Zug Estates Group announces satisfactory operational results for 2023

Zug Estates Group has released its annual results, revealing encouraging operational performance characterized by an increase in rental income and a series of successes in leasing, as well as a successful repositioning of Garden Park Zug AG. Net income, excluding revaluation and special effects, amounts to CHF 33.9 million, slightly higher than the previous year.

The company reported a 5.5% growth in rental income, rising from CHF 62.2 million to CHF 65.7 million. This positive development is notably attributed to the renovation and repositioning of the hotel and catering segment, especially with the renaming of Hotelbusiness Zug AG to Garden Park Zug AG. Additionally, Zug Estates has decided to invest approximately CHF 85 million in the construction project S43/45 at the Suurstoffi site in Rotkreuz.

Despite a rising interest rate environment negatively impacting property value, the company has benefited from strong demand for attractive and well-located rental spaces, contributing to its leasing successes. For 2024, Zug Estates anticipates a significant reduction in vacancy rate to around 1% and an increase in net income, excluding revaluation and special effects, to over CHF 35 million.