Swiss Estates has obtained a fairness opinion on a public tender offer by Kolumbus Group

August 2026 — Kolumbus Group AG has published a public tender offer for the registered shares and bearer participation certificates of Swiss Estates AG held by the public, as well as all unlisted registered shares not already held by Kolumbus Group. The offer, published on 22 July 2026, set a price of US$3.69 (CHF3.00) net in cash per listed equity security and US$0.36 (CHF0.30) net in cash per unlisted registered share. Following the successful completion of the offer, Kolumbus Group intends to delist the equity securities. The board of directors of Swiss Estates commissioned the fairness opinion to assess the financial adequacy of the public tender offer.

Swiss Estates is a real estate company headquartered in Freienbach that invests exclusively in properties in Switzerland. The group’s portfolio comprises 44 properties. Its registered shares and bearer participation certificates are listed on BX Swiss, while its bearer participation certificates are also traded on the Düsseldorf Stock Exchange.

Kolumbus Group is a real estate company headquartered in Ittigen. Before launching the tender offer, it already held the majority of Swiss Estates’ voting rights and share capital.

Our role in the transaction

The board of directors of Swiss Estates appointed Oaklins’ team in Switzerland to provide a fairness opinion assessing the financial adequacy of the public tender offer. The team’s work included the valuation of the group companies using appropriate valuation methods and consideration of various case-specific circumstances. This fairness opinion is publicly available on the website of the Swiss Takeover Board.