Article published in Immoday.ch, February 5th 2026
Will 2026 be just as strong? We asked Martin Spreng, Investor Relations Manager.
After an eventful 2025, Dominicé has no plans to rest on its laurels. Following the strengthening of its management teams, a new capital increase is scheduled for spring for TrustStone Real Estate SICAV, and another is being considered for Dominicé Swiss Property Fund during the year, subject to favorable market conditions. In the meantime, the main objective will be to prepare the fundraising for TrustStone and create value with the existing real estate portfolios of both funds, notably through the launch of several new development projects.
Dominicé had a strong 2025 on the securitized real estate front, first with the takeover of management of the unlisted fund TrustStone Real Estate SICAV in autumn, but also, in parallel, three capital increases (two for Dominicé Swiss Property Fund and one for TrustStone Real Estate SICAV), which successfully raised nearly 185 million Swiss francs.
Martin Spreng, how do you see 2026 for securitized real estate? As good as 2025?
The short answer is yes.
And the long answer?
First, it’s a very positive overall market with the SNB policy rate at 0% which should not rise in the coming months, and could even decrease, which should further push up real estate prices. Second, demand remains very strong for securitized real estate, particularly from pension funds. They are looking to buy, especially residential properties, which is pushing fund prices upward. We could also mention a third factor, which is generally not discussed much: the arrival of French-speaking private banks and wealth managers, a few years after their German-speaking counterparts. They too are beginning to show great interest in securitized real estate. For them, this asset class has become essential in their clients’ portfolios. This demand is also pushing premiums upward.
Read more here: Swiss Real Estate at a Turning Point: Key Insights from IMMO26
What could derail the market?
Geopolitical risks. For example, if a decision by Donald Trump causes oil prices to soar, it will create inflation and a rise in interest rates that could first affect the stock market and then, by contagion, force some large institutional investors to sell part of their allocations in real estate funds. That said, the economic situation remains favorable: the global economy is benefiting from solid results published by many American companies, while the Swiss real estate market also shows good resilience. But today, we find ourselves in an unstable geopolitical environment where no one can predict what will happen in the short term. This geopolitical risk is also one of the reasons pushing investors toward real estate, because generally, it’s an asset that corrects less than the stock market during market correction phases.
Read more here: Swiss Real Estate: Between Growth and Pressure
Really? When we see that some pension funds are buying in Geneva today with gross yields of 2.66%?
Be careful not to mix everything up: pension funds have different yield objectives for real estate assets than real estate funds. The latter can afford to be more selective and not buy if the yield is too low. Moreover, thanks to experienced and professional teams, real estate funds can launch projects that often show higher yields than already-built real estate. This allows them to compensate, within the portfolio, for acquisitions made with lower yields.
This confirms that, with existing real estate, we can no longer find decent yields.
In fact, we still find off-market properties with a gross yield of 3.8% in the heart of Geneva. Some owners want to divest their real estate, which has become too complex to manage for well-known reasons: the need to carry out renovations, the energy transition, but also succession, tax, and liquidity issues. This network of private owners and brokers constitutes an essential part of our added value.
These real estate prices that keep rising year after year, isn’t that starting to become a problem for investors?
Today, the average premium of listed funds is around 35% while the highest premiums exceed 50%. For investors, there are therefore still many funds that allow entry into the market with possible progression.
What can we expect from Dominicé in 2026? Let’s start with TrustStone Real Estate SICAV.
After taking over management of the fund last autumn, we strengthened the teams. Looking ahead, a capital increase is planned for spring for a portfolio of properties fully aligned with our short-term strategy. This initiative is supported by significant demand from certain clients for unlisted funds, given the premium levels reached by listed funds.
Read more here : TrustStone Real Estate SICAV announces a capital increase scheduled for March
In the medium term, is an IPO the strategy for TrustStone?
Yes, very likely, but not right now—in a few years, when we have reached a critical size and investor diversification.
And regarding Dominicé Swiss Property Fund, what can we expect for 2026?
In autumn 2025, we strengthened the portfolio with a capital increase of nearly 100 million, which allowed us to acquire 120 million in real estate between July and December 2025. And today we are in discussions for a swap, which is an instrument increasingly appreciated by private clients. In 2026, our main objective will be to create value with the existing real estate portfolio, notably through the launch of several new development projects.
No capital increase planned for Dominicé Swiss Property Fund in 2026?
Nothing is planned at the moment, but we are always open to fund growth if the market allows.
And when will you launch your first L-QIF?
That’s not on the agenda.
