SISKA Real Estate

What SISKA Real Estate does

SISKA Immobilien AG is a Winterthur-headquartered, family-owned Swiss real estate company founded in 1954 by Robert and Ruth Heuberger, currently wholly owned by Günter Heuberger (Board Chairman and CEO). The company operates a vertically integrated real estate platform spanning property acquisition, development, construction, renovation, and ongoing management, with a portfolio of approximately 2,000 residential apartments across 40+ larger residential buildings, four shopping centers (EKZ Neuwiesen Winterthur, EKZ Effi Märt Effretikon, Uschter77 Uster, and Shopping Center Illuster Uster), eight commercial/office properties, and two hotels (Hotel Banana City Winterthur and Hotel Illuster Uster). Anchor tenants in the shopping centers include Genossenschaft Migros Ostschweiz and Genossenschaft Migros Zürich, while the ZHAW Department of Health occupies the company's flagship Haus Adeline Favre development on the Winterthur Sulzerareal.

The business is fundamentally an income-producing real estate owner-operator with no proprietary technology platform; leasing and property management are handled in-house by a team of Immobilienbewirtschafter and Hauswarte. Revenue is generated through four streams: residential rental, shopping center and commercial leasing, hotel operations, and third-party property management services. Pricing is quote-based per unit and not publicly disclosed. The company markets primarily through its own website (www.siska.ch) and project-specific microsites, with public exhibitions and municipal planning processes for major developments.

Since 2014, SISKA has executed an intensive capital program with approximately CHF 257.8 million in renovation and construction contracts signed through end-2025 and a board-approved CHF 97 million climate and energy retrofit budget, with an estimated total portfolio renovation cost of approximately CHF 250 million. This investment cycle contributed to four consecutive loss years (2019-2024, accumulating CHF 12.8 million in losses) before the company returned to profitability in FY2024. Historical peak revenues reached approximately CHF 60 million annually before the renovation and COVID period. Going-private-equivalent governance (no external shareholders), a Swiss German-speaking regional focus (cantons of Zurich, Thurgau, St. Gallen, and Aargau), and a continued development pipeline (SHzwei4, Kern Uster, Neues Wohnen Grafstal, Neues Wohnen Neuwiesen) characterize the current operating posture.

Name

SISKA Real Estate

Legal name

SISKA Immobilien AG

Website

https://siska.ch

Company type

Private

Founded year

1954

Operating status

Operating

Headcount range

11–50 employees

Short description

SISKA Immobilien AG is a Winterthur-based, family-owned Swiss real estate owner-operator managing approximately 2,000 residential apartments, four shopping centers, eight commercial properties, and two hotels across the cantons of Zurich, Thurgau, St. Gallen, and Aargau, with a CHF 250+ million portfolio-wide renovation and development program underway.

Ownership category

akta.pro rank

Headquarters

HQ city

Winterthur

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Residential Property Leasing: Rental income from approximately 2,000 residential apartments across the German-speaking Swiss portfolio.
2. Shopping Center Operations: Rental and management income from 4 shopping centers (Einkaufszentrum Neuwiesen Winterthur, EKZ Effi Märt Effretikon, Uschter77 Uster, Shopping Center Illuster Uster) hosting approximately 100+ retail tenants. MIGROS Ostschweiz is the anchor/main tenant in multiple centers.
3. Commercial and Office Leasing: Rental income from 8 business, office, and commercial properties.
4. Hotel Operations: Hotel Banana City Winterthur (4-star congress hotel) and Hotel Illuster Uster (Garni business hotel, 60 double rooms) generate room, seminar, and event revenue.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

SISKA Immobilien AG owns, develops, manages, and leases a diversified Swiss real estate portfolio in German-speaking Switzerland (cantons Zurich, Thurgau, St. Gallen, and Aargau). The portfolio comprises approximately 2,000 residential apartments across 40+ residential buildings, four shopping centers, eight commercial/office properties, and two hotels. The company also executes mixed-use development projects (e.g., Haus Adeline Favre, Kern Uster, SHzwei4 wooden high-rise) and provides third-party property management services.

Product overview

SISKA Immobilien AG operates as a diversified Swiss real estate company offering property management services, managing a portfolio of shopping centers, hotels, residential apartments, and commercial properties across cantons Zürich, Thurgau, St. Gallen, and Aargau. The company's product portfolio consists of four shopping centers (Einkaufszentrum Neuwiesen, Einkaufszentrum Effi Märt, Uschter77, Shopping Center Illuster), two hotels (Hotel Banana City, Hotel Illuster), approximately 2,000 residential units and commercial spaces, plus various development projects including Neues Wohnen projects, Kern Uster, and SHzwei4 Holzhochhaus. Property management services include technical renovations, facade work, heating system modernization, and pipe network renewal. The company also operates under the 'Neues Wohnen' brand for residential development projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Residential Property Portfolio Approximately 2,000 residential apartments in approximately 40+ larger residential buildings across German-speaking Switzerland (Winterthur, Uster, Effretikon, Seuzach, Attikon, Grafstal, Gossau SG, St. Gallen, Zurich). Units range from 1.5 to 5.5 rooms. Leased directly to tenant households through the SISKA website and in-house property managers.
• Shopping Center Operations Operation of four shopping centers hosting approximately 100+ retail tenants. Anchor tenants include Genossenschaft Migros Ostschweiz and Genossenschaft Migros Zürich. Centers include EKZ Neuwiesen Winterthur, EKZ Effi Märt Effretikon, Uschter77 Uster, and Shopping Center Illuster Uster. Includes retail leasing, center management, and parking operations.
• Hotel Banana City Winterthur 4-star congress hotel located directly at Winterthur main train station. Features hotel rooms, seminar rooms, and a representative hall. Records approximately 20,000 overnight stays annually and hosts conferences, seminars, and events for business and leisure travelers.
• Hotel Illuster Uster Central business hotel with Garni operation in Uster featuring 60 double rooms. Targets business travelers with a high occupancy rate. Records approximately 13,000 overnight stays annually with occupancy back to pre-Coronavirus levels.
• Commercial and Office Property Leasing Portfolio of 8 business, office, and commercial properties leased directly to commercial tenants. Includes standalone office and commercial real estate assets in the SISKA portfolio.
• Property Management Services (Immobilienverwaltung) Property management and administration services provided to third-party property owners, owner communities (Eigentümergemeinschaften), and individual landlords. Covers residential and commercial properties in cantons Zurich, Thurgau, and St. Gallen. Includes technical renovations, facade work, heating system modernization, and pipe network renewal oversight.
• Real Estate Development Projects Real estate development and new construction projects including mixed-use quarters (Kern Uster), wooden high-rise buildings (SHzwei4), and urban residential developments (Neues Wohnen Neuwiesen, Neues Wohnen Grafstal). Targets both residential and commercial tenants.
• Haus Adeline Favre (ZHAW Health Campus) Campus building at Katharina-Sulzer-Platz in Winterthur, originally Halle 52 on the Sulzerareal. Six floors with approximately 25,000 m2 of floor space, built to Minergie standard with SIA 2040 energy efficiency. Leased to the Canton of Zurich as ZHAW Department of Health — the largest training center for occupational therapy, midwifery, nursing, and physiotherapy in Switzerland.

Quantifiable outcome

• Hotel Banana City and Illuster achieved occupancy rates back to pre-Coronavirus levels, with Banana City recording ~20,000 overnight stays and Illuster ~13,000 overnight stays annually.
• +1 more outcomes

Named customers4 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

Partnerships

Ten partnerships are on record, tiered core and minor.

• Implenia AGcoreStrategic or Co-development Partner · 3 February 2016Implenia serves as the general contractor (Totalunternehmerin) for the Haus Adeline Favre (ZHAW Health campus) project with an investment of ~CHF 100 million. Implenia also sold the Halle 52 building to SISKA and developed the 'neuRing' residential project in Gossau SG from which SISKA purchased a multi-family house. Implenia is a key development and construction partner for multiple SISKA projects.
• Kanton ZürichcoreStrategic or Co-development Partner · 1 April 2013The Canton of Zurich is the tenant of the Haus Adeline Favre building (ZHAW Department of Health campus). The canton's Bildungsdirektion and Immobilienamt are involved in project coordination alongside the Hochbauamt des Kantons Zürich.
• Genossenschaft Migros OstschweizcoreStrategic or Co-development PartnerMigros Ostschweiz is the anchor tenant (Hauptmieterin) in EKZ Neuwiesen (long-term lease renewal signed 2016) with supermarket, restaurant, take-away, Melectronics, and Do it + Garden. Also the anchor in the Römertor shopping center development project and the main tenant driving the Uschter77 renovation. SISKA describes Migros as a long-standing and stable partner.
• Genossenschaft Migros ZürichcoreStrategic or Co-development PartnerMigros Zürich is the anchor tenant in EKZ Illuster (shopping center renovation partnership renewed 2013), alongside the Illuster hotel. Both major shopping centers in SISKA's portfolio have stable anchor tenants from Migros, providing revenue stability.
• AXA WinterthurminorStrategic or Co-development PartnerAXA Winterthur was a co-developer of the 'Kern Uster' mixed-use project (alongside SISKA and Hotz Verwaltungs AG), with the AXA taking part in the ground-breaking ceremony on 20 September 2016.
• Stadt WinterthurminorStrategic or Co-development PartnerThe city of Winterthur collaborates with SISKA on urban development projects including the Neuwiesen shopping center renewal, the Ruhtal-Park public space, and the SHzwei4 test planning process. Multiple public-private partnership initiatives are underway.
• SBB (Schweizerische Bundesbahnen)minorStrategic or Co-development PartnerSBB collaborates with SISKA on improving public transport connections between the Altstadt, Neuwiesen, and Sulzer-Areal as part of the Winterthur city center shopping experience.
• Hotz Verwaltungs AGminorStrategic or Co-development PartnerHotz Verwaltungs AG co-developed the 'Kern Uster' project with SISKA and AXA Winterthur. The traditional Uster butcher business will return to the new Kern Uster site upon completion.
• Stiftung für Baudynamik und ErdbebeningenieurwesenminorOthersThis foundation is documenting legal and liability questions related to structural and seismic safety issues identified at EKZ Uschter77 and EKZ Effi-Märt.
• Club of RomeminorOthersThe Robert und Ruth Heuberger-Stiftung (SISKA-associated foundation) has extended its annual donation agreement with the Club of Rome at CHF 300,000 per year through 31 December 2028.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Swiss Prime Site: Swiss Prime Site is the largest listed Swiss real estate company, with a diversified portfolio across office, retail, and residential assets. Comparable to SISKA's mixed-use portfolio strategy and Swiss market focus, but operates at materially larger scale with broader geographic exposure.

Direct peers

• Intershop Holdings: Intershop Holdings is a Swiss commercial real estate company specializing in retail and office properties. Comparable to SISKA's shopping center and commercial property portfolio, particularly the multi-tenant retail real estate model.
• Allreal Holding: Allreal Holding is a Swiss real estate company combining real estate investment and general contractor (development) activities. Highly comparable to SISKA in combining ownership, development, and management of residential and commercial real estate in German-speaking Switzerland.
• Plazza AG: Plazza AG is a smaller Swiss real estate company active in residential and commercial real estate in German-speaking Switzerland. Closely comparable to SISKA in scale, regional focus, and mixed-use portfolio orientation.
• Mobimo Holding: Mobimo Holding is a Swiss real estate company with a mixed-use portfolio of commercial and residential properties, plus active development. Comparable to SISKA's development pipeline (e.g., Kern Uster, SHzwei4) and combined ownership/development/management business model.
• PSP Swiss Property: PSP Swiss Property is a leading Swiss commercial real estate company with a portfolio of office and retail properties in major Swiss cities. Comparable to SISKA as a Swiss real estate owner/operator focused on commercial properties with institutional tenants, though at a much larger, listed-company scale.
• Warteck Invest: Warteck Invest is a smaller Swiss real estate company focused on a mixed-use portfolio of commercial and residential properties in German-speaking Switzerland. Closely comparable to SISKA in scale, regional focus, and mixed-use strategy.
• HIAG Immobilien Holding: HIAG Immobilien is a Swiss real estate company focused on commercial and industrial properties with a mixed-use portfolio strategy. Comparable to SISKA in the Swiss regional real estate operator model and active portfolio management approach.

Others

• Implenia AG: Implenia is Switzerland's largest construction services company and a strategic development partner of SISKA (Totalunternehmerin for Haus Adeline Favre, seller of multiple properties to SISKA). Adjacent rather than directly competitive, but a key counterpart in SISKA's value chain.
• Steiner AG: Steiner AG is a Swiss real estate developer and general contractor with both development and construction services. Comparable to SISKA's development activities and serves as a peer for the build-and-hold strategy SISKA pursues.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

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 SISKA Real Estate