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Old 22.08.2011, 07:03
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Investing in Swiss Real Estate funds

Hi, I have read previous message and some of you are invested in swiss real estate funds. I have a simple question. I'm doing my analysis on a few of them and I'm a little surprised that trading prices are way way above the NAV (net asset value).

For example: Credit Suisse Real Estate Fund Siat (bloomberg SIAT:SW) trading around 165 while the NAV is 128. Immofonds (IM:SW) trading around 382 while the NAV is 292.

http://www.bloomberg.com/apps/quote?ticker=SIAT:SW
http://www.bloomberg.com/apps/quote?ticker=IM:SW

I checked most of the funds. A large number of the funds that hold physical real estate are trading above their NAV. I wish there's a way to graph the NAV vs trading price over time but I can't find it (I don't have access to a real bloomberg terminal). So I don't know if this is the norm.

Anybody want to comment on whether this is a bubble in prices? I think swiss real estate is a long term buy, but whether the real estate funds are a buy right now is a whole different story. Any long term investors know whether the funds always have a big premium over NAV going back say 10 years?

DavidSJC
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Old 22.08.2011, 09:13
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Re: Investing in Swiss Real Estate funds

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Hi, I have read previous message and some of you are invested in swiss real estate funds. I have a simple question. I'm doing my analysis on a few of them and I'm a little surprised that trading prices are way way above the NAV (net asset value).

For example: Credit Suisse Real Estate Fund Siat (bloomberg SIAT:SW) trading around 165 while the NAV is 128. Immofonds (IM:SW) trading around 382 while the NAV is 292.

http://www.bloomberg.com/apps/quote?ticker=SIAT:SW
http://www.bloomberg.com/apps/quote?ticker=IM:SW

I checked most of the funds. A large number of the funds that hold physical real estate are trading above their NAV. I wish there's a way to graph the NAV vs trading price over time but I can't find it (I don't have access to a real bloomberg terminal). So I don't know if this is the norm.

Anybody want to comment on whether this is a bubble in prices? I think swiss real estate is a long term buy, but whether the real estate funds are a buy right now is a whole different story. Any long term investors know whether the funds always have a big premium over NAV going back say 10 years?

DavidSJC
Hi Mate

There is only patchy data for IM. But See below for the charts you were asking about for SIAT. Let me know if you want the XLS data.



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Old 22.08.2011, 17:08
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Re: Investing in Swiss Real Estate funds

Hi Zuger, the charts you posted is not showing up in the forum. Can you send me if XLS data that you so kindly offered?

Thank You!

DavidSJC
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Old 22.08.2011, 20:25
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Re: Investing in Swiss Real Estate funds

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Hi Zuger, the charts you posted is not showing up in the forum. Can you send me if XLS data that you so kindly offered?

Thank You!

DavidSJC
Sure, PM me your email address.
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Old 20.02.2012, 21:34
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Re: Investing in Swiss Real Estate funds

Hi, I am looking at investing in the UBS real estate fund called as SIMA - does anyone know which are the best real estate funds in Switzerland (from a 5 yr performance track record perspective)
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