News & media reports

sitEX USA and Avex Homes on track for a record result

Driven by the changed behavior of many US citizens during the ongoing Covid-19 pandemic and the record low interest rates, the US market for single-family homes is currently experiencing a strong growth. Single-family home sales rose to a 13-year high in September.

Avex Homes LLC, majority-owned by sitEX Properties USA Inc., has achieved record sales in this market environment over the last 9 months. As a result, in the first 9 months of the current fiscal year, sales contracts for single family homes in the amount of over USD 70 million were signed. This represents an increase of more than 20% compared to the previous year.

Although, according to Reuters.com, around 25 million people were still dependent on unemployment benefits as of October 2020, the market and demand for single-family homes grew strongly after a short and extremely sharp slump in the second quarter. This growth can be attributed to two main factors. On the one hand, mortgage interest rates fell to record levels since the Covid-19 pandemic. The interest rate on a ten-year mortgage is currently 2.5% p.a. Before the outbreak of the crisis, the interest rate was still between 3-4%. On the other hand, after the quarantine measures in the big cities, many people have decided to move to the suburbs. In a single-family home, family, work (home office) and relaxation can be better combined.

Oct. 27, 2020

sitEX Properties Holding AG generates a half-year profit of CHF 10.454 million

The Board of Directors of the owner-managed real estate development company published today the very positive half-year results for 2020. sitEX achieved the largest half-year profit in the history of the company with CHF 10.454 million (previous year: CHF 8.239 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to CHF 13.299 million (previous year: CHF 10.525 million). 

In line with the strategic refocusing of the company, income from project development and realisation contributed 68.37% of total property income. The remaining share of income was generated by rental income. 
 
Total assets increased from CHF 307.973 million to CHF 424.271 million.
 
This result resulted in a robust return on equity of 13.72% (previous year: 14.99%).

Beat Kähli, CEO of the company, commented the pleasing result as follows: "We started the 2020 financial year with a great deal of momentum and were able to achieve a number of important milestones in the first half of the year, particularly with regard to the new major projects "Avalon Park Daytona Florida" and "Im Oristal" in Liestal. The successful issue of our first bond in the amount of CHF 50 million with an interest rate of 0.375% p.a. is particularly noteworthy. Thanks to this issue, our liquidity as of 30.06.2020 was approximately CHF 60 million (previous year: CHF 30.2 million). With this increased liquidity, we will continue to focus on our numerous promising development projects in Northwestern Switzerland and in the USA, and build up a financial safety buffer. 
The world will continue to be dominated by the COVID-19 pandemic in the second half of 2020. Nevertheless, the signals - especially in Central Florida - are very positive. We note that the number of house purchases in Florida exceeds the previous year's figures. Despite the uncertain circumstances, we are well positioned in the second half of the year thanks to our diversified portfolio and are confident that we can build on the success of the first half of the year."

Aug. 4, 2020

sitEX Properties Holding AG builds new city in Daytona Beach Florida

The owner-managed real estate development company has purchased 10 million square meters of development land near the well-known coastal city of Daytona Beach. This is one of the largest development sites in Central Florida.

Beat Kähli, CEO of the company, summarizes the transaction as follows: "This acquisition represents the largest land acquisition in the history of our company. Over the past 25 years, we have successfully developed the small town of Avalon Park Orlando in Orlando FL. Today, the city and its surroundings have more than 50,000 inhabitants. Thanks to this project we have been able to build up an immense knowledge in urban development. On the basis of this core competence, we have been developing the small town "Avalon Park Wesley Chapel" on over 6 million square meters in Wesley Chapel - 30 minutes drive from Tampa FL - and slightly to the north, the project Avalon Park Tavares for about 5 years. "Avalon Park Daytona" is only a 10-minute drive from the world-famous Daytona Beach. With this project, which will comprise over 8,000 new residential units, we cover the rapidly growing Tampa-Orlando-Daytona corridor with three of our projects".

Beat Kähli continues, "Many people in the big cities have found that quarantining in a city apartment is very restrictive and are now longing for more space. Compared to other major metropolitan areas, the Tampa/Orlando/Daytona metropolitan area offers relatively inexpensive housing with house prices starting at USD 250,000. Supported by increasingly decentralized working models, we expect demand for real estate in Central Florida to continue to grow in the context of the current Covid 19 pandemic. Sales from April to July 2020 are significantly higher than last year. Our development and planning team is therefore working intensively to finalize the plans and construction for "Avalon Park Daytona". As in the "Avalon Park Orlando" model, the Daytona project is designed to be essentially a vibrant center with a mixed-use development. The project includes all school levels, offices, businesses, retail space and multi-family and single-family homes as well as various health, educational and recreational facilities. Construction is scheduled to start in 2021."

July 29, 2020

Successful completion of the share buyback program 2020

On June 24, 2020 the Board of Directors of sitEX Properties Holding AG informed about the conduction of the share buyback program at a fixed price. In this process sitEX Properties Holding AG intended to acquire up to 6% (in total a maximum of 138,068 shares) of the outstanding registered shares at the offer price of CHF 76.00 per registered share.

A total of 122,643 registered shares were tendered, which corresponds to 5.33% of the capital recorded in the Commercial Register. Payment of the buyback price will be made today on 7 July 2020.

July 7, 2020

Share buyback at fixed price

As decided at the Annual General Meeting on June 3, 2020, sitEX Properties Holding AG will buy back up to 6% (maximum 138,068 shares in total) of the outstanding registered shares at a price of CHF 76.00 per share in July 2020. After the buyback, the registered shares will be held in treasury until further notice. 

The buyback offer lasts from 26 June to 6 July 2020.

Shareholders have the opportunity to tender a maximum of 6% of their total shareholding (rounded down to the nearest whole number of shares) under the buyback offer.

Shareholders who wish to accept the buyback offer and hold their shares in a securities account are requested to follow the instructions of their custodian bank. Tendered shares will be blocked by the respective custodian bank and cannot be traded thereafter.

Shareholders who wish to accept the buyback offer and who keep their shares in physical custody are requested to proceed according to the instructions of the Company.

Payment of the buyback price is expected to take place on 7 July 2020.

June 24, 2020

sitEX Properties Holding AG issues bond in the amount of CHF 50 million

sitEX Properties Holding AG, an owner-managed Swiss real estate company, has issued a fixed-interest bond of CHF 50 million. Among other things, the issue serves to finance the various real estate development projects planned in Northwestern Switzerland.

sitEX Properties Holding AG, an owner-managed real estate company, successfully issued a bond in the total amount of 50 million Swiss francs on 3 June 2020. The bond is guaranteed by Basellandschaftliche Kantonalbank (BLKB), Liestal and has a maturity of 5 years with an annual interest coupon of 0.375%. The issue was carried out under the lead management of BLKB. The payment of the bond is guaranteed for the
17 June 2020 and the definitive admission to trading and listing of the bond on the SIX Swiss Exchange has been applied for. A prospectus was prepared for the bond, and can be obtained free of charge during normal business hours at the following address: Basellandschaftliche Kantonalbank, Rheinstrasse 7, CH-4410 Liestal, phone +41 61 925 94 94, e-mail: info@blkb.ch.

The proceeds from the placement of the bond will be used, among other things, to finance the various real estate development projects.

Legal notice:

This media release and the information contained herein may not be distributed or transmitted in or into the United States of America (USA) or be issued, transmitted or made available to US persons (including legal entities) or to media with a general circulation in the USA. Any violation of these restrictions may constitute a violation of US securities laws. The bond will not be publicly offered for sale outside of Switzerland. This media release is not an offer of securities for sale or subscription. It is not a prospectus within the meaning of Art. 35 et seq. FIDLEG nor as a listing prospectus within the meaning of the Listing Rules of SIX Swiss Exchange.

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, as defined in Regulation S under the Securities Act. This document is not intended for distribution to and must not be passed on to any retail client.

June 4, 2020

sitEX Properties Holding AG enters agreement with Pasco County to develop Downtown Avalon Park Wesley Chapel

Avalon Park Group/sitEX has been working with Pasco County over the past year to develop an agreement that will bring smart growth and development to Wesley Chapel in the form of a downtown cultural center. The agreement was unanimously approved today at the Pasco County Board of County Commissioners meeting.

Avalon Park Group/sitEX proposes to spend in excess of USD 800mn to develop 215-acres into a mixed-use, urban downtown. Based on Traditional Neighborhood Design/Transit Oriented Design and smart growth principles, the focal point will be an area primarily comprised of multi-storied buildings with a mix of uses that will all be within walking distance, thus establishing a vibrant, pedestrian-scaled environment unlike the single use developments that are typical in conventional suburban communities and that can only be comfortably reached using the automobile.

The agreement outlines that Avalon Park Group/sitEX will deliver a minimum of USD 90mn in public infrastructure and Class A offices, including spine roads, public parking garages, park and ride parking spaces, transit improvements and bus shelters.

To support the growth of this economically important project, Pasco County is subsidizing around 33% of the total public improvements which amount to a total of USD 90mn. In order to do so, a portion of the property tax revenue will be rebated for 30 years to sitEX to pay for public facilities (e.g. parking garages).

Feb. 18, 2020

sitEX Properties Holding AG increases net profit by 55%

The real estate company with its headquarters in Lachen SZ efficiently capitalised on the positive market environment last year in all business areas and achieved a very satisfactory business result. Net profit amounted to CHF 13.88 million, an increase of 55% over the previous year. This resulted in earnings per share of CHF 6.03 and a return on equity of 10.6%. At the same time, the equity ratio increased further to 44.2%. Earnings before interest, taxes, depreciation and amortization increased by 75.9% to CHF 20.45 million in the same period. Beat Kähli, CEO of the company, commented on the highly satisfactory business results as follows: "We are very pleased with the positive and, in particular, broadly based business results of the past year. The result shows the outcome of our focused but nevertheless diversified strategy. By 2017, more than 50% of our profits were generated by revaluations. Last year, these gains represented only 4.5% of the overall result. As a result of the transformation of our company, in 2019, for the first time, the majority of profits were generated by development projects - profits that also directly impacted the company's liquidity and thus directly supported the further growth of our company. We look forward to the current fiscal year with confidence and again expect positive profits from our ongoing development projects - especially in Central Florida. A market that continues to be in a very robust condition."

Feb. 17, 2020

Best performer in the ZKB eKMU-X index 2019

The share of sitEX Properties Holding AG closes the year 2019 with a share price of CHF 75, which represents an increase of 56.3% on an annual basis. Thanks to this very positive performance, the share takes first place in the annual ranking of the eKMU-X Index. 

 

(Source: Finanz und Wirtschaft; 09.01.2020)

Jan. 15, 2020

sitEX Properties Holding AG signs purchase agreement for property in Daytona Beach, Florida (USA)

The company, based in Lachen SZ, is consequently expanding the existing portfolio of development projects in Central Florida. The property comprises approximately 10.3 million square meters and is thereby one of Florida's largest construction projects. The seller of the land is Consolidated Tomoka Land Co., a real estate company listed on the New York Stock Exchange with headquarters in Daytona Beach. sitEX intends to build on the property a city along the lines of Avalon Park Orlando and Avalon Park Wesley Chapel (Tampa). Avalon Park Daytona is located on the East Coast of Florida, only about 10 kilometers from the beach, at the end of the Interstate 4 Corridor, one of the largest growth corridors in the USA. 
Commenting on the transaction, Consolidated Tomoka's CEO said: "Avalon Park Daytona offers the region a high quality project comparable to sitEX's Orlando and Tampa projects". 

Dec. 19, 2019

sitEX Properties Holding AG intensifies cooperation with largest American homebuilder

sitEX Properties Holding AG and its long-standing American partner, the Avalon Park Group, headquartered in Orlando, Florida, have signed several contracts with D. R. Horton Inc., the largest American homebuilder (NYSE: DRH), for the sale of single-family house lots.

The contracts have a total volume of USD 102 million and represent a milestone in the history of sitEX Properties Holding AG. The contracts comprise a total of 2,209 developed and undeveloped lots, spread over the metropolitan regions of Orlando and Tampa (Florida). This transaction has allowed the company to further diversify its fixed assets. The gains from the partial sale of the acquired lots will have a significant impact on the business results for the next three years. Further transactions are currently being negotiated as part of the close partnership with D. R. Horton Inc.

Oct. 31, 2019

sitEX Powerhouse: the planned innovation campus takes shape

From 01.12.2019 sitEX Powerhouse AG, a subsidiary of sitEX Properties Holding AG, will gradually open an innovation campus on more than 4'000 square meters in the sitEX Powerhouse at Hofackerstrasse 40 in Muttenz - right next to the Life Science Campus of the FHNW. For this purpose, the 5th floor of the building is currently being completely renovated and refurbished. In addition to a large number of permanent offices, a modern coworking environment with a concept unique to the region is to be opened next year. More detailed information will be published in due course. In addition to the 5th floor, the entrance area, the lifts and the roof will also be completely renovated. The largest asset in the portfolio of sitEX Properties Holding AG will then shine in new splendour and will in future be an important hub for researching and innovative young companies located in (Northwestern) Switzerland. Find out more: Coworking Basel

Oct. 28, 2019

sitEX Properties Holding AG prepares further transaction in Switzerland

Within the context of the strategic refocusing of the company initiated almost three years ago, sitEX Properties Holding AG is preparing the last major realignment of the Swiss portfolio of investment properties. The company plans to sell the three properties in Solothurn, Wolhusen and at Trillengässlein in Basel to a group of investors by the end of November. The three properties, each with a high proportion of gastronomy and office space, are no longer in the long-term focus of the company, therefore the Board of Directors has decided to sell the properties. The company will generate a profit after tax of approximately CHF 1.5 million from this transaction. Further divestitures in the Swiss portfolio are not planned for the immediate future following this significant sharpening of the portfolio.

Oct. 21, 2019

Successful completion of share buyback program 2019

The 2019 share buyback programme has been successfully completed on 10 September 2019. A total of 93.73% of all outstanding shares participated in the buyback program. sitEX Properties Holding AG acquired a total of 126,057 shares at a fixed price of CHF 51.10, corresponding to the NAV per share as of 31 December 2018. The shares will not be destroyed and remain in the possession of the company.

Sept. 10, 2019

Positive first half of 2019

In the first six months of the current financial year, our company was again able to achieve above-average results. Net profit after tax was at a record level (half-year). The net profit was generated through rental income (34%), development (48%), and realization of properties (18%). The equity ratio increased further to a solid 41.1% (equity: CHF 126.522 million) as of June 30, 2019 - nearly doubling from January 1, 2016.  

Aug. 28, 2019

Renaming of the company

The change of name which was approved at the Annual General Meeting on 20 June 2019 has been successfully completed. The company is now operating as sitEX Properties Holding AG.

July 9, 2019

Resolutions passed unanimously at the AGM of sitEX Properties AG

The shareholders of sitEX Properties AG voted on the various agenda items at the Annual General Meeting in Muttenz and followed the recommendations of the Board of Directors. 92.24% of the outstanding shares were represented at the meeting. The following resolutions were passed unanimously:

  • The annual report, consisting of the annual report of the Board of Directors, the consolidated financial statements 2018 and the annual financial statements 2018 of sitEX Properties AG, were approved.
  • All members of the Board of Directors were granted discharge. All previous members were re-elected for a further term of office of one year.
  • The renaming of the company as sitEX Properties Holding AG.

Furthermore, the management informed that 6% of all outstanding shares will be bought back at a price of CHF 51.10 in the third quarter of 2019. The company will announce this share buyback separately in a letter to all known shareholders and in a single publication in the Swiss Official Gazette of Commerce (SOGC) at the end of July. Every shareholder is entitled to participate in this share buyback. The share capital of sitEX Properties AG remains unchanged and will not be reduced by the shares bought back. No other distribution will be made in 2019 for the 2018 financial year.

June 20, 2019

Successful fiscal year 2018

sitEX Properties AG closes the past business year with a profit of CHF 8.93 million. As a result, earnings per share increased by 20% compared to the previous year. The strategic and geographical refocusing of the company was rigorously pursued in 2018, resulting in a 33% and 35% decrease in the balance sheet total and fixed assets, respectively, through targeted property sales in Switzerland and abroad. Thanks to our implemented strategic measures and the repayment of loans, the equity ratio increased to an encouraging 38.6% (beginning of 2016: 23.8%). Based on the strengthened balance sheet structure, the existing and new growth projects in Northwestern Switzerland and Central Florida will be pursued in the current year.

May 29, 2019

sitEX share in trading 2018

The sitEX share closed the 2018 business year with a slightly positive annual performance (+3.2%; cf. eKMU-X index: -10.16%). The sitEX share gained around 33% from its lowest level for the year to its year-end closing price, making it one of the winners of the eKMU-X index of the Cantonal Bank of Zurich.

Jan. 8, 2019

Successful completion of share buyback program

On 5 September 2018 the Board of Directors of sitEX Properties AG informed about the execution of the share buyback program with a fixed purchase price. On 25 September 2018 sitEX Properties AG has acquired a total of 115,057 registered shares (5.00% of the outstanding share capital) at the offer price of CHF 47 per registered share.

Sept. 25, 2018

Share buyback

As announced in the Annual Report 2017 and approved at the Annual General Meeting on 6 June 2018, sitEX Properties AG will buy back up to 5% of the outstanding shares in September 2018 at a price of CHF 47 per share.

Media release (in German) (PDF)

Details share buyback (in German) (PDF)

Sept. 5, 2018

Shareholders approve capital decrease

The shareholders of sitEX Properties AG followed the recommendations of the Board of Directors at the Annual General Meeting. 93.21% of the outstanding shares were represented at the meeting. All resolutions were approved unanimously.

In particular, the proposed ordinary share capital decrease in the amount of CHF 10.916 million from currently CHF 56.938 million to CHF 46.022 million and the simultaneous annulment of 545,800 sitEX shares with a nominal value of CHF 20 each was accepted. The reduction amount will be used to transfer the shares of the newly established OAK Investment Holding AG currently held by the Company to four sitEX shareholders who have tendered their 545,800 sitEX shares.

With the transfer of the shares of OAK Investment Holding AG, the Board of Directors of sitEX Properties AG underlines the geographical focus of the company on Switzerland and Central Florida (USA) which was defined last year. 

Download PDF

June 7, 2018

sitEX Properties AG generates record earnings in the 2016 financial year

sitEX Properties AG, a real estate company focusing on the holding and development of investment properties in special situations as well as the development of new construction projects in Switzerland and abroad, achieved a audited total real estate income of CHF 35.64 million in 2016 (previous year CHF 21.45 million) thanks to its focused strategy, with income from the revaluation of properties making up 34.65% of this figure. EBITDA amounted to CHF 32.97 million (previous year CHF 19.61 million). Net profit amounted to CHF 22.96 million (previous year CHF 8.3 million). The return on equity after taxes stood at 18.5% (previous year 8.2%). In future, the company will concentrate on the two markets of Switzerland and Central Florida. 

Download PDF

April 5, 2017