A real estate fund borrows by mortgaging its buildings — but no more than one third of their market value (art. 96 CISO). How leverage amplifies NAV swings by nearly half, why a fall in property values mechanically tightens the debt ratio, and what that reveals about capital increases.
Jul 18, 2026 · 8 min read
A listed real estate fund is liquid in its units, never in its buildings. The two exit routes — selling on the exchange at the day's price, or redeeming at NAV on twelve months' notice (art. 66 and 67 CISA) — and why, in times of stress, liquidity is preserved in quantity but not always in price.
Jul 18, 2026 · 7 min read
Independent experts, the DCF method, deferred taxes, appraisal smoothing: how a real estate fund's net asset value is manufactured — why half a point of discount rate moves values by more than 10%, and why the NAV is a moving average of reality rather than its snapshot.
Jul 17, 2026 · 8 min read
Seven numbers, three texts, one timed itinerary: how to extract the essentials from a Swiss real estate fund's annual report — NAV, rental losses, leverage, TER REF, distribution coverage, the discount rate — using the AMAS standardization too few investors exploit.
Jul 17, 2026 · 8 min read
Why some distributions are largely tax-exempt while others are taxed like dividends: direct vs. indirect holding, withholding tax and the separate coupon, tax values, capital gains — the full mechanics, a worked example, and the method for checking any fund.
Jul 17, 2026 · 10 min read
1.99% vs. 3.64% yield, 34% vs. 10% agio — yet nearly identical balance sheets and a "residential" label fuzzier than it looks: what really separates the two segments, measured with Apollo 8's proprietary data.
Jul 17, 2026 · 11 min read
About CHF 4 billion raised in 2025, a record already under threat in 2026: why funds issue when agios are high, how subscription rights work, and dilution measured fund by fund with Apollo 8's proprietary data.
Jul 17, 2026 · 11 min read
Around 2¼% on average, but a threefold spread between funds: current levels, the gap over Swiss Confederation bonds, the yield-agio trade-off, payout stability, and taxes – measured with Apollo 8's proprietary data extracted from official reports.
Jul 16, 2026 · 13 min read
Why do listed Swiss real estate funds trade above the value of their buildings? What the agio is, how interest rates drive it, and the fund-by-fund dispersion measured with Apollo 8's proprietary data extracted from official reports.
Jul 15, 2026 · 11 min read
Diversification, liquidity, taxes, leverage: a detailed comparison of direct property purchase and listed real estate funds for investors residing in Switzerland.
Mar 18, 2025 · 13 min read