What Zug Estates does

Zug Estates Holding AG is a Swiss publicly listed real estate company (SIX Swiss Exchange: ZUGN) that conceives, develops, markets, and manages mixed-use properties primarily in the Canton of Zug. The company operates two anchor sites: Suurstoffi-Areal in Rotkreuz, a ~100,000 m² masterplanned district that includes Switzerland's first wooden high-rise, geothermal and solar energy infrastructure, the Switzerland Innovation Park Central cluster, and is DGNB Platinum certified; and Lebensraum Metalli in Zug city centre, a combined retail, residential, and commercial development connected to the Circulago lake-water district heating and cooling system. Beyond property rental — which generated CHF 71.6 million of property income in FY2025 against a CHF 1.94 billion portfolio at a 0.7% vacancy rate — the group runs a hospitality segment through wholly owned Garden Park Zug AG, operating Park Hotel Zug, City Garden Hotel, City Apartments, and the aigu and Secret Garden restaurants.

The company's core technology differentiator is its embedded sustainability infrastructure: an anergy grid supported by approximately 480 geothermal probes at Suurstoffi, Circulago lake-water heating/cooling, 1,146 kWp of installed solar PV (including a circular, relocatable PV pilot launched in 2025), Building Information Modeling for prefabrication and deconstruction-ready design, and the use of CO2-reduced concrete plus Oxara's cement-free clay materials in the S43/45 project. These systems have driven Scope 1 and 2 greenhouse gas emissions down from 17.3 to 1.1 kg CO2 per m² since 2010 and delivered virtually CO2-free operations since 2022.

Zug Estates monetizes primarily through recurring rental income from residential and commercial tenants (direct leasing via its website and on-site teams) and through hospitality services. Long-dated green bond financing — four CHF 100 million issuances (2019, 2022, 2024, 2026) on SIX — funds the development pipeline under a Green Finance Framework. Customer segments span individual residential tenants (including students), commercial office and retail occupiers, hospitality guests, and innovation-economy tenants anchored by Switzerland Innovation Park Central. The company employs 44 people and is led by CEO Patrik Stillhart and CFO Mirko Käppeli, with a stable shareholder base led by the Buhofer Group at 48.78% of voting rights.

Name

Zug Estates

Legal name

Zug Estates Holding AG

Website

https://zugestates.ch

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

Zug Estates Holding AG is a Swiss listed real estate developer and manager that conceives, builds, and operates sustainable mixed-use properties — primarily the Suurstoffi and Metalli sites in Canton Zug — generating recurring rental and hospitality revenue from residential, commercial, and innovation tenants.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Lessors of Real Estate (5311), Lessors of Nonresidential Buildings (except Miniwarehouses) (53112)

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Mixed-Use Property Management (BPAJAGAE)

Keywords

• Sustainable real estate development
• Mixed-use property management
• Residential and commercial leasing
• Hotel and hospitality operations
• Green building infrastructure

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Property Rental Income: Zug Estates generates the majority of its revenue from rental income from its real estate portfolio, which includes residential apartments and commercial spaces (retail and office) across the Suurstoffi and Metalli sites in the Zug region.
2. Hotels & Catering: Through Garden Park Zug AG (formerly Hotelbusiness Zug AG), Zug Estates operates the Park Hotel Zug (with aigu Restaurant & Bar), City Garden Hotel, City Apartments, and Secret Garden Restaurant & Bar, generating hospitality revenue.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels9 records

Core offering

Zug Estates conceives, develops, markets, and manages sustainable mixed-use real estate properties in the Canton of Zug, Switzerland. Core offerings include the Suurstoffi-Areal mixed-use development in Rotkreuz and the Lebensraum Metalli in Zug city centre, encompassing residential and commercial rental properties, hotel and restaurant operations (Park Hotel Zug, City Garden Hotel, aigu Restaurant & Bar, Secret Garden Restaurant & Bar), and green bond financing instruments. The portfolio emphasizes virtually CO2-free operations, geothermal and lake-water energy systems, wooden construction, and DGNB Platinum-certified sustainable districts.

Product overview

Zug Estates is a real estate development and property management company operating primarily in the Zug region of Switzerland. The company offers a portfolio of integrated living spaces including the Suurstoffi-Areal (mixed-use development in Rotkreuz with residential, commercial, and educational spaces) and the Lebensraum Metalli (urban development in Zug city center). These development areas are supported by residential and commercial rental services, sustainable energy infrastructure (anergy networks, geothermal systems, Circulago district heating/cooling), and green financing instruments (three green bonds totaling CHF 300 million). The company also provides digital tenant services through a Mieter-App and hosts the annual Nachhaltigkeitsforum sustainability conference. Approximately 95% of the portfolio consists of green buildings generating less than 1 kg CO2eq per square meter.

Differentiator

Problem solved

Functional benefit

Brands

• Metalli: Mixed-use urban development and shopping alley in Zug city centre
• Suurstoffi
• aigu Restaurant & Bar

Products and services

• Suurstoffi-Areal A approximately 100,000 m2 mixed-use development area in Rotkreuz combining residential, commercial, educational, and leisure spaces. Features include the first wooden high-rise in Switzerland, geothermal energy systems, anergy network, urban gardening, tenant app, bike facilities, and the home of Switzerland Innovation Park Central. Awarded DGNB Platinum certification in March 2024 as the first site in Switzerland for sustainable districts.
• Lebensraum Metalli Central urban development project in Zug city centre combining residential, retail, and commercial spaces. Includes the Metalli Einkaufs-Allee (shopping alley), is connected to the Circulago lake-water district heating/cooling system, and aims to create an attractive living environment with high quality outdoor spaces. The trademark 'Metalli' is registered to Zug Estates.
• Wohnungsangebote (Residential Rental) Residential rental properties offered across the Suurstoffi and Metalli areas, including apartments for individuals, families, and students. Portfolio includes sustainable buildings with renewable energy systems and a dedicated tenant app.
• Gewerbeangebote (Commercial Rental) Commercial rental spaces including office, retail, and business premises offered in the Suurstoffi and Metalli areas. Properties feature sustainable design, flexible layouts, and renewable energy connections. Target tenants include companies, retail operators, and educational institutions such as XUND Bildungszentrum Gesundheit Zentralschweiz.
• Park Hotel Zug Hotel operation in the Zug city centre operated by wholly owned subsidiary Garden Park Zug AG (formerly Hotelbusiness Zug AG). Hosts the aigu Restaurant & Bar. Serves business and leisure travelers in the Zug region.
• City Garden Hotel Hotel operation in the Zug region operated by Garden Park Zug AG. Part of Zug Estates' diversified hospitality segment.
• Secret Garden Restaurant & Bar Restaurant and bar operated by Garden Park Zug AG in the Zug city centre. Part of Zug Estates' hospitality segment.
• Green Finance Framework / Green Bonds Sustainable financing instruments issued by Zug Estates. Three green bonds totaling CHF 300 million have been issued on the SIX Swiss Exchange (2022, 2024, 2025), with a fourth CHF 100 million green bond placed in June 2026. Funds are used to refinance sustainable projects under the company's Green Finance Framework.

Quantifiable outcome

• Greenhouse gas emissions reduced from 17.3 to 1.1 kg CO2 per m2 energy reference area, a reduction of approximately 94% since 2010
• +6 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Zug AlliancecoreStrategic or Co-development Partner · 1 September 2025Zug Estates collaborated with Zug Alliance on a pilot project to develop and install a circular PV system at Birkenstrasse 39 in Rotkreuz. The system consists of pre-assembled, foldable, ballasted modules that can be disassembled before building demolition and reinstalled on new constructions.
• XUND Bildungszentrum Gesundheit ZentralschweizcoreStrategic or Co-development Partner · 5 September 2024In September 2024, Zug Estates signed a long-term lease agreement with XUND for the Suurstoffi 45 building (~14,400 m2 of office and education space and 1,100 m2 of student housing), responding to growing demand for practical healthcare training in Central Switzerland.
• Agrovision Burgrain AGminorStrategic or Co-development Partner · 4 August 2023Agrovision Burgrain AG opened its first self-service farm shop (Hofladen) on the Suurstoffi site in August 2023, offering over 300 Swiss Bio products sourced directly from the Burgrain farm or partner farms in Central Switzerland.
• Charta Kreislauforientiertes BauencoreStrategic or Co-development Partner · 27 June 2023Zug Estates signed the Reuse-Oriented Construction Charter (Charta Kreislauforientiertes Bauen) in June 2023. Twelve organizations committed to implementing projects and investments that make the construction industry more circular and resource-efficient. The charter focuses on reducing grey energy, waste, and raw material demand.
• PostBus AG (PostAuto AG)minorStrategic or Co-development Partner · 15 February 2023PostBus AG was a joint project partner in the 'Seamlessly Mobile' pilot project (2021-2023) at the Suurstoffi site, testing bundled mobility services including public transport credits combined with car and e-bike sharing.
• Mobility CooperativeminorStrategic or Co-development Partner · 15 February 2023Mobility Cooperative was a joint project partner in the 'Seamlessly Mobile' pilot project, providing car sharing services bundled with public transport and e-bike sharing for Suurstoffi residents.
• TCS Mobility Academy (carvelo2go)minorStrategic or Co-development Partner · 15 February 2023TCS Mobility Academy (carvelo2go) was a joint project partner in the 'Seamlessly Mobile' pilot project, contributing cargo bike sharing services.
• WWZ AG (Wasserversorgung Zentralschweiz / WWZ)coreStrategic or Co-development Partner · 12 July 2020WWZ AG developed and operates the Circulago lake-water district heating and cooling system, supplying virtually CO2-free heating, cooling, and hot water to Zug Estates' Metalli site and other buildings in the city of Zug. Zug Estates is a key anchor customer for Circulago.
• Switzerland Innovation Park CentralcoreStrategic or Co-development PartnerSwitzerland Innovation Park Central creates a network between companies, universities, institutions, and start-ups located at the Suurstoffi site to establish a dynamic innovation ecosystem. Zug Estates supports this initiative through premises at the Suurstoffi site.
• Hochschule Luzern (Lucerne University of Applied Sciences and Arts)minorStrategic or Co-development PartnerHochschule Luzern conducted a study commissioned by Zug Estates demonstrating that basement area reduction saved 6.4% of greenhouse gas emissions and facade glass reduction saved an additional 1% at the S43/45 project. The university's Competence Centre for Mobility also studied CO2 savings from home office and coworking at the Suurstoffi site.
• Oxara (ETH Spin-off)minorStrategic or Co-development PartnerOxara, an ETH Zurich spin-off, developed a mineral, cement-free binder for circular and CO2-reduced concrete products. Zug Estates uses Oxara products in the S43/45 project, including an interior wall made of pressed, cement-free clay bricks and replacement of conventional concrete with cement-free products.

Scale indicators17 records

Recent moves6 records

Expansion highlights7 records

Emerging players

• CTP N.V. CTP is a European listed real estate developer focused on sustainable, energy-efficient industrial and logistics properties using proprietary sustainability standards. Its emphasis on in-house ESG design and sustainable construction parallels Zug Estates' integration of green technologies into development.

Direct peers

• Swiss Prime Site AG: Swiss Prime Site is one of Switzerland's largest listed real estate groups with a diversified portfolio of commercial and mixed-use properties. Like Zug Estates, it generates stable rental income, is SIX-listed, and pursues long-term portfolio appreciation in prime Swiss locations.
• HIAG Immobilien Holding AG: HIAG is a SIX-listed Swiss real estate company with a portfolio of commercial and industrial properties, including development of brownfield sites. Its focus on developing and repositioning Swiss real estate makes it a relevant listed comparable.
• Allreal Holding AG: Allreal is a SIX-listed Swiss real estate company that both develops and holds residential and commercial real estate. Its vertically integrated development-and-rental model and Swiss mid-size profile closely match Zug Estates' structure.
• PSP Swiss Property AG: PSP Swiss Property is a SIX-listed Swiss real estate company specializing in prime commercial office properties in major Swiss cities. Its model of focused commercial real estate investment and active asset management is closely comparable to Zug Estates' commercial leasing operations.
• Intershop Holding AG: Intershop is a SIX-listed Swiss real estate company focused on commercial investment properties, primarily offices and retail/logistics, with an active portfolio management approach. Comparable to Zug Estates as a small-to-mid-cap listed Swiss landlord.
• Mobimo Holding AG: Mobimo is a SIX-listed Swiss real estate company focused on mixed-use residential and commercial properties in major Swiss economic hubs. It directly mirrors Zug Estates' model of developing, holding, and managing mixed-use sites with a long-term investment horizon.

Broad incumbents

• Vonovia SE: Vonovia is Europe's largest listed residential real estate company, with a strong ESG/sustainability roadmap and green-bond issuance program. While geographically broader and residential-focused, it serves as an international benchmark for a sustainability-led listed real estate operator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCSg1doeY9K8PiNssi9pEUJw
• LinkedInlinkedin.com/company/zug-estates-holding-ag
• Instagraminstagram.com/suurstoffi_areal
• Xx.com/ZugEstates

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zug Estates