a. net plus value-added tax

• Utilities: Triple-Net contracts: All utilities, renewal and repair and maintenance costs of the

property are borne by the tenants.

• Sustainability: Minergie-P® certication: lower operating costs, electrobiological

equipment, photovoltaic system for electricity generation, for example. for the chillers,

cooling by concrete core activation


Divisions Spaces sqm Notes

Main rentable space 14,612.70 restaurant: about 522 square meters

Exterior oor space 656.40 restaurant: about 207 square meters

Common areas 1,968.27

Lobby 211.94 Share of lobby/remaining tenants

Storage/basement 1,351.91

Restaurant area (728.51) already included in main rentable space, exterior oor space

TOTAL 18,801.22


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SUSTAINABILITY AND ENERGY STANDARD

Due to global climate change, the issue of „sustainable properties and environmental

protection“ is becoming increasingly important to society. Thus, on the list of „climate sinners“,

the real-estate industry is ranked even ahead of motor vehicles and the manufacturing industry.

The construction, operation and demolition of buildings in the 30 member states of the OECD

account for 25 to 40 percent of energy consumption, 30 percent of the consumption of raw

materials and 30 to 40 percent of the greenhouse-gas emissions. The solution of this problem is

to be found, according to experts, in the construction and promotion of „sustainable buildings“.

Not only experts such as real estate developers, architects, engineers and technicians are

dealing increasingly with sustainable construction, but politicians as well. Regulations, tax

incentives and measures to accelerate project approvals are the tools governments use toincentivize and promote sustainability.

Investing in sustainable buildings will pay o, both for tenants and investors. In addition to

higher returns, this oers an environmental and social added value. Tenants will benet in the

implementation of known standards like Minergie in Switzerland or LEED in the United States

from lower operating costs, lower energy costs, healthier/higher-performance jobs, image

promotion and the fact that workers will nd such workplaces more attractive.

For investors this opens up interesting investment opportunities, as the value dierential

between sustainable and „normal“ real estate will increase. According to studies, higher

market values in resales of 7-16 percent are, indeed, possible. Because of the increased initial

construction costs of such property, tenants must be found who are willing to pay a premium

for the added value they are oered (or included in the rent).

38 | T H E P R O P E R T Y


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The tenants of the property Portikon, as of June 30, 2010, are Nycomed International Management GmbH,

Baxter Healthcare S.A., Graf Z AG and HTFM as well as HTD Schweiz AG. Together, they rent 100 percent

of the total rentable area. The energy standards implemented in the construction process will benet all

tenants, as energy consumption will remain far below the average, thus resulting in lower utility costs -

regardless of any future development in energy prices.

The tenant Nycomed International Management GmbH (approximately 44.72 percent of the total area)

has leased its area for a term of ten years to December 31, 2019. Two renewal options of ve years each

and a 100% indexation have been agreed. To Secure the rent, the tenant has agreed to deposit a bank

guarantee equal to one half the annual rent, including advance utilities payments, in the amount of

CHF 2,004,036.84 with Credit Suisse. The tenant has a one-time special right of termination as of

December 31, 2014, which will be subject to a walk-away penalty equivalent to a year‘s worth of net rent.

Another tenant of Portikon is Baxter Healthcare S.A., which has signed a lease for a term of ten years to

Oktober 31, 2019, including two renewal options of ve years each. The rent is fully indexed on the basis

of the Swiss national index of consumer prices. As with Nycomed, to secure the rent, a bank guaranteeequal to one half the annual rent in the amount of CHF 1,944,977.38 was deposited by the tenant with

UBS AG Zurich. Upon the company‘s moving in, Portikon will serve as the European head oce of Baxter

Healthcare S.A.

The company Graf Z AG is the operator of the restaurant Graf Z and the third tenant of Portikon. The lease

term is also ten years until September 2019, where the rent is dependent on the utilization of the property.

As the on-site facility manager, HOCHTIEF Facility Management Swiss AG has leased, since August 1, 2009,

an area of just under 160 square meters (including basement and an employee parking lot). The term of

this lease corresponds to the duration of the facility management services contract entered into with it

and will run until July 14, 2013.

TENANTS

4 0 | T E N AN T S


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T E N A N T S | 41

HIGH QUALITY INTERIOR COMBINED WITH EXQUISITE DESIGN


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4 2 | T E N AN T S

NYCOMED INTERNATIONAL MANAGEMENT GMBHThe privately-owned company Nycomed International Management GmbH is a global player in the

pharmaceutical industry, 28th in the world. With approximately 12,000 employees in 50 markets worldwide,

the company is the 15th largest manufacturer of over-the-counter products.

Nycomed concentrates on the purchase of licenses as well as the production and distribution of drugs.

Moreover, it supplies hospitals, specialists and general practitioners with specialist products and provides

a comprehensive range of OTC products in selected markets. Its specialization is on drugs for gastro-

enterology (part of internal medicine), respiratory diseases, inammatory diseases, pain, osteoporosis and

tissue management (method of hemostasis). The group‘s products are available in over 100 countries

around the world.

Nycomed moved its European headquarters to Zurich in October 2009, to the investment property Portikon.

The very popular oce location Glattpark in the up-and-coming district of Zurich-Opkon is seen by the

company as an ideal location for its corporate oces in order to implement and pursue further its

expansion plans from there.

Moreover, Nycomed has other well-established oces in Europe and the rapidly growing markets of Latin

America and Russia, where the pharmaceutical company, according to a recent report by „Neue Zürcher

Zeitung“ (September 2009), plans to build a pharmaceutical production plant from 2010 as part of its

targeted expansion plans. The main focus of the new location, the company says, will be the manufactureof sterile liquid products and tablets, the production of which is to be launched in 2014. With this project,

Tenant

Main usual

area sqm

Rent CHF

sqm/p.a.

Storage

area sqm

Rent CHF

sqm/p.a.

Part

in %

Parking

spaces

Rent CHF - Par-

king spaces/p.a.

Return of

Rent CHF

Nycomed 7,844.32 410.00 563.27 125.00 44.71 65 2,280 3,434,779.95

Baxter S.A. 8,133.44 447.72 504.34 150.00 45.94 72 2,400 3,950,795.00 *

Graf Z 822.42 **151.82 183.17 150.00 5.35 2 2,400 151,311.00 *

HTFM 90.62 450.00 68.31 150.00 0.85 1 2,400 53,841.00 *

HTD Schweiz AG 558.51 410.00 32.82 150.00 3.15 4 2,400 243,512.10

17,449.31 1,351.91 100.00 144 7,834,239.05

* Adjusted rent since March 2010.

** Concerning gastronomy areas of 521.81 sqm; Rent for common areas of 93.91 sqm amount to CHF 410/sqm/p.a.


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the company wants to strengthen its presence in Russia and the countries of the Commonwealth of

Independent States (CIS), where it currently generates ten percent of its total sales. Nycomed expects

that the Russian pharmaceutical market will grow by double digits in the coming years. The investment

required for the new plant, which, according to Nycomed CEO Håkan Björklund is nanced entirely from

own resources, amounts to EUR 75,000,000.

While the marketing in the U.S. and Japan has already been commercialized, Nycomed wants to expand

and strengthen its position in key Asian markets in the future.

In the scal year 2008, the company had sales of EUR 3.4 billion and EBITDA of EUR 1.2 billion (same asthe previous year).

According to a recent nancial report by the company Dun & Bradstreet (D&B) in October 2009, Nycomed

International Management GmbH has a good nancial position with signicant nancial resources and

a low risk of default. In addition, the company belongs to a group: Nycomed Danmark ApS in Roskilde,

Denmark. According to D&B, the commercial pharmaceutical sector, in which the company operates, is a

stable segment with low risk. The risk of insolvency of the company is rated by D&B to be lower than the

industry average.

Start of

lease

End of

lease

Renewal

options Notes

*01.10.2009 31.12.2019 2 x 5 years

**01.08.2009 31.10.2019 2 x 5 years

01.08.2009 30.09.2019 2 x 5 years

The rent is arranged as minimum rent and could be increased by the

turnover rent.

01.08.2009 14.07.2013 1 x 2 years

01.06.2010 31.05.2018 1 x 5 years

This lease agreement replace the general lease contract regarding to

the remaining available lease areas.

T E N A N T S | 43

* The tenant leases in two stages; the term for all areas began on January 1, 2010.

** The tenant leases in two stages; the term for all areas began on November 1, 2009.


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4 4 | T E N AN T S

BAXTER HEALTHCARE S.A.

The tenant Baxter Healthcare S.A. is active in the manufacture and trade of medical and pharmaceutical

products and employs 140 sta in Switzerland (as of 2009). Baxter Healthcare S.A. has been registered

under registration number CH-170.3.023.618-3 in the commercial register of the canton of Zurich since

February 15, 2000. The share capital of the company amounts to CHF 100,000,000 as of September 28,

2009. The former European head oce of Baxter, which the company abandoned in order to expand, wasin Wallisellen, Zurich. At its new European head oce in Portikon, Glattpark, Baxter will employ up to

230 people.

Baxter Healthcare S.A. is a subsidiary of the international parent company, Baxter Healthcare Corporation,

based in Deereld, near Chicago, Illinois, USA. The group Baxter International Inc. is active in over 110

countries and employs approximately 48,000 employees in more than 250 oces and 28 manufacturing

locations. In 2008, Baxter International had sales of approximately CHF 13.3 billion, that is, US-$12.3 billion.

Thirty-ve percent of its sales are generated in Europe, Baxter‘s most important market outside the U.S.

In the EMEA region (Europe. Middle East and Africa), the company has around 14,000 employees in 40

dierent markets. They generated sales of CHF 4.3 billion. or US-$ 4 billion. for the company in 2008.

Baxter‘s corporate philosophy is based on sustainability. It is only tting, therefore, that the company‘s

new head oce is the largest oce building in Switzerland certied according to the national Minergie-P®

standard. Baxter not only feels obligated to its partners and patients, but also takes on social responsibility

and is involved in sustainability-related projects. Now for the fourth year in a row, Baxter has been named

one of „The Global 100 Most Sustainable Corporations in the World“. Baxter is one of three healthcare

companies worldwide and the only US-based healthcare company to be included, every year, in the list of

„Global 100“ since it was rst published in 2005. The most recent „Global 100“ was presented on January

28, 2008, at the World Economic Forum in Davos, Switzerland.


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According to a recent nancial report by Dun & Bradstreet (D&B) issued in July 2009, the nancial

situation of Baxter Healthcare S.A. is solid and sound with a minimal risk of default. The considerable

number of employees also points to a very large business volume, and its nancial resources are extremely

vast. The risk of insolvency of this company is rated by D&B to be lower than the industry average.

GRAF Z AG

The company pursues the operation of gastro pubs in whatever form and the provision of all related

services as well as trade in goods of all kinds. At Portikon, the tenant will guarantee the operation of the

restaurant Graf Z primarily during oce hours. The tenants at Portikon agreed to use the services of the

restaurant for catering for conferences, meetings and kitchenettes.

Living up to its history of 1935, when the site was intended for a zeppelin landing site, the restaurant was

designed like the interior of a zeppelin - more precisely, the Hindenburg. Guests feel transported back in

time, which is reinforced by the appearance of the restaurant employees in faithfully-recreated stewarduniforms, Guests can choose between à la carte, self-service or take-away. Besides the restaurant inside,

there is also a large terrace outside facing the Chavez-Allee avenue.

Graf Z is a theme restaurant, which oers market-fresh, international cuisine according to the current

season. The tenant Baxter, itself engaged in the health sector, assumes a great deal of responsibility for

its employees and subsidizes the restaurant Graf Z. Its goal is to give employees healthy, yet reasonably-

priced, meals.

T E N A N T S | 45


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HOCHTIEF FACILITY MANAGEMENT SWISS AG

Founded in July 2007, HTFM is part of the HOCHTIEF Services division and is an aliated company of

HOCHTIEF Facility Management GmbH and also a subsidiary of the HOCHTIEF Group.

The Portikon tenant HTFM is responsible for the entire facility management of the building. It has the

special expertise and experience necessary to manage a building constructed according to the construction

and energy Minergie-P

®

standard.

HOCHTIEF DEVELOPMENT SCHWEIZ AG

The HOCHTIEF Group is the world‘s fth-largest construction services provider and market leader in

Germany. For over 130 years, HOCHTIEF has served its clients with individual, customized solutions. By

the end of 2008 the group employed almost 65,000 employees worldwide. Thanks to its broad range,

from development and construction and services to conces

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