Consultancy
Consultancy
We advise our clients comprehensively, evaluate opportunities and risks, and develop customized, sustainable strategies for direct and indirect real estate investments.
Always with a long-term focus, continuity, and risk awareness.
Analysis
Analysis
For over 30 years, we have been analysing the Swiss real estate market and its investment products.
In addition to quantitative aspects, qualitative factors such as management principles, cost discipline and the creation of long-term added value play a significant role.
Strategy
Strategy
We assess your real estate portfolio, evaluate and create holistic and sustainable strategies and support you through the implementation process.
We facilitate strategic partnerships and generate synergies for additional development and value enhancement potential.
Networking
Networking
Thanks to many years of experience and the network we have built up as a result, synergies and connections are created between property owners, investors, asset managers and service providers.
With this approach, we built bridges between direct and indirect property investments, private and institutional investors as well as between French- and German-speaking Switzerland for our clients.
Mandates
Mandates
We develop a suitable real estate strategy for you on a mandate basis.
The continuous personal dialogue ensures the ability to respond to changing preferences or market situations at any time. This can also take the form of participation in bodies such as investment committees, boards of directors or trustees.
Sustainability
Sustainability
Our proprietary sustainability model allows us to evaluate all listed and non-listed Swiss real estate products (stocks, funds, investment foundations) and provide institutional investors with sustainability reporting.
With the Swiss Sustainable Real Estate Index (SSREI), a standard for assessing the sustainability of the Swiss building stock was launched as well.
Market Commentary February 2026
The Swiss real estate market is currently often described as “expensive,” both in the direct and listed segments. However, a high price level does not necessarily imply overvaluation. What truly matters is the resilience of cash flows and capital discipline within the respective market environment...
Market Commentary February 2026
The Swiss real estate market is currently often described as “expensive,” both in the direct and listed segments. However, a high price level does not necessarily imply overvaluation. What truly matters is the resilience of cash flows and capital discipline within the respective market environment. The word “expensive” derives from the Latin carus—beloved, valuable. This is precisely what Swiss real estate represents in an international environment shaped by uncertainty: a tangible asset supported by institutional stability and the strength of the Swiss franc. The year 2025 is being described as a record year for capital transactions. However, around 60% of the volume was concentrated in the non-listed segment. In the listed market, equilibrium can shift rapidly. With announced capital measures and new listings exceeding CHF 3 billion in the coming weeks, the legitimate question arises whether demand will be able to absorb this supply. Opportunities rarely emerge during euphoric phases; rather, they tend to appear during periods of adjustment. A low premium is not an investment strategy—it is, at best, a marketing argument. In the long term, what matters are the structural quality of a product and the consistency of its investment process. A robust analysis rests on three central pillars: “The People” – The quality of management, core competencies, and the ability to actively navigate market cycles. “The Portfolio” – Entry valuation, rental growth potential, development reserves, and regulatory risks. “The Process” – Debt and cost management, discipline in capital transactions, and consistent cyclical and countercyclical positioning. Just two and a half years ago, more than 50% of listed vehicles were trading at a discount. Cycles do not disappear; they merely change their form. Recent annual results are solid from a valuation perspective, though operationally—on a like-for-like basis—they are more moderate. In such an environment, selectivity remains essential. One constant endures: the Swiss franc continues to fulfill its structural role as a safe haven. The 2025 tax values of the various MV Immoxtra share classes can be found in this report.
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Market Commentary March 2026
March proved to be particularly eventful for the listed real estate market in the current environment. The listing of Mobiliar’s real estate fund on SIX confirmed the sector’s continued attractiveness...
Market Commentary March 2026
March proved to be particularly eventful for the listed real estate market in the current environment. The listing of Mobiliar’s real estate fund on SIX confirmed the sector’s continued attractiveness. At the same time, supply expanded significantly, with several capital increases and the successful launch of a new fund by Swiss Life. However, this dynamic unfolded in a more uncertain environment, characterized by renewed inflationary pressures. Following a strong performance since the end of 2023, the market has entered an expected consolidation phase. Since the peak in February, real estate funds have declined by approximately 6.28%, while real estate equities are down around 4.87%. Swiss Prime Site issued a new convertible bond with a 0% coupon and a high conversion price. While the transaction optimizes financing costs, it appears less attractive from an investor’s perspective, particularly in light of the previous bond redemption at peak market prices, which resulted in a loss of approximately CHF 180 million for the company. The stock has since then been correcting significantly. At the same time, selected residential real estate companies continue to stand out. Warteck Invest reported solid results and proposed a dividend increase. The main shareholder’s request for an “opting-up” to 50% underscores long-term commitment and strengthens operational stability.
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Our team for your goals.
Expertise, passion, and anticipation lay the foundation for us to fully focus on your needs
Roland Vögele
CEO
+41 43 499 24 90
Sacha Deutsch
Senior Advisor
+41 43 499 24 91
Ulrich Kaluscha
Senior Advisor
+41 43 499 24 96
Daniel Smith
Senior Advisor
+41 43 499 24 96
Remo Burri
Investment Analyst
+41 43 499 24 94
Debora Zgraggen
Operations Manager
+41 43 499 24 97
Leonie Eberhardt
Marketing/Event Manager
+41 43 499 24 89
Sarina Wanner
Marketing/Event Manager
+41 43 499 24 93
Elvira Bieri
Chief Sustainability Officer
+41 43 499 24 99
