Mission accomplished SNB statement: Immediate implications for the Swiss real estate market
A rate cut after a phase of inflation is tantamount to a mission accomplished statement after a won war. Somewhat humorously, we compare the situation in the meme with President Bush's declaration on May 1, 2003, when he declared the [...]
Core indirect real estate investments: Switzerland vs. international
We compare the performance of Swiss and international NAV-based core real estate investments. In recent years, investments in Switzerland have substantially outperformed international ones. Nevertheless, it is currently worth taking a look abroad. In the [...]
Exporeal: Waiting for 2024
Photo source: Messe München This week the Expo, the largest and most important real estate conference in Europe, took place again. Was it the Oktoberfest beer or the community? The mood was lifted for most of the participants. This despite [...]
SNB in the “Arthur Burns” Trap? Implications for financing strategies
We have to admit that we misjudged the SNB last week. However, we still believe an interest rate hike would have been necessary. However, we are astonished by the SNB's reasoning. It left interest rates unchanged, although its conditional inflation [...]
3-Year Milestone: Macro Real Estate’s Belief in Research-Based Investment Approach
I know the fireworks of the Zürifest are not meant for us. Nevertheless, Macro Real Estate AG celebrates its third anniversary this weekend. We can already say that 2023 will be by far the best year of our existence. This [...]
Fresh impressions on the US real estate investment market
During my recent two-week business trip to the U.S., I had the opportunity to meet with more than 25 real estate investment managers in four major cities along the Pacific and Atlantic coasts. I came back with the following [...]
UBSCS and SNB Stabilization Fund: reflections from the past
It is not the aim of this blog to comment on what is happening around the big Swiss banks and the SNB and I leave the political evaluation to others anyway. Unfortunately, we now clearly have to talk about a bailout, [...]
Personal statement on the SNB’s provision of liquidity to CS
Due to my experience in the executive management of the SNB Stabilization Fund and my long CS past, I was asked to comment on the recent events This CHF 50+ billion loan from the SNB to Credit Suisse is not [...]
Indirect Real Estate Investments in 2023: From Redemption Waves to Value Opportunities
International diversification is necessary Macro Real Estate AG is a strong advocate of the idea of international diversification in real estate portfolios. Looking only at the returns achieved, this strategy might not always have paid off during the low [...]
Tricky CHF: Appealing Swiss CRE distribution yields from FX perspectives
Real estate investors usually focus on real estate performance, building plans, or architectural beauty. Financial engineering is not considered a core competence and is sometimes even regarded by many as evil. We couldn't disagree more. International real estate investors [...]
