ACRON HELVETIA VII Verkaufsbroschuere Englisch

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ACRON HELVETIA VII IM MOBILIEN AG
BUILDING WEALTH
ZRICH
DSSELDORF
DALLAS
TULSA
ACRON HELVETIA VII Im mobilien AG

Office real estate Portikon
Thurgauerstrasse 130, 8152 Glattpark
ZUrich-Opfikon, Switzerland
Dear Reader,
Profitable real estate in a good location is essential as a component of a sound and viable asset
structure. It is also possible to secure a bit of Switzerland with such an investment, an opportunity
that must be seized today. On that note, we are pleased to present to you with this investment
ACRON HELVETIA VII Immobilien AG.
The investment company invests in an economically strong location with an enormous growth
potential. With the concept of this investment and the acquisition of the office real estate Portikon,
which has the Minergie-P certification in Glattpark in the economic area of Zurich, ACRON HELVETIA VII
Immobilien AG meets all the requirements of a successful capital investment. The property was
completed in the fall of 2009, and has already been fully leased, for example, to the pharmaceutical
groups Nycomed International Management GmbH and Baxter Healthcare S.A. It is currently the
largest property in Switzerland in accordance with the Minergie-P standard. Investors of ACRON
HELVETIA VII receive a distribution of, initially, 6.25 percent p.a., which then rises to 6.50 percent p.a.
In the construction of the property, the project developer HOCHTIEF Development Schweiz AG used
alternative sources of energy, and thus realized savings. The investment property was built in a
resource-saving manner and will consume over its lifetime significantly fewer primary resources
and/or produce lower energy costs than comparable office properties. Thus, in the construction
process synergies were achieved, which will benefit both the tenants through lower energy costs
and the environment through decreasing emissions. At the same time the quality and efficiency of
the property was increased, which contributes to maintaining and increasing the value of the project
for investors.
With the proven concept of ACRON HELVETIA VII we offer potential investors another traditional, safe
and transparent investment product. Arguments such as widest possible protection against Inflation,
regular income and good and long-term performance potential are characteristic of this investment.
In Addition, we can share with you our expertise in the real estate sector and our experience of 28
years. Being a family company, our long-term focus is on success - unlike companies that are run by
managers and whose executives may often change. Built in 1981, we are continuing on responsibly
and persistently. We had already initiated 22 U.S. investments by the time we prepared our first Swiss
investment. This present investment opportunity represents our seventh opportunity to invest in the
Swiss real estate market.
We thank you for your interest.
Zurich, June 30, 2010
Klaus W. Bender
Delegate of the Board of Directors
Kai Bender
Managing Director
preface
This Private Placement Memorandum for the investment offered, ACRON HELVETIA VII Immobilien AG, was
prepared by ACRON AG, Zurich (hereinafter referred to as ACRON). The investment company is registered
with the Commercial Court of the Canton of Zurich under the number CH-660.7.854.008-8.
This prospectus seeks to inform, to the best of the knowledge of the publisher and those responsible,
interested investors/customers accurately and fully on all the substantial factors that are essential to
deciding for or against a shareholder investment in ACRON HELVETIA VII Immobilien AG.
Any investment in ACRON HELVETIA VII Immobilien AG shall be based solely on this present prospectus.
The publisher of this prospectus shall not be held liable for any deviating or additional information made
by any third party, particularly information related to the facilitation of the investment.
As initiator of this investment, ACRON AG reserves the right to change, supplement or limit the data
contained in the information part as well as the right to withdraw the offer without notice.
The issue of shares in such real estate investment abroad is subject to the investment-specific and taxrelated regulations in effect in such overseas jurisdictions. Investors who are American citizens or investors
who are subject to U.S. federal income tax are recommended to consult a tax advisor before purchasing
the participation shares.
The investor confirms that he or any other person(s) whose account he acts for each have
bankable assets of at least CHF 2 million net or fall into another category of qualified investors
under section 10 para. 3 KAG (Swiss Collective Investment Schemes Act CISA).
For US Investors:
The shares are being offered only to persons who are accredited investors as defined by the
US Securities and Exchange Commission, Regulation D. The shares have not been registered
under US federal or state securities laws in reliance upon Section 4(6) of the Securities Act of
1933, Regulation D and other applicable exemptions from registration. The shares may not be
resold or transferred in violation of applicable US federal or state and other applicable securities laws.
I N F O R M A T I O N O N T H O S E RE S P O N S I B L E F O R T H E PR O S PEC T U S
contents
Preface .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Information on those responsible for the prospectus . 4
The offer - an overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Your partner ACRON .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4

Transparency in indirect real estate

investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8
Investment concept of the

ACRON HELVETIA series .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9
Track Record .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0
Switzerland as a place for investments .. . . . . . . . . . . . . . . 2 2

Macro location Metropolitan area of Zurich .. . . . 2 6
Micro location Glattpark,
Zurich-Opfikon, Zurich . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 9
The property .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4
Tenants .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0

Nycomed International Management GmbH .. . . . . 4 2
Baxter Healthcare S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4

Restaurant Graf Z .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5
HOCHTIEF Facility Management Swiss AG.. . . . . . . 4 6
HOCHTIEF Development Schweiz AG .. . . . . . . . . . . . . 4 6
Liquidity forecast including notes .. . . . . . . . . . . . . . . . . . . . . . . 4 8

Financial and investment plan .. . . . . . . . . . . . . . . . . . . . . . . 4 8

Liquidity Forecast .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4
Notes on the forecast .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6
Risks .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0
Fiscal aspects .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2
Contractual and legal aspects .. . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4
Contractual partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0
Articles of incorporation/association and bylaws
of ACRON HELVETIA VII Immobilien AG .. . . . . . . . . . . . . . 7 3
Global certificate of share capital .. . . . . . . . . . . . . . . . . . . . . . . 7 8
Guidelines for investment .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9
c ont e nts
The offer an overview
Subject of the participation

The investor participates as a shareholder of ACRON HELVETIA VII Immobilien AG (hereinafter also ACRON
HELVETIA VII), domiciled in Zurich, Switzerland. The share capital of the investment company amounts to
a total of CHF 55,000,000. The total investment amounts to CHF 142,000,000. This investment involves
the flexibly designed office real estate Portikon, which is also certified according to the energy standard
Minergie-P (comparable to the LEED Gold standard). It was completed on September 9, 2009, and is
fully leased.
Portikon is located in Glattpark, Zurich-Opfikon, between Zurich airport and Zurich downtown. The invest
ment company ACRON HELVETIA VII acquired the property presented here through the purchase of the
property company Portikon AG on September 30, 2009, from HOCHTIEF Projektentwicklung GmbH, Essen,
Germany, for a price of CHF 127 million.
Set up as a closed property investment, ACRON offers qualified investors pursuant to CISA shares in
ACRON HELVETIA VII for sale as investment shares as part of this private placement offering (qualified
investor fund). ACRON acts as asset manager of the property and managing director of the company. The
project partner HOCHTIEF Facility Management Swiss AG is responsible for facility management. The
investor will receive the income generated from his investment by means of a combined distribution of
the par value reduction and payout of a dividend per share.
th e O f f e r - a n O v e r v i e w
Property data
The investment property is an office property in Glattpark in Zurich-Opfikon. The property was built on a
site area of approximately 71,278.62 square feet. The rentable area is about 202,374.65 square feet,
which has already been fully leased to the pharmaceutical companies Nycomed International Management
GmbH (hereinafter also Nycomed) and Baxter Healthcare S.A. (hereinafter also Baxter) as well as, to a
lesser extent, to the restaurant operator Graf Z, HOCHTIEF Facility Management Swiss AG (hereinafter
also HTFM) and HOCHTIEF Development Schweiz AG.
Real estate Company
ACRON HELVETIA VII Immobilien AG
Registered office
c/o ACRON AG, Stockerstrasse 8, 8002 Zurich, Switzerland
Seller
HOCHTIEF Projektentwicklung GmbH, 45133 Essen, Germany
Type of property
Office property
Property address
Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon, Switzerland
Year built
2009
Land area
6,622 square meters (71,278.62 square feet)
Total rentable area
Total area of
18,801.22 square meters (202,374.65 square feet)
primary rentable area
14,612.70 square meters (incl. 521.81 sqm restaurant)
of which

outer surface
community area
656.30 square meters (incl. 206.70 sqm restaurant)
storage/basement area 1,351.91 square meters
Parking spaces
144 in parking garage
Energy standard
Minergie-P (Green Building)
2,180.21 square meters (incl. lobby)
Tenant
Nycomed International Management GmbH (44.72%)
The company Nycomed International Management GmbH is a global player in

the pharmaceutical industry, 28th in the world. With approximately 12,000 em
ployees in 50 markets worldwide, the company is the 15th largest manufacturer
of over-the-counter products. Nycomed concentrates on the purchase of
licenses and the production and distribution of drugs. Moreover, it supplies
Hospitals, specialists and general practitioners with specialist products and
provides a comprehensive range of OTC products in select markets. The groups
products are available in over 100 countries around the world.
Contract period 10 years plus 2 options at 5 years each; special termination right as of Decem
ber31, 2014, with a walk-away penalty in the amount of a full-year net lease.
Rent
The annual rent is net CHF 3,434,780.
Utilities Triple-Net contract

Indexing 100 percent according to the Swiss national index of consumer prices.
Tenant
Baxter Healthcare SA (45.94%)
The company is engaged in the manufacture and trade of medical devices and
pharmaceutical products. In 2009, the company employed 140 people in Switzer
land. For the purpose of expansion, Baxter set up its headquarters on the property
presented herein and expects to employ 220 230 people on site. Its parent
company is Baxter Healthcare Corporation, based in Deerfield, Illinois, U.S. The
group of companies is active worldwide in over 110 countries and employs about
48,000 people in total. The investment property Portikon will serve as its
European headquar ters.
Contract period 10 years plus two options, each five years.
Rent
The annual rent is net CHF 3,950,795.

Indexing 100 percent according to the Swiss national index of consumer prices.
Tenant
Graf Z AG (5.35%)
The company manages a restaurant. On the Portikon property, the tenant

guarantees service primarily during office hours. The tenants on site have agreed,
by contract, to use the restaurant for the catering of conferences, meetings and
kitchenettes.
Contract period 10 years plus two options, each five years.
Rent The annual rent is net CHF 161,398 plus turnover-rent component.
Utilities
Triple-Net contract
Indexing
100 percent according to the Swiss national index of consumer prices.
Tenant
HOCHTIEF Facility Management Swiss AG (0.85%)
The company is part of the international network of specialists of HOCHTIEF. The

group covers with its services the entire value chain of the real estate in the areas
of development, construction, service as well as concession and operation.
Contract period
4 years
Rent
The annual rent is net CHF 53,841.
Utilities
Triple-Net contract
Indexing
Tenant
HOCHTIEF Development Schweiz AG (3.15%)

HOCHTIEF Projektentwicklung has set up its own regional company in Switzerland:
HOCHTIEF Development Schweiz AG. It is active in the product market segments
office real estate, retail and hotels. The location of the new company is Zurich.
From here, it plans to develop operative business in the German-speaking part of
Switzerland at first. HOCHTIEF Projektentwicklung is the leading inner-city de
veloper in Germany. The first project realized by HOCHTIEF Development Schweiz
was the Portikon in Zurich-Opfikon.
Contract period 8 years

Rent
The annual rent is net CHF 243,512.

Indexing
Investment data / Use of issue proceeds

Share capital
of which share capital investors
of which share capital ACRON AG
Borrowed capital
Total financing
CHF 55,000,000
CHF 54,900,000
CHF
100,000
CHF 87,000,000
CHF 142,000,000
61.3%
100.0%
Gross purchase price incl. reserve

plus incidental investment costs
Total investment
CHF 135,045,000
CHF 6,955,000
CHF 142,000,000
95.1%
4.9%
100.0%
38.7%
Further details regarding use of issue proceeds can be found in the chapter Financing and investment plan.
Property assessment / Appraisal

As part of the acquisition of the investment property by ACRON HELVETIA VII, ACRON AG commissioned
in July 2009 the renowned real estate consulting firm Wuest & Partner, Zurich, with the valuation of the
property. It is an assessment of the fully-leased property showing, as of January 1, 2010 (valuation date),
a value of CHF 130,030,000.
Distribution
Shares entitle shareholders to a pro-rated share in the expected distributions of the company. Between
2010 and 2013, they are expected to amount to 6.25 percent p.a. in relation to the issue price of the
shares and then rise to 6.50 percent p.a. from 2014. Distributions are not guaranteed, but dependent on
the business performance of the company. The company will issue distributions for the first time on
August 31, 2010. Until at least 2024 the distributions will be tax-exempt for investors. Earliest from 2024,
the distributions will consist in part of the payment of a dividend (taxable).
Return according to the internal rate of return method (IRR)

The investment in ACRON HELVETIA VII is expected to yield a return (internal rate of return) of 8.7 percent
p.a. before taxes.
Issue price / payout

The issue price is CHF 100 per share. All shares are fully paid up.
Minimum investment
The minimum amount subscribed for an investment in ACRON HELVETIA VII is 1,000 shares,
i.e., CHF 100,000.
10
Security Code / ISIN

Security code 4981363 / ISIN CH 0049813634
Delivery/listing on the Berne stock exchange. the BX Berne eXchange

Once the share capital released for distribution in the amount of CHF 54,900,000 has been placed, the
shares will be registered to the securities portfolios of the investors. Further plans of management provide
for opening the shares of ACRON HELVETIA VII to the public following registration and, thus, also to nonqualified investors as well as for listing them on the BX Berne eXchange.
Transparency
The investor will be kept fully informed about his investment by means of a 15-year distribution forecast,
the revenue and expenses of the investment company contained therein, detailed accounts of all contracts
concerning the investment, etc. The investor is thus able to make investment decisions based on
transparent information.
Risks
In particular, the investment is subject to the typical risks associated with the leasing, maintenance and
sale of real estate. Potential investors are requested to read, in particular, the comments under the
heading Risks carefully.
Selling restrictions
The shares of ACRON HELVETIA VII are not authorized for public subscription and are only offered to
qualified investors in Switzerland and Germany, pursuant to CISA (in particular section 10. paragraph 3
CISA). For this reason, ACRON HELVETIA VII is not a SICAF as defined in CISA and is, therefore, not
subject to FINMA oversight pursuant to CISA. It is intended to issue a share of no more than 45 percent
of the nominal share value and/or voting rights to investors in Germany who are fully taxable. The term
qualified investor includes, for example, wealthy private individuals who confirm in writing that they
have direct or indirect financial holdings of at least CHF 2 million net at the time of the acquisition. The
investor therefore certifies to the Partnership that it is an accredited investor under applicable laws
including the laws of the United States of America.
11
This private prospectus is not a prospectus pursuant to section 652a of the Swiss Law of Obligations
(OR) or a prospectus of listing particulars under section 32 of the Stock Exchange Listing Regulation of
the SWX Swiss Exchange and therefore does not meet the standards of information contained therein.
HIGHLIGHTS OF THE INVESTMENT
Property quality: Portikon is today the largest property in Switzerland certified according to the
Minergie-P standard (similar to LEED gold certification).
Tenant: Mix of reputable tenants with two companies as main tenants with a strong credit rating.
Investment designed for international investors.
Closed property investment in the legal form of a Swiss Aktiengesellschaft (company limited by
shares or stock corporation).
Tax optimization: Largely tax-free distributions thanks to ACRON investment concept.
Dividend return in the first years (until 2024) is tax-free.
Investors of ACRON HELVETIA VII receive a distribution of, initially, 6.25 percent p.a., which then
rises to 6.50 percent p.a.
Stock-exchange listing following placement: The shares of ACRON HELVETIA VII are to be open to
the public following placement of all shares and, thus, also to non-qualified investors as well as to
be listed on the BX Berne eXchange.
An investment that is 100 percent transparent: This way, transparency of the investment property
is maintained, including all the pertinent valuation criteria such as lease and purchase agreements,
property valuation, other valuation factors and financing loans.
No liability of the investor.
ACRON, as Manager, is responsible for fully protecting the interests of the shareholders:
Administration of the investment company by carrying out the tasks of management; facilitymanagement controlling, responsibility for renewal of lease agreements as well as for asset
management. The fixed investment parameters can be changed only by the Shareholders Meeting
by a qualified majority.
ACRON as a second-generation family business:
Kai Bender, CEO of ACRON AG, Zurich, Switzerland,
Peer Bender with Oliver Weinrich, management of ACRON GmbH, Dsseldorf, Germany,
Long-term leadership situation without frequent changes in leadership.
Monitoring the application of funds: German bank.
12
attractive design
Well defined Structures
13
ACRON HELVETIA I
Riedpark, Neerach
(verussert 2006/2007)
ACRON HELVETIA I
Bro- & Logistikimmobilie,
Waser, Buchs
ACRON HELVETIA V
Fiege Logistik- und Broliegenschaften,
Mnchenstein
ACRON HELVETIA IV
Radisson Blu Hotel, Zrich Flughafen
(verussert 2009)
ACRON HELVETIA I
LSG Skychefs, Rmlang
(verussert 2008)
Basel
Zrich
ACRON HELVETIA I
Brogebude Sdpark Zuchwilerstrasse,
Solothurn
Solothurn
ACRON HELVETIA III

Broimmobilie T-Systems, Bern
Luzern
ACRON HELVETIA VI
Bro- & Logistikimmobilie
Andreas Messerli AG, Wetzikon
Nfels
Glarus
Bern
Lausanne
ACRON HELVETIA VII

Broimmobilie Portikon,
Zrich-Opfikon
Saanen
St. Moritz
Genf
Your partner
ACRON
ACRON HELVETIA IX
Fachmarktzentrum Nfels,
Nfels
Zermatt
ACRON HELVETIA II
Viersternehotel Steigenberger,
Gstaad-Saanen
Como
As initiator of indirect real estate investments, the ACRON Group has been active in private capital
investments for almost 30 years. The company has been domiciled in Switzerland for over 20 years, and
since then it has realized eight real-estate investments in Switzerland. The Swiss parent company
ACRON AG has subsidiaries in Germany and in the southwest of the United States. Klaus W. Bender
founded the company in 1981 and is Delegate of the Board of Directors of ACRON AG, while Kai Bender
was appointed Managing Director in 2009. Peer Bender and Oliver Weinrich manage the affairs of ACRON
in Dsseldorf. With its total of 40 employees, ACRON takes care of all the tasks and responsibilities
relating to the concept and realization of real estate projects, including property and investment
Management, as well as managing the various real-estate investment companies in Switzerland and the
U.S. This allows for quick responses to trends and developments in the investment markets as well as
significantly reduced owners costs. With this present Investment, the Swiss portfolio now numbers nine
companies, which, taken together, comprise a market value of CHF 467 (US-$ 405) million. Together with
the 32 investment companies in the United States, the transaction volume realized so far by ACRON
amounts to CHF 743 (US-$ 611) Million.
The core of each ACRON investment is the real estate asset value. Accordingly, the company handles
investments in properties already acquired by the investment company. For each newly acquired property,
a company is set up. The investments are tailored to the requirements of sophisticated Investors, and
provide ongoing transparency. Three Swiss investment companies are already listed on the Berne stock
market BX Berne eXchange, and more will follow.
14
y ou r P a r tn e r a c r on
ACRONs Switzerland portfolio

Following ACRONs successful establishment in the southwest of the United States, and 22 initiated US
investments, ACRON created the first Swiss investment project in 2000, ACRON HELVETIA I Immobilien
Aktiengesellschaft. This one consists of a portfolio mix of two different properties and currently holds the
office and logistics property in Waser in Buchs, Zurich, as well as the office property Sdpark in Solothurn.
ACRON HELVETIA II Immobilien AG holds as investment property the four-star Hotel Steigenberger GstaadSaanen, which is run by the Steigenberger Hotels AG, Thalwil. In the tourist region of the Berner Oberland
(Bernese Highlands), it is one of the leading hotels and also plays a significant role in the segment of
seminar hotels. The lease agreement with Steigenberger was entered into for a period of 25 years to 2030.
The investment property of ACRON HELVETIA III Immobilien AG is an office building in Bern-Zollikofen.
The property has been leased, until 2018, to T-Systems Schweiz AG, a wholly owned subsidiary of German
Telekom. ACRON HELVETIA IV was founded in the spring of 2006. It was renamed to ACRON L&R
Immobilien AG following the complete subscription for shares by the British investor London & Regional
Properties. In 2006 it invested in the Congress Center at Zurich Airport, which was still under construction
at the time. As Radisson SAS Hotel (now Radisson Blu), Zurich Airport, it opened as planned in August2008.
ACRON HELVETIA VI Immobilien AG acquired on March 6, 2009, the office and logistics property in
Wetzikon, Zurich, that is occupied by and leased to Andreas Messerli AG until February 2029. Furthermore,
in December 2009 ACRON HELVETIA V acquired a logistics property in the economic region of Basel and
leased it completely to the logistics company Fiege Logistik (Schweiz) AG. In the same month ACRON
HELVETIA IX also acquired a retail park in Nfels in the canton of Glarus, leased to a number of reputable
tenants. With the exception of ACRON L&R, whose management is handled by ACRON, ACRON is involved
in all investments as a founding shareholder with a capital of CHF 100,000.
15
ACRON AG, Zurich

Share capital: CHF 1,384,000
100%
100%
ACRON GmbH, Dusseldorf

Share capital: CHF 759,258
ACRON US Holding Corp., Tulsa/OK

Equity: CHF 489,694
100%
ACRON U.S. Management. Inc., Tulsa/OK, Dallas/TX, Houston/TX
99%
1%
ACRON (USA) L.P., Tulsa/OK, Dallas/TX
Real Estate AGs (Switzerland)
US L.P.s
ACRON HELVETIA i
Immobilien AG
ACRON HELVETIA iI
Immobilien AG
ACRON
Boston Place L.P.
ACRON
2500 Penn L.P.
ACRON HELVETIA iII

Immobilien AG
ACRON HELVETIA iV
Immobilien AG
(Management)
ACRON
Shiloh Square L.P.
ACRON
21 Lewis Plaza L.P.
ACRON HELVETIA V
Immobilien AG
ACRON HELVETIA Vi
Immobilien AG
ACRON
16 Centre Plaza L.P.
ACRON
One Summerside Place L.P.
ACRON HELVETIA VIi

Immobilien AG
ACRON HELVETIA VIIi

Immobilien AG
ACRON
Kings Park L.P.
ACRON
Preston North L.P.
ACRON
Valley Centre L.P.
ACRON
Parkway Commons L.P.
ACRON
Reserve at Westchase L.P.
ACRON
Triad I L.P.
ACRON HELVETIA IX
Immobilien AG
ACRON
Stonebriar Commons L.P.
16
Release: January 1, 2010
ACRON HELVETIA II
The results of the ACRON HELVETIA series so far
Investment
volume
in CHF
Dividends,
accumulated until
end of 2009, in %
Target Actual
Dividends
average
in % p.a.
Company
Investment Property
ACRON HELVETIA I
Immobilien AG (2000)
ffice-/Logistics Property,
O
Buchs, Zurich
Office building Sdpark, Solothurn,
Solothurn
34,259,445
57.30
52.30
5.81
ACRON HELVETIA II
4* Hotel Steigenberger,
Gstaad-Saanen, Berne
28,200,000
30.00
30.00
6.00
ACRON HELVETIA III

Office building T-Systems,

Mnchenbuchsee, Bern-Zollikofen,
Berne
27,200,000
25.00
22.25
5.56
Radisson Blu Hotel,

ACRON HELVETIA IV
Immobilien AG* (2006/2009) Airport Zurich, Zurich
154,350,000
Sold
18.72 (IRR)
Forecast for
15 years
ACRON HELVETIA V
Office-/Logistics Properties Fiege,

Mnchenstein, Basel-Landschaft
27,100,000
Forecast
2010
ACRON HELVETIA VI
Office-/Logistics Property Messerli,

Wetzikon, Zurich
18,800,000
6.50
(in August
2010)
ACRON HELVETIA VII

Office Property Portikon,

Glattpark, Zurich-Opfikon, Zurich
142,000,000
6.25
(in August
2010)
6.29
First
distribution
August 2011
Forecast for
15 years
ACRON HELVETIA VIII

ACRON HELVETIA IX
6.75
First
distribution
August 2011
6.53
6.29
6.92
6.53
Currently at Purchase phase

Retail Park Nfels,
Nfels, Glarus
35,000,000
Forecast
2010
6.50
6.67
* Equity capital has been provided by means of a subordinated investor loan.
17
Transparency in indirect real estate

investm ents
As a result of the expansion of the capital investment market and the wider choice of products for direct
and indirect investment opportunities, institutional and private investors are called upon to select their
investments based on their personal objectives. Indirect investments, for example, are open-ended property
funds, closed Investments, shares in property companies and investment foundations. In view of such
diversity in investment opportunities, investors should primarily focus on strong diversification, thus
spreading the risk.
Traditional investment products are less enticing when compared to, say, opportunity funds in terms of
return; the expected risk potential, however, is much lower, which makes such products all the more
attractive. Similarly, indirect property investments may include a variety of very different risk-return profiles.
With some indirect investments it must be noted that investors are inadequately informed about the
actual contents of investments and, thus, about the corresponding risk. Criteria such as location or type of
use of the investment property cannot be assessed by the investor due to the concept-specific, temporary
exchange of investment properties on the part of the investment company.
Real Estate investments

Direct / self
(investor purchases
own properties)
Mixed forms
indirect /
(enterpreneurially-minded Investments.
acron Helvetia-investment
(outsourced Management. Investor in- NOT real estate Investments in the true
sense)
vests in respective real estate company)
PRIVATE PLACEMENT
Qualified Investor Fund QIF
Public placement
Exchange Quotation
ACRON HELVETIA iV
(ACRON L&R) Immobilien AG
ACRON HELVETIA i
Immobilien AG
ACRON HELVETIA V
Immobilien AG
ACRON HELVETIA iI
Immobilien AG
ACRON HELVETIA VI
Immobilien AG
ACRON HELVETIA iII

Immobilien AG
ACRON HELVETIA VII

Immobilien AG
By contrast, indirect investments such as those of the ACRON HELVETIA series, are transparent and can
be assessed with respect to investment content and the resulting risk for the entire term of the investment.
Once the investors have joined, the property inventory of a corresponding risk situation can and will be
18
t r a ns p a r e n c y
changed by the company only after consulting the investors and only with the approval of a majority of
them. It is clear, therefore, that the investor has taken a reliable investment decision for the medium to long
term, which will have to be diversified. After all, with each Investment, the investor participates in a property
selected by him. It is recommended that the investment capital be spread among further alternative
investment opportunities. Transparency, however, must be maintained in order to be able to respond to
different trends in different ways. The more investments in dissimilar properties there are (location, type of
use, lease constellation), the lower the risk.
Investment concept of the ACRON HELVETIA series

After assessing a property and deciding to purchase it, ACRON sets up a HELVETIA investment company
as a company limited by shares (Aktiengesellschaft) that subsequently acquires the property in question
and holds it as its only asset. Investors are invited to participate in the share capital. They do so by sharing
in the combination of par value reduction and dividend payout resulting from the management of the real
property. Since the assets with the specific property as the sole investment content are defined in precise
terms, the risk of the investment company is also known precisely. After the company has been set up, the
shareholder knows the risk profile from the start. It is disclosed and transparent from the very beginning
and will not be changed during the term of the shareholders participation or the life of the company.
ACRON runs the investment company by taking over management. It acts according to the bylaws on
behalf of the investors and will not change, as in this present case of a private placement or qualified
investor fund, any known investment parameters without informing the investor and seeking his consent
first. This way, transparency of the investment property is maintained, including all the pertinent valuation
criteria such as lease and purchase agreements, property valuations, other valuation factors and financing
loans.
Quick Facts investment concept

Investment for investors in Switzerland and other countries
Closed property investment in the legal form of a Swiss Aktiengesellschaft

(company limited by shares)
Distribution attractive from a tax perspective: The shareholder receives a

combination of par value reduction and dividend payout
No liability on the part of the investor

Tax optimization: Largely tax-free distributions thanks to ACRON investment concept
Monitoring the application of funds: Provided by German financial institution
100 percent transparency of the investment
I n v e stm e nt c on c e p t
19
Track record
In the past nearly 30 years, ACRON has planned and implemented over 40 real-estate
investments. The track record illustrated in tabular form includes all holdings from 1997.
Property company/Property (sold)
Office-/Logistics building Messerli, Wetzikon
ACRON Daytona L.P.
Supermarket in Daytona, FL
ACRON Lawrence L.P.
Supermarket in Lawrence, KS
ACRON USA FONDS WINN DIXIE L.P.
Supermarket in Myrtle Beach, SC
ACRON USA FONDS Giant/Elmcrest L.P.
Supermarket in Philadelphia, PA;

Office building in Tulsa, OK
ACRON Harvard Garden L.P.
ACRON 21 Centre Park L.P.
Office complex in Tulsa, OK
ACRON Elmcrest (II) L.P.
Property company/Property (currently under management)
Office building Portikon, Zurich-Opfikon
Office building Kings Park, Dallas
ACRON Boston Place L.P.
ACRON USA FONDS 2500 PENN L.P.
Supermarket in Oklahoma-City, OK
ACRON USA FONDS SHILOH SQUARE L.P.
Shoppingcenter in Dallas, TX
ACRON 21 Lewis Plaza L.P.
ACRON 16 Centre Plaza L.P.
ACRON One Summerside Place L.P.
Office building in Dallas, TX
ACRON Kings Park L.P.
ACRON Preston North L.P.
ACRON Valley Centre L.P.
ACRON Parkway Commons L.P.
ACRON Triad I L.P.
ACRON Reserve at Westchase L.P.
Office building in Houston, TX
ACRON Stonebriar Commons L.P.
Development Property-Mix in Dallas, TX
Property company/Property (currently under management)

ACRON HELVETIA I Immobilien AG
****Steigenberger Hotel, Gstaad-Saanen
Radisson Blu Hotel, Airport Zurich

1)
20
track record
Office Center Waser in Buchs, ZH;

Office building Sdpark in Solothurn, SO
ACRON HELVETIA II Immobilien AG
Hotel in Gstaad-Saanen, BE
ACRON HELVETIA III Immobilien AG
Office building in Bern-Zollikofen, BE
ACRON HELVETIA IV 2) Immobilien AG
Office-, Hotel and Conference Center at Airport-Zurich, ZH
ACRON HELVETIA V Immobilien AG
Office-/Logistic buildings Fiege in Mnchenstein, BL
ACRON HELVETIA VI Immobilien AG
Office-/Logistic building in Wetzikon, ZH
Office building Portikon at Glattpark in Zurich-Opfikon, ZH
ACRON HELVETIA VIII Immobilien AG
Currently at Purchase phase
ACRON HELVETIA IX Immobilien AG
Retail Park in Nfels, GL
T he investment company ACRON HELVETIA I Immobilien AG was founded in 2000. The real-estate properties
held by the company at that time were sold in 2006 and 2008, respectively. The properties currently held were
acquired in 2007 and 2008, respectively.
Twelve U.S. properties (mainly supermarkets) were acquired by ACRON in the years 1988 to
1996. They achieved for the then-investors an average distribution yield of 10 percent p.a. Since
the success of those investments is not suitable for assessing todays management performance,
however, only the investments initiated since 1997 will be explained in greater detail herein.
2)
Purchase
Sale
Holding period
in years
Equity
in US-$
1997
2006
940,000
2,365,000
3,250,000
1997
2008
11
1,597,000
4,182,918
5,500,000
1997
2006
1,010,000
1,807,000
1,475,000
1997/1998
2001/2003
1,675,000
4,918,656
6,800,000
1998
2009
11
510,500
1,440,000
2,047,445
1999
2005
950,000
3,235,000
3,850,000
2003
2004
1,000,000
1,578,656
3,400,000
Purchase
Sale
Holding period
in years
1996
--
--
965,000
896,000
1998
--
--
1,650,000
5,031,925
1999
--
--
2,225,000
8,213,028
2000
--
--
1,710,010
4,045,000
2001
--
--
1,106,000
3,180,000
2001
--
--
1,400,010
3,240,000
2003
--
--
4,310,000
9,500,000
2004
--
--
4,850,000
7,425,000
2004
--
--
5,600,000
8,825,000
2005
--
--
5,565,000
12,450,000
2005
--
--
6,720,000
14,400,000
2006
--
--
14,850,000
34,550,000
2009
--
--
3,700,000
3,500,000
Purchase
Sale
Holding Period
in years
2007/20081)
--
--
2005
--
2005
Equity
in US-$
Equity
in CHF
Purchase volume
net in US-$
Sales volume
net in US-$
Office building Reserve at Westchase, Houston
Purchase volume
net in US-$
Office-/Logistic building Waser, Buchs
Office building T-Systems, Mnchenbuchsee
Purchase volume
net in CHF
IRR at Sale
in % p.a.
7,781,970
31,900,000
--
--
10,350,000
24,220,000
--
--
--
8,200,000
23,665,885
--
2005
2009
35,350,000
137,174,721
18.72
2009
--
--
12,100,000
24,150,000
--
2009
--
--
7,800,000
17,000,000
--
2009
--
--
55,000,000
127,000,000
--
2009
--
--
13,500,000
31,500,000
--
Retail park Nfels, Nfels
Office-/Logistic properties Fiege,

Mnchenstein
quity capital was provided by means of a subordinated investor loan. In 2009, the initial investor of ACRON
E
HELVETIA IV sold its investment to an institutional investor and realized an annual return (IRR) of approximately
19 percent. Even after the sale of the company, which has since been renamed, ACRON AG continues to be responsible for its management.
track record
21
SWITZERLAND AS A PLACE
FOR INVESTM ENTS
Political stability, liberalization of the legal framework, an appropriate tax regime, largely positive economic
trends and favorable financing/earnings conditions are characteristic of Switzerland and attractive to
international investors. Their demand for investment properties in Switzerland is expected to increase
further, because by international comparison, the financial market of Switzerland has weathered the
crisis well.
International rankings of Switzerland

According to the World Economic Forum, Switzerland exhibits a very innovative environment, taking into
account the high priority that companies attach to research and development. Here is what makes
Switzerland stand out:
22
Excellent infrastructure
Very good technological development
Flexible workforce
Good economic and stable political environment
Powerful education and science systems
Attractive tax climate
Central location in the euro area
S w it z e r l a n d a s a p l a c e f o r in v e stm e nts
213
Political stability 1)
Employer-employee agreement 2)
P
ersonal safety Berne,
Geneva, Zurich 6)
Work motivation 1)
R&E expenditure 1)
Purchasing power Geneva 7)
Quality of life Zurich 5)
Competitiveness 2)
L abour market: international
experience 1)
A
ttractive for highly-skilled
workers from abroad 1)
Quality of infrastructure 2)
Health infrastructure 1)
Purchasing power Zurich 7)
N
obel prizes per million
inhabitants 1)
Quality of life Geneva 5)

Global innovation index 3)
Credit rating 4)
Sources:
IMD World Competitiveness Yearbook 2009; The Global Competitiveness Report 2009-2010; Global Summary Innovation Index (GSII); Euromoney 2008; Mercer Survey. Quality of Living
Global City Rankings 2009; Mercer Survey. Quality of Living Global City Rankings 2008; UBS. Prices and Wages: A comparison of purchasing power around the world. March 2008
The Swiss economy is picking up speed

Since the low point of the recession in early 2009, the economic development of Switzerland has performed
better than expected - the fourth quarter saw an increase of 0.7 percent over the previous quarter, the
highest growth achieved since the end of 2007. In comparison to the richer OECD Countries, the decline of
the Swiss economy for the full year 2009 was relatively minor at 1.5 percent, which gives Switzerland a
relatively good starting position. The economy is recovering rapidly and this trend is continuing.
23
Economic development selected countries GDP-comparison
Switzerland
2006
2007
2009
2010P
2011P
3.6
3.6
1.8
2008
1.5
2.5
2.1
3.1
2.8
0.5
4.0
1.5
2.2
Germany
3.4
2.6
1.0
4.9
1.6
2.2
France
2.4
2.3
0.3
2.2
1.7
2.2
Italy
2.1
1.4
1.3
5.1
1.1
2.1
Great Britain
2.9
2.6
0.5
5.0
1.5
2.7
USA
2.7
2.1
0.4
2.4
3.0
3.0
Japan
2.0
2.4
1.2
5.0
2.0
1.4
EWU
Source: UBS Outlook 2nd. Quarter 2010, April 8, 2010
While at the end of 2008 and throughout 2009 the forecasts were often revised downward, nowadays we
see the reverse in terms of the gross domestic product (GDP). Although there are divergent forecasts for
2010, they consistently show upward trends and indicate that a significant recovery is in sight. For
example, Credit Suisse expects to see economic growth of 0.9 percent in 2010 (previously 0.6 percent),
while UBS, according to its latest estimate in April 2010, even speaks of an increase of 2.5 percent
(previously 2.0 percent). The estimates of other forecasters fluctuate between 1.2 and 1.7 percent.
Diversification with a huge potential

Often seen by outsiders as a country of banks, Switzerland boasts a highly diversified economy. The
market capitalization of companies listed on the Swiss stock exchange was CHF 915 billion in September
2009. The highest rated among them is the food giant Nestl, closely followed by the chemical and
pharmaceutical multinational companies Roche and Novartis. The list of the highest rated companies in
Switzerland includes various industries such as banks, insurers, chemicals and pharmaceuticals, energy,
electronics, real estate, hardware and equipment, media, food and production technology.
According to a McKinsey study, 180 international companies, e.g., Kraft Foods (immediate neighbor of
the investment property Portikon), Nissan and Google, have set up regional offices in Switzerland over the
last ten years. As a result, only Luxembourg has a greater density of Fortune 500 corporate giants per
inhabitant.
Switzerlands real estate market is solid

With the start of the subprime and subsequent banking crisis, it was the real estate market that suffered
at first. Institutional investors, professional investors and many private investors, however, can tell the
difference and therefore still - or again - regard commercial property as a profitable investment. In these
difficult times for the stock market, in particular, property investments serve as popular and suitable
diversification tools - and they are ideal tangible assets to hedge against inflation. A survey by Sal.
Oppenheim Real Estate has shown that 87 percent of pension funds intend to increase their investment
activity in real estate in the future as well.
24
The Swiss real estate market is surprisingly resilient in light of the crisis. The financial crisis has had a
generally moderate impact on the number of sales and thus on the prices of land and real estate.
Many new buildings in the Swiss office market

Like in 2007, office space availability in Switzerland was 4.3 percent by the end of 2008, equivalent to
1.6million square meters of rentable office space. In early 2009 numerous new buildings with a total area
of 600,000 square meters were built in many major cities in Switzerland. However, as many companies
- despite the good order situation - are skeptical about the future and further negative impact on the
markets, they are currently reluctant to lease new space. Accordingly, the number of new planning
applications in recent months has dropped, and even approved applications were often not realized. With
a general improvement in economic conditions in the coming years, as is forecast, the current available
space will likely diminish.
At CHF 224.00 net per square meter and year, the average rent in Switzerland had virtually remained
unchanged in 2008. The top leases in major centers went further up still and reached CHF 1,025.00 in
Geneva and CHF 920.00 in Zurich per square meter and year. The offer prices for Swiss office properties
in the first quarter of 2009 fell on average by 1.8 percent from the previous quarter, and the zenith of the
average rental prices seems to have been reached. In the high-price segment of the most expensive
10percent of office space, the prices increased further, reflecting the high quality awareness that feeds
demand. The Swiss centers remain attractive office locations by regional and international standards.
Quick Facts Switzerland

Stronghold of security and stability.
Protection of property, protection from expropriation, no government threats.
Protection of privacy, banking secrecy.
Top service Swiss made - in holistic, national and international terms: Reliability,

constancy, performance, sense of duty, honesty, predictability and efficiency.
Textbook customer service orientation, where service is seen as a tradition: Multilingualism,

friendliness and international relations.
The entire financial universe - investments and trade.

Above-average financial strength, convincing risk management,

liquidity, refinancing and compliance.
25
Macro location - Metropolitan area of Zurich

Across Europe, Switzerland stands out with its moderate rate of taxation. In the cantonal tax competition,
the canton of Zurich with its low tax rates is in the top group. The city of Zurich is regularly named the place
with the highest quality of life.
Zurich and its surroundings form the economic center of Switzerland. At approximately 140,000 companies,
1.6 million employees generate a national income of CHF 170 billion. The economic area makes up a good
third of Switzerland and is home to 3.2 million inhabitants, i.e., about 45 percent of the population. Six
cantons, especially Schaffhausen, Solothurn, Glarus, Schwyz, Graubnden and, of course, Zurich are
combined in the Greater Zurich Area, interacting with the world as a single economic area.
Zurich, Switzerlands economic engine

Eighty-five of the one hundred largest Swiss companies have their headquarters within an hours drive
from the city center of Zurich. These include representative companies like ABB, IBM, Kraft Foods, Google,
Siemens, UBS, Credit Suisse, Bankhaus Julius Br & Co. AG or GE Money Bank. The financial industry
continues to be, as before, one of Zurichs key sectors. Swiss banks manage about a third of the global
cross-border investments. More than a third of the banks in Switzerland have their head offices in the
economic area of Zurich. They are drivers of employment and also attract other business services
companies. In addition, the city boasts the third largest insurance market in the world.
Switzerland is one of the countries in Europe with the highest purchasing power, thanks to relatively stable
economic framework conditions. By comparison, the Swiss have been found to have the highest net
income in the world. According to a UBS study, Zurich and Geneva are among the most expensive cities
in the world, but they also lead the world in the highest net wages paid. Zurich is Switzerlands biggest
city, followed by Geneva. It owes its position as a global city with a global reach particularly to its economic
significance, internationalism and high quality of life.
Below-average unemployment rate in the canton of Zurich

The Zurich job market has exhibited robust employment trends while unemployment has remained
consistently low. While the unemployment rate in the canton of Zurich rose by 0.2 percent in the first
quarter of 2009, it remains, at 3.0 percent, below the overall Swiss average of 3.3 percent. Compared to
the rest of Europe and the world, these are excellent numbers. As a result of the booming economy and
the resulting favorable earning opportunities on the one hand, and the special quality of life in Zurich on
the other, this location has attracted a growing number of foreign workers for years. Thus, in the first
quarter of 2009, there were 790,000 foreign employees in Zurich, which represents an increase of
0.3 percent compared to the previous quarter. These foreign workers generally come well or highlyqualified, contributing to a quality labor supply.
26
M a c r o lo c a tion M e t r o p olit a n a r e a o f z u r i c h
Central location and fully developed infrastructure

Since access to input and output markets is becoming ever more crucial for internationally active
companies, and with fast connections gaining in importance in todays business world, the intercontinental
transportation network of a location becomes a decisive factor. Zurich is situated in the heart of Europe,
and destinations both in Switzerland and abroad can be reached quickly. This is due to the fully developed
infrastructure for private motor vehicle traffic and the transport sector, the dense public transit network
as well as the citys own international airport: with its high frequency of direct flights and its excellent
service standard, it is among the best three airports in Europe.
Stable office market in Zurich

As in previous years, the office market in the economic area of Zurich logged a positive development in
2008. According to the current office market report for Switzerland in 2009 by Colliers (Schweiz) AG,
office space availability decreased by 80,000 square meters to 649,000 square meters thanks to stable
demand. Thus, the supply of vacant space fell within a year and resulted in an availability rate of 4.6percent.
When the financial crisis hit Zurich in the fall of 2008, it was met with a booming economy and a prospering
property market. The prices tended consistently upward, reaching top levels in mid-2008. The Zurich realestate market saw 11,000 private transactions in 2008. Thus, market activity increased by 6.3 percent
over the previous year.
Despite the expansion of the Zurich office market in past years, as well as throughout 2008, a degree of
uncertainty among market participants made itself felt at the end of the year due to the financial crisis.
For the first time there was increased restraint on the demand side. On the basis of economic forecasts,
one must expect a decline in demand for 2009 and 2010. There will probably be increased competitive
pressure on the supplier side, as well as increased price pressure. The latest project developments in
Zurich, for example, include the 126-meter Prime Tower (40,000 square meters) on the Maag-Areal, the
future tallest building in Switzerland; in Zurich West, the campus of the Art Academy (70,000 square
meters); next to the Central Station, the Teachers College (40,000 square meters); the UBS Campus
(30,000 square meters); and the investment property presented here, Portikon in Glattpark, Zurich-North
(19,000 square meters), and the Andreaspark (15,000 square meters).
27
Quick Facts City of Zurich

Total area: 91,9 square kilometers
Population: 381,039 (3rd quarter 2008)
Unemployment rate: 3.0 percent (January 2009)
Economic facts: In 2005, approx. 25,000 local workplaces; strongly influenced by financial market
Key sectors (percentage of employees):
- Banking and insurance 17%
- Business services 12%
- Health and social services 11%
- Hospitality and transportation 10%
- Creative industries 9%
R
eputable companies: ABB, Bankhaus Julius Br & Co. AG, Credit Suisse, Kraft Foods, Degussa,
Google, IBM, Lindt & Sprngli, Siemens, La Prairie, Hewlett-Packard, Kaba AG, Hygolet, A.W. FaberCastell, Pfizer, Siemens, UBS, GE Money Bank
Source: City Administration of Zurich 2007; Statistical Office of the Canton of Zurich; Statistics of the City of Zurich
28
Micro location - Glattpark, Zurich-Opfikon

The district Glattpark is part of the municipality of Opfikon, located in the booming region of Glattal,
Opfikon, which is part of the agglomeration of Zurich and which is considered vibrant and progressive, is
located between the airport Zurich-Kloten and the city center of Zurich with the old town and lake. The
proximity to the airport and the vibrant city of Zurich is the dynamic basis of commercial activities.
Moreover, Opfikon is among the most tax-friendly municipalities within the Canton of Zurich. It is not
surprising that many well-known and national companies have relocated to Opfikon. In addition to many
international hotels, companies of all sizes have set up branch offices here, such as UBS, General Motors
[Europe] SA, Merck Sharp Dome, Kraft Foods, Kanebo, Hotelplan. etc.
Opfikon, with its excellent connection to the international transport networks, is considered to be one of
the best developed towns of Switzerland. Excellent infrastructural conditions are in place: the Zurich
airport, the well-developed train stations, the large number of bus lines and the Glattalbahn (a rapid rail
transit system that will be expanded further until 2010) and a sophisticated road network. All major
European business centers are located within a radius of not more than two hours by plane.
Quick Facts Opfikon

Population: 15,000
Jobs: 18,000
Central location and high-performance infrastructure with efficient transport connections
Low level of taxation and uncomplicated authorities
Flexible and promising labor market with a highly skilled workforce
Recreation areas
Glattpark
The district Glattpark, located in the north of Zurich, has seen dynamic growth for years. When it was
created, the originally separate villages and neighborhoods came together more and more to form a
functionally connected urban network. As a result, mobility needs increased steadily, resulting in the
development of a new and far-reaching traffic route, the construction of the Glattalbahn rapid transit
system. Glattpark, due to its location, its proximity to the airport and its tax advantages, is a preferred
business location for companies.
M i c r o lo c a tion Gl a tt p a r k , Zu r i c h - O p f i k on
29
Its history goes back to the 20th century when the area was set aside for the creation of an inland port.
New plans became more specific with the design of a landing site for zeppelins. The explosion of the
Hindenburg in 1937, however, put an end to this plan.
Quick Facts Glattpark

Planning timeframe: 1957 to 2000.
Total area: 67,4 hectares of district planning area (28 plots with 28 owners)
Population as of June 2009: 1,500
Population potential: 9,000
Jobs potential: 7,000
Estimated investment volume for buildings: CHF 1 billion (excluding land portion)
Infrastructure
The most innovative and most important traffic engineering development of the location has been the
construction of the Glattalbahn rapid transit system, which has four stops in Glattpark alone. To this one
must add highway connections to Berne, Basel, St. Gallen and Chur. The train stations Oerlikon and Opfikon
complete the supply of uncomplicated and short labor and travel routes. This advantageous infrastructure
makes Portikon a prime location that is easy to reach.
Thanks to the modern Glattalbahn rapid transit system. Portikon is linked by public transit to the city of
Zurich, the airport Zurich-Kloten and the surrounding municipalities. The close proximity to the bus stop
at the main entrance of the property and the stop of the Glattalbahn at Thurgauerstrasse render Portikon
easily accessible within ten-minute intervals. The airport is nine minutes away, and Zurichs city center
about 15 minutes.
Quick Facts Glattalbahn

Range: 12.7 km, comprehensive network with 21 stops
C
onstruction from 2004 to 2010: Expansion takes place in three stages
(Commissioning of the stages in a two-year cycle)
C
onnection: Connects the suburban municipalities Kloten, Opfikon, Rmlang,
Wallisellen and Dbendorf with the northern part and city center of Zurich
Total investment: CHF 650,000,000
30
The immediate vicinity

Within walking distance of the investment property Portikon is the eight-story office building Lightcube of
Allreal Generalunternehmung AG. The food company Kraft Foods Europe opened here its Swiss head
office in the fall of 2006. On a site of 5,241 square meters, it was the first commercial building in Glattpark,
having been completed within two years. It alone provides 500 jobs. Directly behind the office building
Lightcube, the real estate company Allreal wants to construct another office building from January 2010
under the working title Lilienthal Boulevard, which is to house 600 jobs. Ideally, it should be ready for
occupancy from the late summer of 2011. The luxury car dealership Schmohl moved into its premises in
the north of Glattpark in 2004. In a prominent location, it represents the luxury makes Rolls Royce,
Bentley, Bugatti and Lamborghini. For expansion reasons, a second exhibition space was completed
subsequently, giving it a surface area of 4,293 square meters. Other companies in the immediate vicinity
include the Textil- und Modecenter (TMC) for textiles and clothing, which opened in August 1978 and
represents 1,500 brands, the four-star Novotel hotel with 255 rooms and ten conference rooms and the
five-star Hotel Renaissance with 204 rooms and over 1,500 square meters of conference space. The
television studio of Swiss TV (SF) is located on Fernsehstrasse 1-4. This is located midway between
Hagenholzstrasse and Thurgauerstrasse, where the investment property Portikon is located. Swiss
Television is the largest business unit of SRG SSR ide suisse.
AXA Leben AG is the investor behind the completed Lilienthal building. It is a mixed use of retail and
infrastructure space as well as apartments. By contrast, the concept of the residential area of Glattbach
of the Leopold Bachmann Foundation includes four residential and commercial buildings, the apartments
of which are already fully leased. Following the opening of a cosmetics studio and a restaurant here, the
food retailer Spar is said to open a large store in late 2009. The apartments, competitively priced by
comparison, are designed for cost-conscious buyers, quite unlike the spacious new apartments with a
view of the lake in the traffic-free development Wohnen am See by Turintra AG, c/o UBS Fund Management
AG, behind Portikon, Credit Suisse Anlagestiftung also confirmed the location decision made by ACRON
and completed the Frontwave building with 70 attractive apartments at the end of 2007. One third of the
area is taken up by the Opfikerpark with a park and lake. A 550-meter long and 40-meter wide lake offers
residents and workers in Glattpark swimming, parks, promenades, playgrounds and sports facilities. It is
the heart of Glattpark.
For 2010/2011, there are other building plans that are to be realized in the second stage of construction.
This includes, for example, the major project Cockpit on the Lindbergh-Allee avenue by the company
KarlSteinerAG, with an investment volume of around CHF 130,000,000. The residential development
Chavez Verde by Swissbuilding with 27 condominiums, 46 apartments and four studio apartments will then
be built, as well as various buildings in the area towards the TV studio.
31
>
City
Z
<
S-
Flughafen
Thurgauerstrasse
7
Bahn
3
6
rcher
5
4
Boulevard
(mit Weiterfhrung ab 2010)
9
10
Vicinity of Glattpark
1. Textil & Mode Center TMC 3
2. Credit Suisse: Galleria building
3. NOVOTEL
4. ACRON HELVETIA VII: Portikon
32

5. Karl Steiner AG: Cockpit
6. Allreal: Lightcube of Kraft Foods
Europe
7. Premium car dealer Schmohl
8. Glattalbahn Line 10
11
Opfikerpark
12
9. Glattalbahn Line 11
10. Swiss head quarter of Pfizer AG
11. residential development Glattbach
12. swiss television
Residential development Glattbach (11)

Lindbergh-Platz
Lightcube: swiss head quarter of Kraft Foods Europe (6)

A first construction phase Glattpark
B second Construction Phase Glattpark
33
THE PROPERTY
The investment property Portikon is located in the district Glattpark, Zurich-Opfikon. Thus, it is located
directly between the airport Zurich-Kloten and the Zurich city center. Within Switzerland it is the largest
property certified according to the Minergie-P standard. Its name Portikon goes back in the history of
Glattpark. The syllable Port indicates the inland port that was to be built here in 1920, but was not, while
the suffix -ikon is taken from the city name Opfikon.
Portikon opens to Thurgauerstrasse with a spacious lobby. The office building was built as a four-core
concept with a large, covered courtyard (atrium), to which the lobby leads. The central, light-filled atrium
provides all floors with light for well-lit workplaces, openness and transparency. Two elevators per core
(real estate section) allow for a decentralized mode of transport close to the offices. Together with a
delivery elevator, there is a total of eleven elevators. The ground floor houses the meeting and conference
rooms of the main tenant Baxter Healthcare.
Looking after the physical well-being of employees and visitors, there is the restaurant Graf Z, which is
accessible from the atrium and the outside. Thanks to the integrated opportunity for lunch breaks or holding
business lunches, Portikon tenants and visitors from surrounding buildings derive a substantial added value.
Portikon is characterized by an identity-creating architecture and stands out as an office property from among
the other buildings. The facade covered with aluminum elements lends the building an elegant and wellstructured form. For tenants there are designated glass surfaces on the facade where they can affix their
corporate logos. On the attic floor there are spacious roof terraces accessible from the related rental spaces.
The major component, both of the outer and the inner facade, is glass, creating the propertys characteristic
open feel. The balustrades from the first upper to the attic floor consist of aluminum elements. All windows are
equipped with automatic shutters, allowing sunlight to be blocked whenever necessary.
34
The property
Photovoltaics complex on the roof of Portikon
The concept Convenience at Work, developed by HOCHTIEF Development Schweiz, and implemented
at Portikon, includes finished rental spaces including lighting. This also serves to ensure the building and
energy standard Minergie-P and creates added value for the tenants and thus for the 600 800 people
working here. By adding attractive elements, a comfortable working environment full of amenities is
created here, in addition to the modern, air and light-flooded building shell. The spatial concept allows for
flexible subdivisions of up to 10,500 square meters, which can be used to create self-contained individual
offices, large-scale communication zones or conference and presentation rooms. The four-core concept
in conjunction with the access control system ensures a high degree of privacy and security. The generous
height of three meters and Tab-Silent fields in the ceilings provide for a pleasant working atmosphere and
excellent acoustics. The gentle heating and cooling system is based on concrete core activation.
The energy for heating the building is obtained from the district heating network. Cooling is provided, for
example, by a 1,100-square-meter photovoltaic system on the roof. By minimizing electromagnetic radiation
within the building, an acceptable and pleasant work environment was created. Portikon was built
according to the requirements of the Passive House standard Minergie-P and built in line with the
sustainability principles of the 2,000-Watt Society. Minergie-P buildings are based on the technical
optimum, and guarantee low energy consumption while maintaining comfort. They are also characterized
by low specific heat requirements, low-weighted energy indicators for ventilation, heating and hot water
as well as the high air-tightness of the building shell.
As part of the security concept, Portikon was equipped with a modern access and locking system. By way
of code cards that can be used only in designated authorization areas, employees enter the building and
head to their offices. During regular opening hours, visitors can enter the building only through the two
revolving doors at the main entrance. Visitors who want to access the tenant areas must first notify the
tenant in question directly via the intercom. The tenants Baxter and Nycomed have separate reception
areas in the lobby staffed by their own employees.
The property
35
36
The property
Overall, Portikon comes with 144 car parking spaces. They are secured with a barrier at the entrance.
Parking is accessible via the tenants code cards or, for visitors, via the intercom.
In addition to a central delivery area (shipments to and from the building) behind the building, Portikon
also has an additional gate to access the courtyard.
Quick Facts Portikon office property

Use: Office property, including restaurant
Address: Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon, Switzerland
Year built: 2009
Building permit: February 12, 2008
Property area: approx. 6,622 square meters
Rental space: about 18,800 square meters in total (offices, storage, restaurants)
Parking spaces: 144
Occupancy rate: 100 percent
Tenant:
Nycomed International Management GmbH (44.72%)
Baxter Healthcare S.A. (45.94%)
Graf Z AG (5.35%)
HOCHTIEF Facility Management GmbH (0.85%)
HOCHTIEF Development Schweiz AG (3.15%)
Rent: CHF 7,834,239.05 p.a. net plus value-added tax
U
tilities: Triple-Net contracts: All utilities, renewal and repair and maintenance costs of the
property are borne by the tenants.
S
ustainability: Minergie-P certification: lower operating costs, electrobiological
equipment, photovoltaic system for electricity generation, for example. for the chillers,
cooling by concrete core activation
Divisions
Main rentable space
Exterior floor space
Common areas
Lobby
Spaces sqm
restaurant: about 522 square meters
656.40
restaurant: about 207 square meters
1,968.27
211.94
Storage/basement
1,351.91
Restaurant area
(728.51)
TOTAL
Notes
14,612.70
Share of lobby/remaining tenants
already included in main rentable space, exterior floor space
18,801.22
The property
37
Sustainability and energy standard

Due to global climate change, the issue of sustainable properties and environmental
protection is becoming increasingly important to society. Thus, on the list of climate sinners,
the real-estate industry is ranked even ahead of motor vehicles and the manufacturing industry.
The construction, operation and demolition of buildings in the 30 member states of the OECD
account for 25 to 40 percent of energy consumption, 30 percent of the consumption of raw
materials and 30 to 40 percent of the greenhouse-gas emissions. The solution of this problem is
to be found, according to experts, in the construction and promotion of sustainable buildings.
Not only experts such as real estate developers, architects, engineers and technicians are
dealing increasingly with sustainable construction, but politicians as well. Regulations, tax
incentives and measures to accelerate project approvals are the tools governments use to
incentivize and promote sustainability.
Investing in sustainable buildings will pay off, both for tenants and investors. In addition to
higher returns, this offers an environmental and social added value. Tenants will benefit in the
implementation of known standards like Minergie in Switzerland or LEED in the United States
from lower operating costs, lower energy costs, healthier/higher-performance jobs, image
promotion and the fact that workers will find such workplaces more attractive.
For investors this opens up interesting investment opportunities, as the value differential
between sustainable and normal real estate will increase. According to studies, higher
market values in resales of 7-16 percent are, indeed, possible. Because of the increased initial
construction costs of such property, tenants must be found who are willing to pay a premium
for the added value they are offered (or included in the rent).
38
The property
th e p r o p e r t y
39
TENANTS
The tenants of the property Portikon, as of June 30, 2010, are Nycomed International Management GmbH,
Baxter Healthcare S.A., Graf Z AG and HTFM as well as HTD Schweiz AG. Together, they rent 100 percent
of the total rentable area. The energy standards implemented in the construction process will benefit all
tenants, as energy consumption will remain far below the average, thus resulting in lower utility costs regardless of any future development in energy prices.
The tenant Nycomed International Management GmbH (approximately 44.72 percent of the total area)
has leased its area for a term of ten years to December 31, 2019. Two renewal options of five years each
and a 100% indexation have been agreed. To Secure the rent, the tenant has agreed to deposit a bank
guarantee equal to one half the annual rent, including advance utilities payments, in the amount of
CHF 2,004,036.84 with Credit Suisse. The tenant has a one-time special right of termination as of
December 31, 2014, which will be subject to a walk-away penalty equivalent to a years worth of net rent.
Another tenant of Portikon is Baxter Healthcare S.A., which has signed a lease for a term of ten years to
Oktober 31, 2019, including two renewal options of five years each. The rent is fully indexed on the basis
of the Swiss national index of consumer prices. As with Nycomed, to secure the rent, a bank guarantee
equal to one half the annual rent in the amount of CHF 1,944,977.38 was deposited by the tenant with
UBS AG Zurich. Upon the companys moving in, Portikon will serve as the European head office of Baxter
HealthcareS.A.
The company Graf Z AG is the operator of the restaurant Graf Z and the third tenant of Portikon. The lease
term is also ten years until September 2019, where the rent is dependent on the utilization of the property.
As the on-site facility manager, HOCHTIEF Facility Management Swiss AG has leased, since August 1, 2009,
an area of just under 160 square meters (including basement and an employee parking lot). The term of
this lease corresponds to the duration of the facility management services contract entered into with it
and will run until July 14, 2013.
40
t e n a nts
high quality interior combined with exquisite Design
t e n a nts
41
Tenant
Main usual Rent CHF Storage

area sqm sqm/p.a. area sqm
Rent CHF
sqm/p.a.
Part
in %
Parking Rent CHF - Parspaces king spaces/p.a.
Return of
Rent CHF
Nycomed
7,844.32
410.00
563.27
125.00
44.71
65
2,280 3,434,779.95
Baxter S.A.
8,133.44
447.72
504.34
150.00
45.94
72
2,400 3,950,795.00 *
Graf Z
822.42
**151.82
183.17
150.00
5.35
2,400
151,311.00 *
HTFM
90.62
450.00
68.31
150.00
0.85
2,400
53,841.00 *
558.51
410.00
32.82
150.00
3.15
2,400
100.00
144
HTD Schweiz AG
17,449.31
1,351.91
243,512.10
7,834,239.05
* Adjusted rent since March 2010.

** Concerning gastronomy areas of 521.81 sqm; Rent for common areas of 93.91 sqm amount to CHF 410/sqm/p.a.
Nycomed International Management GmbH

The privately-owned company Nycomed International Management GmbH is a global player in the
pharmaceutical industry, 28th in the world. With approximately 12,000 employees in 50 markets worldwide,
the company is the 15th largest manufacturer of over-the-counter products.
Nycomed concentrates on the purchase of licenses as well as the production and distribution of drugs.
Moreover, it supplies hospitals, specialists and general practitioners with specialist products and provides
a comprehensive range of OTC products in selected markets. Its specialization is on drugs for gastro
enterology (part of internal medicine), respiratory diseases, inflammatory diseases, pain, osteoporosis and
tissue management (method of hemostasis). The groups products are available in over 100 countries
around the world.
Nycomed moved its European headquarters to Zurich in October 2009, to the investment property Portikon.
The very popular office location Glattpark in the up-and-coming district of Zurich-Opfikon is seen by the
company as an ideal location for its corporate offices in order to implement and pursue further its
expansion plans from there.
Moreover, Nycomed has other well-established offices in Europe and the rapidly growing markets of Latin
America and Russia, where the pharmaceutical company, according to a recent report by Neue Zrcher
Zeitung (September 2009), plans to build a pharmaceutical production plant from 2010 as part of its
targeted expansion plans. The main focus of the new location, the company says, will be the manufacture
of sterile liquid products and tablets, the production of which is to be launched in 2014. With this project,
42
t e n a nts
Start of
lease
End of
lease
Renewal
options Notes
*01.10.2009
31.12.2019
2 x 5 years
**01.08.2009
31.10.2019
2 x 5 years
01.08.2009
30.09.2019
The rent is arranged as minimum rent and could be increased by the

2 x 5 years turnover rent.
01.08.2009
14.07.2013
1 x 2 years
01.06.2010
31.05.2018
This lease agreement replace the general lease contract regarding to

1 x 5 years the remaining available lease areas.
* The tenant leases in two stages; the term for all areas began on January 1, 2010.
** The tenant leases in two stages; the term for all areas began on November 1, 2009.
the company wants to strengthen its presence in Russia and the countries of the Commonwealth of
Independent States (CIS), where it currently generates ten percent of its total sales. Nycomed expects
that the Russian pharmaceutical market will grow by double digits in the coming years. The investment
required for the new plant, which, according to Nycomed CEO Hkan Bjrklund is financed entirely from
own resources, amounts to EUR 75,000,000.
While the marketing in the U.S. and Japan has already been commercialized, Nycomed wants to expand
and strengthen its position in key Asian markets in the future.
In the fiscal year 2008, the company had sales of EUR 3.4 billion and EBITDA of EUR 1.2 billion (same as
the previous year).
According to a recent financial report by the company Dun & Bradstreet (D&B) in October 2009, Nycomed
International Management GmbH has a good financial position with significant financial resources and
a low risk of default. In addition, the company belongs to a group: Nycomed Danmark ApS in Roskilde,
Denmark. According to D&B, the commercial pharmaceutical sector, in which the company operates, is a
stable segment with low risk. The risk of insolvency of the company is rated by D&B to be lower than the
industry average.
t e n a nts
43
Baxter Healthcare S.A.

The tenant Baxter Healthcare S.A. is active in the manufacture and trade of medical and pharmaceutical
products and employs 140 staff in Switzerland (as of 2009). Baxter Healthcare S.A. has been registered
under registration number CH-170.3.023.618-3 in the commercial register of the canton of Zurich since
February 15, 2000. The share capital of the company amounts to CHF 100,000,000 as of September 28,
2009. The former European head office of Baxter, which the company abandoned in order to expand, was
in Wallisellen, Zurich. At its new European head office in Portikon, Glattpark, Baxter will employ up to
230people.
Baxter Healthcare S.A. is a subsidiary of the international parent company, Baxter Healthcare Corporation,
based in Deerfield, near Chicago, Illinois, USA. The group Baxter International Inc. is active in over 110
countries and employs approximately 48,000 employees in more than 250 offices and 28 manufacturing
locations. In 2008, Baxter International had sales of approximately CHF 13.3 billion, that is, US$12.3billion.
Thirty-five percent of its sales are generated in Europe, Baxters most important market outside the U.S.
In the EMEA region (Europe. Middle East and Africa), the company has around 14,000 employees in 40
different markets. They generated sales of CHF 4.3 billion. or US-$ 4 billion. for the company in 2008.
Baxters corporate philosophy is based on sustainability. It is only fitting, therefore, that the companys
new head office is the largest office building in Switzerland certified according to the national Minergie-P
standard. Baxter not only feels obligated to its partners and patients, but also takes on social responsibility
and is involved in sustainability-related projects. Now for the fourth year in a row, Baxter has been named
one of The Global 100 Most Sustainable Corporations in the World. Baxter is one of three healthcare
companies worldwide and the only US-based healthcare company to be included, every year, in the list of
Global 100 since it was first published in 2005. The most recent Global 100 was presented on January
28, 2008, at the World Economic Forum in Davos, Switzerland.
44
t e n a nts
According to a recent financial report by Dun & Bradstreet (D&B) issued in July 2009, the financial
situation of Baxter Healthcare S.A. is solid and sound with a minimal risk of default. The considerable
number of employees also points to a very large business volume, and its financial resources are extremely
vast. The risk of insolvency of this company is rated by D&B to be lower than the industry average.
Graf Z AG
The company pursues the operation of gastro pubs in whatever form and the provision of all related
services as well as trade in goods of all kinds. At Portikon, the tenant will guarantee the operation of the
restaurant Graf Z primarily during office hours. The tenants at Portikon agreed to use the services of the
restaurant for catering for conferences, meetings and kitchenettes.
Living up to its history of 1935, when the site was intended for a zeppelin landing site, the restaurant was
designed like the interior of a zeppelin - more precisely, the Hindenburg. Guests feel transported back in
time, which is reinforced by the appearance of the restaurant employees in faithfully-recreated steward
uniforms, Guests can choose between la carte, self-service or take-away. Besides the restaurant inside,
there is also a large terrace outside facing the Chavez-Allee avenue.
Graf Z is a theme restaurant, which offers market-fresh, international cuisine according to the current
season. The tenant Baxter, itself engaged in the health sector, assumes a great deal of responsibility for
its employees and subsidizes the restaurant Graf Z. Its goal is to give employees healthy, yet reasonablypriced, meals.
t e n a nts
45
HOCHTIEF Facility Management Swiss AG

Founded in July 2007, HTFM is part of the HOCHTIEF Services division and is an affiliated company of
HOCHTIEF Facility Management GmbH and also a subsidiary of the HOCHTIEF Group.
The Portikon tenant HTFM is responsible for the entire facility management of the building. It has the
special expertise and experience necessary to manage a building constructed according to the construction
and energy Minergie-P standard.
HOCHTIEF Development Schweiz AG

The HOCHTIEF Group is the worlds fifth-largest construction services provider and market leader in
Germany. For over 130 years, HOCHTIEF has served its clients with individual, customized solutions. By
the end of 2008 the group employed almost 65,000 employees worldwide. Thanks to its broad range,
from development and construction and services to concessions and operations, the group is able to
provide integrated services throughout the life cycle of infrastructure projects, real estate and facilities.
Through its global network, HOCHTIEF is represented in all major markets around the world.
The company is aware of its responsibility with regard to the ever-more crucial measures to deal with
climate change and has committed itself to a comprehensive sustainability approach. The group makes a
variety of contributions to the sustainable use of energy, resources and the environment. Accordingly.
through various company units HOCHTIEF offers specific services regarding innovative, green construction
(Green Building, sustainable buildings), energetic optimization of buildings, energy efficiency improvement
and resource-effective ways of doing business.
In fiscal 2008 HOCHTIEF could again increase its profitability. Both the result before taxes
(EUR520.1million) and the consolidated net income (EUR 175.1 million) in 2008 were above previousyear levels. The net income, in particular, was an impressive improvement of the result, as it constituted
an increase of more than 24 percent. Despite the difficult economic conditions, the company aims to
achieve high results in 2009 similar to last years. The order backlog at year-end 2008 for 2009 amounted
to more than EUR 30 billion and largely secured the fiscal year as early as the beginning of 2009.
The tenant HOCHTIEF Development Schweiz AG, based in Zurich, was registered in August 2007 under
the company number CH-020.3.031.371-7 in the commercial register of the Canton of Zurich. The
subsidiary founded by HOCHTIEF is to continue the international expansion of the group. From its location
in Zurich, it plans to develop its operative business in the German-speaking part of Switzerland at first.
According to the financial report of the company Dun & Bradstreet (D&B) in October 2009, HOCHTIEF
Development Schweiz AG has a solid and healthy financial position with minimal risk of default.
46
t e n a nts
t e n a nts
47
LIQUIDITY FORECAST
INCLUDING NOTES
1) FINANCIAL AND INVESTMENT PLAN

The financial and investment plan defines the total investment volume, the way in which these investments
are to be financed and the purposes for which the proceeds of the issue are to be used. Most of the
positions of the investment, that is, regarding the appropriation of funds, are fixed by contract, which is
why their amounts cannot change (for details, also see the following explanations).
Funding
in CHF
in %
Equity
55,000,000
38.7
Bank loan
87,000,000
61.3
142,000,000
100.0
127,000,000
89.4
Acquisition fee
2,500,000
1.8
Property assessment, legal and tax consulting
1,250,000
0.9
Interim financing fees
1,800,000
1.3
Borrowing costs
1,705,000
1.2
540,000
0.4
134,795,000
94.9
250,000
0.2
135,045,000
95.1
6,955,000
4.9
142,000,000
100.0
Total financing
Investment
Net purchase price including land
Security issue tax

Gross purchase price
Cash reserve
Gross purchase price incl. reserve
Incidental investment costs
Total investment
48
Fin a n c i a l a n d I n v e stm e nt p l a n
FUNDING
The funds to finance the investment are derived from the share capital and borrowed capital in the form
of bank loans. The borrowed capital accounts for about 61 percent of the aggregate investment.
EQUITY
ACRON HELVETIA VII Immobilien AG was founded on December 17, 2008, with a share capital of
CHF100,000. At that time, the sole shareholder was ACRON AG in Zurich, which then increased the share
capital of ACRON HELVETIA VII Immobilien AG by CHF 54,900,000 to CHF 55,000,000 as of October
20,2009. The new shares are 549,000 registered shares in total with a nominal amount of CHF 100. After
placing the share capital of CHF 54,900,000 available for this issue, ACRON AG will continue to be a
shareholder in ACRON HELVETIA VII Immobilien AG, holding CHF 100,000 of the capital.
The issue price for the purchased shares is CHF 100 per share and must be paid in by the investor within
14 days of signing the subscription form (bid) to the account of the funds controller No. 0835092955093013
(IBAN CH 9404835092955093013) at Credit Suisse. The title in the shares, including the resulting
legal position [particularly the claim for (partial) repayment of the par value reduction and/or dividend]
will pass on the first day of the month that follows the month in which the full purchase price has been
paid and any cancellation period has expired.
BORROWED CAPITAL/MORTGAGE
Borrowed capital of up to CHF 85 million plus CHW* 2 million (explanation on the following page) was
taken up in the form of a mortgage loan as final financing with WIR Bank Genossenschaft, Basel.
The loan matures after ten years. For about 33 percent of the loan amount (CHF 28.5 million) a fixed
interest rate for ten years was undertaken; for a further 33 percent of the loan amount (CHF 28.5 million),
49
the interest rate was fixed for five years. Additional CHF 10,000,000 (11%) are fixed for 7 years. The
interest on the remaining loan of CHF 18 million or CHW 2 million is based on the three-month CHF-Libor
plus a margin of 1percent or, in the case of the CHW loan, on a preferential interest rate of 1 percent until
September30,2010. After that, the interest rate for the CHW loan will increase to 1.75 percent, and then
remain constant. As security, the bank was given mortgage notes in the total amount of CHF 87,000,000
charged to the property acquired by the company.
*The loan in CHW is a complementary currency to the Swiss franc with an exchange ratio of 1:1.
The Wirtschaftsring-Genossenschaft was founded in 1934 by Werner Zimmermann, Paul Enz and another 14
people. In 1936 it received bank status. During the Great Depression and the resulting tight liquidity, firms
hoarded their money, rather than invest it, which worsened the shortage in the money supply. With the
establishment of Wirtschaftsring-Genossenschaft, this self-help initiative was how traders responded to the
crisis. In order to do something against the hoarding of money, the complementary CHW currency was
created. A key characteristic is that it is free of interest. Account balances are not subject to interest. This is
an incentive to spend the money quickly and crank up sales among the participants - small and medium-sized
enterprises (SMEs) in Switzerland. In the early days the balances were interest-free, but subject to a
withholding fee. This was yet another incentive to put the money back into circulation quickly. This tool to
prevent the hoarding of money was abandoned in 1948, but WIR balances are still interest-free today. In 1998
the cooperative changed its name to WIR Bank Genossenschaft. In addition to normal banking activities, it
continues to maintain the WIR System to promote SMEs.
WIR balances are created by means of loans issued by WIR Bank, where the borrower pledges an asset to the
bank, i.e., a security, which would also be done with any other bank. The loans come from direct, private
money creation of WIR Bank. WIR Bank has a money-creation function in the WIR System similar to that of
the Swiss National Bank, which acts as the central bank of the Swiss franc. Accounts are opened frequently
either as part of an initial business transaction with WIR money or in connection with a loan. WIR balances
are not covered by Swiss francs. WIR loans, depending on the type of loan, are secured by mortgages, bank
guarantees, life insurance and so on. In the WIR sector, construction, mortgage, current account and
investment loans are available. WIR Bank does not have any loan or refinancing costs from its money creation.
This means that it does not have to raise interest for any loans it issues. For this very reason, it can grant
loans with especially low interest rates.
Starting in 1997, WIR Bank gradually entered the Swiss banking industry. Traditional bank products related to
savings and pensions were included in the range of WIR Bank services. In 2000 WIR Bank opened up to the
general public. Since that time, the investment and pension products and the domestic payment system of
WIR Bank have been available also for individuals who have no connection to WIR clearing.
Customer deposits represent for WIR Bank an important source for refinancing CHF loans, which in turn are
available to associated personal customers and around 60,000 SME customers. WIR Bank funds new
construction, rehabilitation and renovation projects with combined aggregate financing in the form of WIR
and CHF loans. Since 2005 they have also been offered to retail/personal customers on certain conditions.
The WIR money supply in circulation in 2008 was equivalent to around CHF 810 million. In the same year, WIR
turnover was the equivalent of CHF 1.6 billion.
50
INVESTMENT
The investment capital statement shows the positions on which the funds are spent and thus reflects the
total investment of the investment company ACRON HELVETIA VII Immobilien AG. The amounts stated are
shown exclusive of the statutory value-added tax unless it is indicated.
NET PURCHASE PRICE

The company ACRON HELVETIA VII has acquired the company Portikon AG, which includes the property
Portikon, Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon, as the major asset, from HOCHTIEF
Projektentwicklung GmbH. The agreed purchase price for the property Portikon including the land amounts
to CHF 127 million and was paid in full.
Use and risk were transferred on September 30, 2009. This is the net purchase price for the property and
does not include any additional acquisition expenses.
ACQUISITION FEE
Even before establishing ACRON HELVETIA VII, ACRON AG had been looking for suitable properties for a
new investment. The Portikon property had met all its criteria. For the Portikon property and the
preliminary negotiations with HOCHTIEF Projektentwicklung GmbH, ACRON AG receives from ACRON
HELVETIA VII an acquisition fee of CHF 2,500,000. Payment for ACRON AG was due immediately after
closing, i.e., the time when title in Portikon AG passed to ACRON HELVETIA VII.
PROPERTY ASSESSMENT, LEGAL AND TAX CONSULTING

ACRON AG assessed the property for ACRON HELVETIA VII, i.e., it examined the property with respect to
its material substance and the legal conditions. Among other things, ACRON AG was tasked to inspect the
substance as well as the actual and legal encumbrances of the property, the lease agreements and
tenants credit ratings, the property company Portikon AG to be acquired, including its corporate structure
and balance sheets, as well as to execute the transfer of title and, thus, assumption of the related costs
and fees. For these activities ACRON AG receives compensation in the amount of CHF 1,250,000. This
compensation includes all costs associated with the property assessment and transfer of title, such as
particularly the costs of legal and tax advice and any registration fees and notary costs.
INTERIM FINANCING FEES

ACRON AG has supplied ACRON HELVETIA VII with the necessary liquid funds to acquire Portikon AG in order
to pre-finance the purchase of the company. For these activities ACRON AG receives compensation in the
amount of CHF 1,800,000. The compensation includes all remuneration paid to third parties for that loan and
fully corresponds to the amounts for which ACRON AG has been, or will be, invoiced by third parties. The
compensation for ACRON AG was due immediately upon closing.
51
BORROWING COSTS
The costs of the loan taken out consist of the loan fee of WIR Bank in the amount of CHF 5,000 and the
fee for procuring borrowing capital of ACRON AG in the amount of CHF 1,700,000. The compensation
for WIR Bank and ACRON AG was due immediately upon closing.
SECURITY ISSUE TAX

The security issue tax, which is due in Switzerland in the form of stamp duty, is 1 percent of the share
capital less an exemption of CHF 1,000,000, thus amounting to CHF 540,000.
LIQUIDITY RESERVE
The initial liquidity reserve amounts to CHF 250,000 and is reported by ACRON HELVETIA VII under liquid
funds. The liquidity reserve is invested in the money market by the investment company, with the objective
of achieving the best possible interest. The presentation of the liquidity reserve takes into account the
fact that the annual distributions of ACRON HELVETIA VII will not be paid out until August 31 of the
following year.
ADDITIONAL INVESTMENT COSTS

Additional investment costs amount to CHF 6,955,000 and are comprised of the costs of the external
controller of funds and the compensation of ACRON AG for its activities related to the marketing, concept
and preparation of the prospectus as well as for procuring the equity. The external controller receives a
fee of CHF 65,000 for its services. According to the funds controlling agreement, the controller verifies
the proper use of the purchase price for ACRON HELVETIA VII shares and, ultimately, ensures the transfer
of title in the shares to the investor. The fee for the marketing, concept and preparation of the prospectus
amounts to CHF 2,520,000 and has been agreed contractually with ACRON AG, which has drafted this
share offer. In particular, ACRON AG is responsible for preparing cost forecasts (financing and investment
plans, liquidity statement and income statement for tax purposes) and to create the necessary conditions
for the sale of the shares in ACRON HELVETIA VII, particularly to submit a contract design and to enable
the recruitment of new investors in line with the principles of the capital market. Specifically, it will
provide the preparation and compilation of market reports, information and other documents required for
marketing and the graphic and textual processing of collected data and documents. It prepares the
prospectus. In addition, ACRON AG is also responsible for examining the legal and tax-related conditions
in Switzerland, the preparation of cost estimates covering all foreseeable revenue and expenditure of the
company and on the basis of which an income statement of the company ACRON HELVETIA VII can be
predicted. The fee for procuring equity amounts to CHF 4,370,000 and was agreed with ACRON AG as a
lump sum. In return for this fee, ACRON AG handles the settlement of the sale of its shares in ACRON
HELVETIA VII and monitors the acquisition of the equity of the company through the selling agent.
ACRONAG has the power to appoint at its own expense a selling agent for the acquisition of equity and
has implemented this by concluding a sales commission agreement (November 2009), which provides for
a minimum compensation of CHF 75,000, ACRON AG will use the compensation for the acquisition of
equity in order to pay the commissions of the agents hired by ACRON AG for the sale of the shares in
ACRON HELVETIA VII.
TOTAL INVESTMENT
The total investment shows all aforementioned positions of the investment in summary form. The break
down of the individual items according to acquisition costs of the economic assets and directly-deductible
operating expenses can be found under Fiscal aspects.
52
53
2) LIQUIDITY FORECAST (in CHF)

Forecast - ACRON HELVETIA VII Immobilien AG, Portikon, Zurich
2010
2011
2012
2013
2014
7,713,159
7,914,925
7,994,074
8,169,944
8,349,683
43,708
47,053
47,648
47,336
7,713,159
7,958,633
8,041,127
8,217,592
8,397,019
Insurance/Maintanance
40,000
Corporate Management
231,395
238,759
241,234
246,528
251,911
Property Management/Facility Management
192,829
198,966
201,028
205,440
209,925
38,566
39,793
40,206
41,088
41,985
2,320,893
2,386,827
2,364,469
2,339,445
2,497,516
13,436,142
13,329,510
13,227,143 10,770,346
8,177,760
81,137
75,655
160,667
718,237
809,785
-8,587,802
-8,310,878
-8,193,620
-6,103,492
-3,631,864
Annual Profit
-8,587,802
-8,310,878
-8,193,620
-6,103,492
-3,631,864
Amortization/Depreciation
13,436,142
13,329,510
13,227,143 10,770,346
8,177,760
Cash Flow before Loan repayment and distribution
4,848,339
5,018,632
5,033,524
4,666,854
4,545,896
Repayment of Mortgage
-1,150,000
-1,150,000
-1,150,000
-1,150,000
-1,150,000
Planned Distribution
3,437,500
3,437,500
3,437,500
3,437,500
3,575,000
Reduction in the Par value of the Capital Stock
3,437,500
3,437,500
3,437,500
3,437,500
3,575,000
6.25
6.25
6.25
6.25
6.50
2,262,267
2,693,400
3,139,423
3,218,778
3,039,673
ANNUAL PROFIT
Net Rental Income
Interest Income on liquid Funds
Total Income
Executive board and auditing

Interest expense
Depreciation
Taxes
Annual Profit
CASHFLOW
Dividend Payment Shareholders

As a % of the Capital Stock p.a.
Liquidity Reserve as of December, 31
54
Longterm Loan Balances as of December, 31
85,850,000 84,700,000 83,550,000 82,400,000 81,250,000
Capital Stock as of December, 31
50,880,500
L I Q U I D I t y f o r e c a st
47,443,000 44,005,500 40,568,000 36,993,000
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
8,474,928
8,602,052
8,731,083
8,862,049
8,994,980
9,129,904
9,266,853
9,405,856
9,546,943
9,690,148
45,284
44,100
43,857
44,538
48,360
49,142
50,869
53,502
57,055
61,489
8,520,212
8,646,152
8,774,939
8,906,587
9,043,339
9,179,046
9,317,722
9,459,357
9,603,998
9,751,637
159,000
160,590
162,196
163,818
165,456
167,111
168,782
170,470
172,174
173,896
255,606
259,385
263,248
267,198
271,300
275,371
279,532
283,781
288,120
292,549
213,005
216,154
219,373
222,665
226,083
229,476
232,943
236,484
240,100
243,791
42,601
43,231
43,875
44,533
45,217
45,895
46,589
47,297
48,020
48,758
2,635,980
2,612,690
2,579,202
2,550,813
2,726,382
3,311,720
3,286,089
3,269,524
3,252,959
3,245,277
1,112,583
1,137,032
1,164,461
1,191,741
1,178,529
1,081,240
1,109,476
1,136,740
1,164,889
1,192,094
4,101,437
4,217,070
4,342,584
4,465,819
4,430,372
4,068,233
4,194,312
4,315,062
4,437,737
4,555,272
4,101,437
4,217,070
4,342,584
4,465,819
4,430,372
4,068,233
4,194,312
4,315,062
4,437,737
4,555,272
4,101,437
4,217,070
4,342,584
4,465,819
4,430,372
4,068,233
4,194,312
4,315,062
4,437,737
4,555,272
-800,000
-800,000
-800,000
-800,000
-345,752
-389,008
-389,008
-389,008
-389,008
-389,008
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
3,575,000
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
2,766,110
2,608,181
2,575,765
2,666,584
3,176,204
3,280,429
3,510,734
3,861,789
4,335,518
4,926,783
80,450,000 79,650,000 78,850,000 78,050,000
77,704,248
77,315,241 76,926,233
76,537,226
76,148,218
75,759,211
33,418,000 29,843,000 26,268,000 22,693,000
19,118,000 15,543,000 11,968,000
8,393,000
4,818,000
1,243,000
L I Q U I D I t y f o r e c a st
55
3) NOTES ON THE FORECAST

The forecast is based, in part, on estimates of income and expenses. The actual income and expenses may
deviate from the amounts shown in the forecast. If this is the case, the annual distributable cash surplus,
the taxation and profitability of the investment will change. The forecast is based, in part, on variable
parameters that may be affected by future developments, which are explained below.
NET RENTAL INCOME

The income from the leased units in 2010 will amount to CHF 7,713,159 (plus VAT) and will be based on the
provisions of the contracts with HOCHTIEF Development Schweiz AG, the lease agreement with Nycomed, the
lease agreement with Baxter Healthcare S.A. and the agreements with Graf Z AG and the facility management
services provider HTFM.
The rent will be adjusted annually at 100 percent of the actual change to the national index of consumer
prices of the federal statistical office. The next adjustment will take place on January 1, 2011. Further
adjustments will then be made as of January 1 of each year. The agreed rent shall be paid monthly in
advance. The rent does not include any additional costs that are incurred in connection with the use of the
leased property. Such costs will be borne by the tenant separately on the basis of the actual expenditure
incurred. In addition, all future expenses for renovation and ongoing maintenance (maintenance and
repairs), utilities and operating costs including all property insurance policies regarding the leased
property will have to be paid by the tenant.
The forecast was based on the latest forecasts of the Swiss National Bank (SNB) dated June 2010 which
assumes that the Swiss rate of inflation would be 0.9 percent for 2010, 1.0 percent for 2011 and
2.2 percent for 2012. For the year 2013 the forecast also assumes an increase of the index of also
2.2percent. For the following years the index on which the forecast is based amounts to 1.5 percent.
INTEREST INCOME
Interest income is generated from investing liquid funds at the start of the year and includes, by way of
approximation, interest income from the investment of half the amounts distributable to the investors in
any given year under the forecast. In view of the current interest rate level, the forecast for 2010 does not
include any interest income. Starting in 2011, investment income is expected to amount to 1.5percentp.a.
INSURANCE / MAINTENANCE
The lease agreements of Nycomed, Baxter, HTD, Graf Z and HTFM provide for the apportionability of
maintenance and insurance expenditure.
CORPORATE MANAGEMENT
The compensation agreed with ACRON AG for rendering corporate management services, based on the
bylaws of ACRON HELVETIA VII contained in full in this prospectus, comes to 3 percent p.a. of the income
56
Notes On the forecast
generated by ACRON HELVETIA VII, remunerating ACRON AG for its services regarding the business
administration of the company. The compensation will be paid to ACRON AG each quarter in advance.
PROPERTY MANAGEMENT/FACILITY MANAGEMENT

Property management is the responsibility of ACRON AG, which is paid, according to the bylaws, a
remuneration of 2.5 percent of the income generated by ACRON HELVETIA VII. The cost components of
the facility management agreement with HOCHTIEF Facility Management Swiss AG or another FM service
provider that cannot be apportioned to the tenants are deducted from the compensation of ACRON AG.
BOARD OF DIRECTORS AND AUDITING

The fixed remuneration of the Board is based on the bylaws of the company ACRON HELVETIA VII and
amounts for each Board member to no more than net CHF 7,500 p.a. In addition, the Board may bill for
extraordinary expenses per hour as well as receipted expenditure and expenses incurred on behalf of the
company. Furthermore, the estimated costs of 0.5 percent of the income generated by ACRON
HELVETIAVII include the costs of the annual audit of the company and the costs for the planning and
organization of the shareholders meetings. The actual costs depend on time expenditure and may differ
from the assumptions in the forecast.
INTEREST EXPENse
Borrowed capital of up to CHF 85 million plus CHW 2 million was taken up in the form of a mortgage loan
as final financing with WIR Bank Genossenschaft, Basel. The loan has a term of ten years and currently
consists of five tranches: two tranches of CHF 28.5 million each, a tranche of CHF 18 million, a tranche
of CHF 10 million and a tranche of CHW 2 million.
The interest for the first tranche of CHF 28.5 million was locked in at 3.5 percent including margin for
10years.
The interest for the second tranche of also CHF 28.5 million was locked in at 2.685 percent including
margin for five years. For the time following the expiry of the five-year fixed interest rate, follow-up
interest of 3.5 percent incl. margin has been assumed and incorporated into the forecast as such.
The amount of the third tranche comes to a total of CHF 10 million. The tranche was locked in at
2.585percent including margin for seven years (to June 30, 2017). The fourth tranche of CHF 18 million
will be subject to interest based on the 3-month CHF libor plus a margin of 1 percent. The forecast
assumes that the 3-month CHF libor in 2010 will average 0.2 percent and then rise to 1 percent in the
period between 2011 and 2013. For the following years until maturity of the loan, a 3-month CHF libor of
1.75 percent has been assumed.
not e s O n th e f o r e c a st
57
The last tranche amounts to CHW 2 million and is subject to a preferential three-year interest rate of
1percent. This rate will increase from the fourth year, under current assumptions, to 1.75 percent.
The average 3-month CHF Libor of the past 10 years has been approx. 1.74 percent; thus, when the agreed
margin of 1 percent is added, it adds up to the interest rate predicted in the forecast. A 10-year follow-up
financing based on the loan balance as of September 30, 2019, has been assumed for the time following
the expiry of the loan on September 30, 2019. For the purposes of the forecast it has been assumed that
this loan will amount to CHF 77,801,500 at an annual interest rate of 4.2 percent (incl. margin).
DEPRECIATION
The depreciation and amortization item contains the depreciation of the Portikon property, amortization
of goodwill as well as of the capitalized incorporation and organization costs. As for a detailed account of
the composition and the assumptions regarding depreciation periods, please refer to the chapter Fiscal
aspects.
TAXES
This item consists of the customary taxes on capital and income in Switzerland. Please refer to the
chapter Fiscal aspects for more information on tax accounting.
ANNUAL PROFIT
The annual profit shows the profit after taxes (earnings less expenses, depreciation and taxes) of ACRON
HELVETIA VII according to Swiss commercial law and is of particular importance to the distribution of
dividends.
CASH FLOW BEFORE LOAN REPAYMENT AND DISTRIBUTIONS

The cash flow is one of the key indicators for ACRON HELVETIA VII. It comprises depreciation as well as the
available net income for the year after taxes (annual profit). After repayment of any loans, the cash flow is
the key parameter for the planned distribution from the par value reduction of the shares and the dividend
payout, because distribution requires a specific level of liquidity (e.g., cash in banks) of the company.
REPAYMENT OF MORTGAGE
The cash flow before repayment and distribution is available both for distribution to the investors of
ACRON HELVETIA VII and for the repayment of the loans taken up by ACRON HELVETIA VII. As for the
long-term loans, the forecast refers to the repayment agreement with WIR Bank.
The assumed follow-up financing commencing on September 30, 2019. will be subject to an annual
repayment of 0.5 percent of the predicted loan amount of CHF 77,801,500, which is reflected in the
forecast as well.
58
PLANNED DISTRIBUTION
To such extent as the company has sufficient cash surpluses (cash flow after repayment), the planned
total yearly payout amount for the investors will consist of the payout of the par value reduction and the
dividend payout. Unlike the payout from the par value reduction, the dividend payout will be subject to
tax. The planned dividend payouts are covered by net income considering the statutory reserve under
Swiss law. There will be no liability risk for investors due to the planned par value reduction, provided that
the statutory method to be applied in this case is followed.
The company plans to have an initial distribution of 6.25 percent per year, relative to the shares nominal
values acquired by the investors (purchase price of shares). Distribution is calculated on a pro rata basis
for the year in which the investor acquired the share in ACRON HELVETIA VII, i.e., only for complete
months during which the investor was, in fact, a shareholder of ACRON HELVETIA VII. The investor will
assign to the previous owner of the shares any claim for the pro-rated distribution for the months before
he became a shareholder of ACRON HELVETIA VII at the time he signs the subscription agreement (bid).
This ensures that all investors are treated equally with respect to the return on their invested capital,
independent of the dates on which they joined, and that they are all paid annual interest in the stated
amount. Distribution (par value reduction and dividend) is scheduled for August 31 of the following year;
for reasons of simplification, however, it is reported in the forecast for the current year.
LIQUIDITY RESERVE
The liquid funds amount initially to CHF 250,000 if the investment plan is executed according to the
forecast. These funds comprise the balance of the liquidity reserve of the previous year and the current
surplus or current shortfall (balance from cash flow before repayment and distribution less repayments and
distributions). The liquidity reserve is built up continuously over the investment period and is available to the
company for extraordinary expenditure related to maintenance work or efforts to attract new tenants.
LOAN BALANCE AND LONG-TERM FINANCING

What is reported is the respective current balance of the loan, as the product of the development of the
investment according to the prospectus on the basis of the assumptions and agreements described. The
loan balance is determined from the loan balance of the previous year less the repayments undertaken in
the respective year.
SHARE CAPITAL
What is reported is the respective current balance of the share capital, as the product of the development
of the investment according to the prospectus on the basis of the assumptions and agreements described.
The share capital is computed from the initial share capital of CHF 55,000,000 or the respective balance
of the previous year less the par value reduction reported for the respective year. Par value reductions are
scheduled for August 31 of the following year, but for reasons of simplification, they are reported in the
forecast for the current year.
59
RISKS
Investors who in connection with this initial public offering consider
buying shares of ACRON HELVETIA VII should consider the following,
specific, but not conclusive risk factors. Such risks may individually
or in combination impact the profitability of the real-estate company
and the valuation of the companys assets negatively and lead to a
reduction of the share value.
CURRENCY AND EXCHANGE RATE RISKS

As concerns income from rent, accounts are settled in Swiss francs
(CHF). Distributions, too, as well as any sales proceeds from the
property or shares are paid out to investors of ACRON HELVETIA VII
in CHF. Foreign investors are subject to an exchange risk in
connection with their respective national currency.
The forecasts in this prospectus are not predictions of the future, but
estimates of future developments based on current expectations. If
one of the risks described herein occurs, its impact on the overall
result throughout an otherwise normal course of business can be
cushioned to a certain degree. If several risks occur at the same
time, considerable interference with the normal course of this
longer-term investment is possible (accumulated risk). As a result of
various risk factors - particularly when they accumulate - no
guarantee can be given that the projected cash surplus of the
company will be maintained or that the company will be able to repay
the invested equity to shareholders.
INTEREST DEVELOPMENT/FOLLOW-UP FINANCING

The total investment volume of the company is leveraged to about
61percent. Thus, deviations from the projected revenue and expenses
can impact the return on equity more severely than would be the case
with a lower leverage ratio. The outstanding mortgage amounts are
repayable after expiry of the agreed loan period. New funding might
not be obtained, or only under worse conditions, which would have
negative effects on the liquidity and earnings of the company.
VACANCY AND CREDIT RISKS

In the event of imminent insolvency of a tenant of the property
Portikon, the investment company may experience problems with nonpayment. This situation could result, in the worst case, for the
shareholder in the loss of his subscribed equity minus the distributions
already received.
PERFORMANCE RISK/ECONOMIC RISK
If the Swiss property market or the office location Glattpark should
show negative trends contrary to expectations, this could also affect
the performance of the property accordingly. The value of commercial
property is based on the rental income achieved or the income that is
achievable. As a result, should the investment company be sold, the
property could be sold at a lower value than originally assumed. It
should also be noted that the non-value-forming factors shown in the
appropriation of funds - e.g., the issue costs incurred in connection
with the present offer - will have to be compensated by a
corresponding gain in value first before capital gains can be
generated.
DESTRUCTION/LOSS
From the time it acquires the property, the company bears the
economic risk of any accidental loss or the partial destruction of the
property. The tenants are required under the respective lease
agreements to take out relevant insurance, including business
interruption insurance (which includes loss-of-rent insurance), for a
term of 24 months. However, not all risks can be insured against in
full, and some are excluded from the insurance cover, such as acts of
God, war, nuclear and terrorist risks. Furthermore, sometimes
insurance companies do not have to pay out on policies if, for
example, the insurance premiums have not been paid or if any
substantial contractual obligations have been violated. Therefore, the
entire investment may be lost, or it may be impossible to achieve the
intended objectives fully or partially.
60
RISks
SUBSEQUENT LEASING/CHANGE OF USE

If for example a lease expires, or tenants and guarantors default, it
will be necessary to look for new tenants. But it may happen that the
rental space of the investment property may have to be leased on
substantially worse terms and conditions. In the worst case, this
could also expose the investment company to the risk of insolvency.
AMENDMENT OF LAWS OR REGULATIONS/TAX RISKS
Possible future changes to laws, tax treaties, other regulations or
practices of public authorities, particularly in the areas of tax, rent,
the environment, regional planning, construction law and federal law
relating to the purchase of real estate by persons abroad (Lex
Koller), can have an impact on property prices, costs and revenues
and thus on the valuation of company assets and shares.
As for the annual result of ACRON HELVETIA VII, as indicated in the
forecast, there is a risk that the Swiss tax authorities may deem
compensation payments or planned depreciations inappropriate. This
means that, in the event, the companys taxable results and thus the
taxes to be paid would be higher than assumed and/or that the
compensation payments would be treated as distributions.
ENVIRONMENTAL RISKS/DEVELOPMENT COSTS
The land with the office building is not recorded in the register of
contaminated sites and suspected contaminated sites, according to
information obtained in May 2009. The possibility of unknown,
subsequently-discovered, contaminations, however, cannot be
completely ruled out. This may cause significant unforeseen clean-up
costs with corresponding effects on the valuation of corporate assets
and shares. It cannot be ruled out that over the long term of this
investment the municipality of Opfikon may take redevelopment
measures, the costs of which would have to be borne by the company,
without any possibility of passing such costs on to the tenants.
RISKS STEMMING FROM MODEL CALCULATION

The calculations made in the prospectus are based on model
assumptions. The assumptions in the forecast are based on agreed
rents and expectations of management regarding the Swiss consumer
price index, on which the annual rent increases are based. The
economic result depicted in the prospectus on the basis of these
model numbers cannot be guaranteed as a matter of principle.
RISK IN LOAN-FINANCED SHARE PURCHASES

It should be noted that shareholders who fund the acquisition of their
participation from debt in full or in part will have a higher overall risk,
as such loan funds must be returned regardless of the dividend
payments and par value reductions of the company. Therefore, any
repayment of such loans should not be based on expectations of
distributions to be received from the company.
REVENUE
The earnings expectations are based on the assumption that the
tenants will live up to their obligations. But this requires that the
economic situation of the tenants does not deteriorate substantially
(see vacancy and credit risks). If the tenant fails to comply with the
lease agreement or if there are missing lease renewals, the result
may be a default on rent, depending on whether the space can be
leased again on the same conditions or on the conditions that would
apply in the event.
LOSS OF CONTRACTUAL PARTNERS/KEY PERSONNEL

Generally, the loss or withdrawal of banks or service providers of the
investment company, as well as of managers and Board members,
cannot be ruled out. In the event, proceeds may not be as predicted;
occasionally, the investment company may not be able to procure
certain services any longer or may have to procure them at higher
prices. Some urgent management decisions may be delayed as well.
In addition, errors in management decisions cannot be ruled out,
which could have a negative impact on the assets, finances and
earnings of ACRON HELVETIA VII and thus the interests held by
shareholders.
EXPENDITURE
In the forecasts, the contractually agreed expenditure was assumed
to be constant based on the contractual payment obligations. If
space remains unleased or if higher expenses are incurred or if the
expenses that cannot be passed on to the tenants are higher than
expected, the planned cash surplus and thus distributions to
shareholders (dividend and par value reductions) could be diminished.
Once the lease agreements have expired, renewals or new leases can
cause additional costs (renovation, alterations, lease commission)
that exceed the expected costs of maintenance and thus affect
earnings. In managing real estate, there are ongoing costs for
maintenance and repairs, modernization of facilities or parts of the
building as well as for measures designed to keep the property
attractive, some of which may not be able to be passed on to the
tenants.
SHAREHOLDERS RESOLUTIONS (RISK OF UNDUE INFLUENCE)

The bylaws of ACRON HELVETIA VII usually require resolutions to be
adopted by a majority of the votes cast at shareholders meetings. If
only few investors participate in such votes, there will be a risk that
a minority takes decisions that obligate the whole company and thus
all investors. Such decisions can have far-reaching economic and
fiscal consequences for all shareholders. Even the membership
rights vested in the shares may be changed or replaced by different
rights through corporate measures, including the loss of shareholder
status.
INVESTMENT PERIOD AND FUNGIBILITY

The articles of association do not provide for any routine leaving of
shareholders. However, the shareholder may at any time transfer his
interest to another person. Restrictions on the possible resale of the
shares are found in the obligation to ensure that the new shareholder
assume the same legal position as the previous shareholder. In
particular, the new shareholder shall confirm that he is a qualified
investor pursuant to s. 10 para. 3 CISA. Moreover, it should be noted
that a regulated market for the sale of such shares is not currently
available and that it may, therefore, be difficult to find suitable buyers.
Participation in ACRON HELVETIA VII, therefore, is not suitable for
investors who rely on the short-term availability of their invested
capital. However, the intention is to render the shares in ACRON
HELVETIA VII tradable, for example, through a listing on the stock
exchange. In the case of a sale, however, especially in the early years
of the investment, due to the initial costs and fees to be serviced, the
investor should expect a purchase price that is below the purchase
price paid by the investor himself.
RISks
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FISCAL aspects
Preliminary remarks
The following section contains, besides an account of the fiscal
situation of ACRON HELVETIA VII Immobilien AG, a brief summary of
key Swiss taxation principles that are or can be important for the
shareholder in connection with registered shares.
Taxes on profits and capital of
ACRON HELVETIA VII Immobilien AG is a company limited by shares
domiciled in Zurich, Switzerland. The worldwide capital and income
of ACRON HELVETIA VII Immobilien AG, given its domicile and the
location of its actual management in Switzerland, is essentially
subject to a comprehensive tax liability and is subject - particularly in
respect of rental income, interest income and any profits from a sale
of the property - to standard taxation in Switzerland.
The tax base for taxes on income/earnings is the net profit after
taxes, i.e., the balance of the profit and loss account calculated
according to the principles established under Swiss commercial law
(if necessary, such calculation may take into account tax
adjustments). The annual profit (after taxes) determined according to
the principles established under commercial law - following the
creation of the general reserve under section 671 OR [Swiss Law of
Obligations] - is generally available for distribution by the
shareholders meeting. Distributions can be made from the net profit
for the year (annual profit and profits brought forward less losses
brought forward) and unappropriated reserves as well as from the
portion of the general reserve that exceeds 50 percent of the nominal
share capital. Losses incurred can be brought forward seven years for
tax purposes and thus set off against the companys future net profits
after taxes. A loss carryback is not permitted under Swiss law.
The goodwill created by the acquisition of and merger with the
property company Portikon AG as well as the capitalized
incorporation and organization costs resulting from the security
issue tax and the contracts entered into with ACRON AG for the
marketing, concept and preparation of the prospectus and the
procurement of equity will be amortized at 20 percent p.a. using the
straight-line method over five years. The capitalized costs for the
procurement of the debt, funds controlling and the loan fee will also
be depreciated using the straight-line method over five years.
The book value of the property (excluding land) resulting from the
acquisition of the book value of the property from the balance sheet
of Portikon AG is amortized at 4 percent p.a.
The current administrative and property expenses of the company,
i.e., particularly the costs of company and property management,
the costs of the Board of Directors and the Audit Committee, can be
expensed in full in the year in which they arise.
The Swiss federal corporate tax is 8.5 percent of the fiscally relevant
net profit after taxes (as already mentioned, the taxes payable can be
deducted from the net profit). The City of Zurich and the Canton of
Zurich levy a tax on profits that is relative to the amount of profit currently at a rate of 8 percent multiplied by a base tax rate
(214.08 percent in 2010).
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f is c a l a s p e c ts
Furthermore, ACRON HELVETIA VII Immobilien AG is subject to a tax

on capital for tax purposes at the cantonal and municipal levels. The
basis for calculating the tax on capital is generally the taxable equity
of ACRON HELVETIA VII. In the canton of Zurich, the base tax rate is
0.075 percent. There is no federal tax on capital. For the purposes of
the forecast, it was assumed that the aforementioned tax rates would
remain constant throughout the entire 15-year forecast period.
Property gains tax
Should the property or parts of it be sold, a real estate transfer tax
will apply in the Canton of Zurich. By applying the real estate transfer
tax, the vendor of the property located in the Canton of Zurich will be
subject to the tax on the profit from the property sale.
The assessment basis for such real estate transfer tax that must be
paid by ACRON HELVETIA VII Immobilien AG in the event of sale of
the property is the profit made from the sale, i.e., the difference
between the higher sale proceeds and the investment costs
(purchase price plus certain expenses that are inextricably linked to
the purchase or sale or that were necessary to improve or increase
the value of the property sold). Proceeds from the sale are defined as
the proportional, effectively realized proceeds from the sale of the
property, the land or parts of the land, from which specific additional
sale costs can be deducted on a pro-rated basis. The amount of the
real estate transfer tax depends on the amount of the sale profit (the
higher the profit, the higher the real estate transfer tax) and the time
during which the property was owned (for an ownership period of five
years, the following applies: the shorter the time, the higher the real
estate transfer tax). The difference between the fiscally relevant
carrying value and the investment costs is subject to the standard
cantonal tax on profits. At the federal level, capital gains derived
from the sale of property and land are subject to the standard tax on
profits. In the event of a sale of the property Portikon by ACRON
HELVETIA VII, the company has an accepted tax ruling of the tax
office of the City of Opfikon, which confirms that, if the property is
resold, the tax will be assessed not on the basis of the capitalized
investment costs of the property on the balance sheet of Portikon AG
and/or ACRON HELVETIA VII, but on the basis of the purchase price
for the Portikon property paid by ACRON HELVETIA VII. To the extent
of the difference between the relevant acquisition value and the
investment costs of the property reported in the balance sheet, a
so-called step-up is granted.
Security issue tax
The issue of shares (or the creation of participation rights) is subject
to a security issue tax of 1 percent. The person liable to pay the tax
is the issuer of such participation rights. The issuance of the shares
in ACRON HELVETIA VII triggers the security issue tax of 1 percent on
the amount of CHF 55 million less the allowance of CHF 1 million.
The security issue tax becomes due upon registration of the creation
or increase of the participation rights in the Commercial Register and
is then payable by ACRON HELVETIA VII within 30 days. The security
issue tax is recognized under capital expenditure and is amortized,
together with the capitalized incorporation and organizational costs,
over a useful life of five years.
The sale of shares is not subject to the security issue tax. The
exception is trade in shell companies (Mantelhandel). Such a trade
occurs, as a rule, when the participation rights in a liquidated
company, or an inactive company that has been rendered liquid again,
are sold. In the event of such shell transactions, tax authorities
interpret the sale of participation rights as the liquidation and new
formation of a company (i.e., including the creation of participation
rights subject to the security issue tax).
Tax matters relevant to Swiss shareholders

The following explanations apply to the following persons:
Investors who are natural persons in Switzerland subject to a
comprehensive tax liability; and
Investors who hold shares privately.
Preliminary remarks
The following is only an outline of the tax matters relevant to an
investor whose tax domicile is Switzerland and is not to be considered
a complete and detailed account, Tax provisions and administrative
practices may change in future.
Taxes concerning investors in Switzerland
The investor participating in ACRON HELVETIA VII receives the follo
wing three payouts that result from his position as a shareholder:
Dividend payout from the company;
Par value reduction; and
Potential capital gain from the sale of shares.
The income-tax treatment of such payouts, as well as the tax on
shares as part of inheritance or gift taxes, relevant to the investor will
be explained in the following section.
Dividend income
In Switzerland, the dividend paid out by a Swiss company is treated as
taxable property (investment) income for the shareholder and subject
to income tax. The effective income-tax burden on the investors
dividend income depends, among other things, on whether the tax
domicile of the investor is Switzerland as well as on other taxable
income of the investor. In other words, it is impossible to generalize
the effective income-tax burden on an investors dividend income.
Therefore, as concerns the determination of the effective income-tax
burden on an investors dividend income, it is recommended that he
consult his own tax adviser.
Capital gain from the sale of shares

Capital gains from the sale of shares in ACRON HELVETIA VII are
generally tax-free for private Swiss investors. There are exceptions, for
example, regarding the sale of a majority stake in a real-estate
company; in the qualification of the investor as a professional
securities trader; in the qualification of a sale as indirect partial
liquidation or transposition, etc. As a result of the current exceptions
regarding tax-free capital gain from the sale of private movable
property, investors are recommended to consult their own tax
consultant prior to selling any of their shares in ACRON HELVETIAVII.
The transfer of title, against payment, of a share issued by a Swiss
national is subject - apart from a variety of exceptions - to the Swiss
securities turnover stamp duty of 0.15 percent if one of the parties to
the transaction, or an intermediary, is a securities broker under
section 13 para. 3 of the Swiss Stamp Duty Act. That is, the payment
from the sale of the shares may be subject to the Swiss securities
turnover stamp duty of 0.15 percent if the investor selling the shares,
the buyer or an intermediary involved in the sale is a securities
broker under section 13 para. 3 of the Swiss Stamp Duty Act. The
securities broker is liable to pay the tax. It is possible to roll the
securities turnover stamp duty over to the party that is not a
securities broker (buyer or seller).
Net wealth tax
The shares of the ACRON HELVETIA VII are subject to the cantonal/
municipal net wealth tax. The final calculation of the tax burden is
done according to the rules of the respective canton and therefore
cannot be illustrated in this space, as this will have to be determined
on a case-by-case basis.
Inheritance and gift tax
A transfer of title, free of charge, of shares in ACRON HELVETIA VII is
generally subject to the cantonal and/or municipal inheritance and gift
tax in Switzerland. Dispositions without payment inter vivos or causa
mortis for the benefit of a spouse or direct descendants, however, are
not subject to inheritance or gift tax in most cantons. For example, if the
donor or testator have their tax domicile in the Canton of Zurich, the
spouse and descendants of such donor or testator will be exempted from
the inheritance and gift tax under section 11 EschG ZH [Zurich
Inheritance and Gift Tax Act]. The situation is different in the Canton of
Berne, where only the spouse, but not the descendants, of the donor or
testator is exempted from the inheritance and gift tax (section 9 EschG
BE [Berne Inheritance and Gift Tax Act]).
The withholding tax of 35 percent on the dividend payouts of ACRON

HELVETIA VII can be claimed back in full by investors whose tax
domicile is Switzerland, provided that the dividend received has been
declared accurately on ones personal income-tax return.
Par value reduction
The payment of the amount from the par value reduction is tax-free
for Swiss investors who hold their shares privately.
f is c a l a s p e c ts
63
CONTRACTUAL AND LEGAL ASPECTS

1. POSITION OF THE INVESTOR UNDER COMPANY LAW
The investors position under company law is primarily defined by the
Memorandum/Articles of Association of ACRON HELVETIA VII,
which is reproduced in full in the prospectus, as well as the provisions
of the subscription agreement (bid).
A) ARTICLES OF ASSOCIATION OF ACRON HELVETIA VII

ACRON HELVETIA VII was registered on December 17, 2008, as an
Aktiengesellschaft (company limited by shares) with the registration
number CH-660.7.854.008-8 in the Commercial Register of the canton
of Geneva. ACRON AG was the subscriber to the Articles of Association
(1,000 shares). In the process of the companys foundation, a
contribution of CHF 100,000 was made in cash. With the
aforementioned contribution, all 1,000 shares were fully paid up.
When the Portikon AG was acquired, the companys head office was
moved to Zurich. Maintaining its registration number, the company has
now been registered in the Commercial Register of Zurich since May 5,
2009. On October 20, 2009, the capital was increased by
CHF 54,900,000 to CHF 55,000,000. The share capital was fully
absorbed by the subscriber to the Articles of Association, ACRON AG,
Mr. Jrg Greter, LL.M., attorney-at-law, was appointed Chairman of the
Board of Directors of ACRON HELVETIA VII. Another member of the
Board is Mr. Kai Bender, LL.M., attorney-at-law. The companys
registered address is c/o ACRON AG, Stockerstrasse 8, 8002 Zurich,
Switzerland. The object of ACRON HELVETIA VII is the acquisition and
management of investments of Portikon AG and the management of
the property at Thurgauerstrasse 130 in 8152 Glattpark, ZurichOpfikon, registered under land register no. 8165. It can lease, rent,
renovate, improve and charge the aforementioned property as well as
engage in all business transactions that are connected with this
purpose and the investment of its funds (Article 2 of the Articles). The
share capital of the company is CHF 55,000,000 and is divided into
550,000 registered shares with a par value of CHF100.00 each. The
complete Articles of Association are reproduced in this prospectus.
B) SUBSCRIPTION AGREEMENT (BID)

The investor receives his status as a shareholder of the company
through the acquisition and transfer of shares of ACRON
HELVETIAVII. This acquisition and subsequent transfer of title in the
shares and/or co-ownership shares in the global certificate is based
on the subscription agreement (bid), which is signed by the investor/
buyer as an offer to purchase the shares. Upon signing the
subscription agreement (bid), the buyer offers to the seller
(Sparkasse KlnBonn acting as the selling agent, which sells shares
in its own name but for the account of ACRON AG), irrevocably, to
acquire a specific number of registered shares (at least 1,000
shares) in ACRON HELVETIA VII for the nominal value of CHF 100.00
each. The minimum subscription amount is therefore CHF 100,000.
The application of the funds from the purchase price as well as the
execution of the transfer of title in the shares are explained under
3 B) of the Agreement to Monitor the Application of Funds. The
purchase price for the shares must be paid within 14 days of signing
the subscription agreement (bid). Payment of the Purchase Price
shall be made by wire-transfer to the account of Sparkasse KlnBonn
designated in the subscription agreement. Once the subscription
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c ont r a c tu a l a n d l e g a l a s p e c ts
agreement, including instructions on the right to cancel, has been

received by the seller, the seller will pass the bid on to the company.
The passing of the bid to the company demonstrates the sellers
acceptance of the bid, and the buyer thus waives the need for a
separate written acceptance. The transfer of title in the shares,
including the legal position resulting therefrom [in particular the
claim for (partial) repayment from a par value reduction and/or
dividend], takes effect on the first day of the month that follows the
month in which the full purchase price has been paid and any
cancellation period has expired. Prior to an entry in the share ledger,
the seller instructs Mefida AG, where the global certificate has been
deposited, to transfer the co-ownership interest in the global
certificate to the buyer. By signing and transmitting the subscription
agreement, the buyer has already consented to this transfer.
Every year the company decides to repay part of the par value of the
shares as part of a capital reduction and/or to pay out dividends. The
buyer is admitted only for the full month and, with his signature on the
subscription agreement, he assigns, on a pro-rated basis, to ACRON
AG, Zurich, his claim to the (partial) repayment of the par value of the
shares and/or gross dividend for the period between January 1, 2010,
and the time when he acquires ownership. The seller accepts such
assignment on behalf of ACRON AG. The company intends to record
the shares, which are certificated by the global certificate during the
placement phase, in the system of SIS SegaInterSettle AG following
full placement. For this purpose the buyer commissions and authorizes
the company irrevocably to take all the steps for the accurate recording
of the shares. Sparkasse KlnBonn, acting as the seller, is only liable
for the legal status of the portfolio of shares, but does not accept any
responsibility for the economic success of the shares. The purchase
agreement for the shares in ACRON HELVETIA VII is subject to German
substantive law. The transfer of title in the shares and/or of the coownership interest in the global certificate as well as the transfer of
possession, however, are subject to Swiss substantive law.
C) BYLAWS
The bylaws of ACRON HELVETIA VII, which have been reproduced in
full in this prospectus, govern the tasks, responsibilities and
compensations of the Board of Directors and of management. The
tasks of the Board of Directors, the top executive body, include, for
example, the configuration of the accounting system, financial
controlling and planning as well as the appointment or dismissal of
those tasked with the companys management, and the regulation of
signing authority. Furthermore, the Board of Directors serves as the
top supervisor of those tasked with the companys management and
prepares the annual report. Management, and in particular the
administration of the real property, is transferred to ACRON AG, which
represents ACRON HELVETIA VII to the outside world. ACRON AG will
receive from ACRON HELVETIA VII 3 percent of the yearly earnings
plus an additional 2.5 percent of yearly earnings as compensation for
managing the real property. The cost components of the facility
management agreement that cannot be apportioned to the tenants
are deducted from the compensation. For further details, see the
bylaws, which have been reproduced in full in this prospectus.
D) MANAGEMENT AGREEMENT
The duties and obligations of ACRON AG as manager are defined in
the Management Agreement. ACRON AG will manage the property,
carry out the decisions of the Board, prepare the annual report and
shareholders meeting, regularly report to the Board, attend to the
shareholders and implement the accounting of the company.
ACRONAG also provides the companys internal control system. The
Management Agreement is entered into for a period of five years and
will be automatically renewed for another five years unless it is
terminated in writing in accordance with the agreed notice period of
six months. With the termination of the Management Agreement,
ACRON HELVETIA VII shall lose its granted right to use the name
ACRON; in the event, the company shall change its company name
accordingly. This will be decided by the shareholders meeting. In the
event of termination, ACRON AG shall hand over all company
documents to the new manager.
2. PROPERTY-RELATED AGREEMENTS OF THE COMPANY

The agreements listed in the following section have been entered
into particularly in connection with the acquisition of the property
Portikon in Glattpark, Zurich-Opfikon.
A) Purchase Agreement
In 2009, ACRON HELVETIA VII purchased from HOCHTIEF Projekt
entwicklung GmbH the company Portikon AG, registered in the
Commercial Register of the Canton of Zurich under the number
CH-020.3.031.372-5. The assets of the company include, in addition
to the 100 fully-paid-up registered shares of the company with a
nominal value of CHF 1,000 each, the property in the municipality of
Opfikon, land registry folio 5593 register no. 8165, Holzwisen, plan
no. 36 (project site), as well as 100/1000 co-ownership of the lot,
land registry folio 5674, property, register no. 8153, Untergrab (site
of parking garage Parkhaus Nord). The project site, as well as the
parking-garage site Parkhaus Nord are not listed in the registry of
suspected contaminated properties.
In case of detection of defects on the project site, ACRON HELVETIAVII
has a claim for removal of any such defects against HOCHTIEF
Projektentwicklung GmbH. The start of the applicable periods is
subject to the various turnkey contracts entered into.
In particular, HTFM has specific knowledge of and experience with

the building management of properties that were built according to
the construction and energy standard Minergie-P. For the fixed and
agreed services, the contractor will be paid annual lump sums in
twelve equal monthly installments for services related to property
management, technical building management, infrastructural
building management and commercial building management.
Additionally-commissioned services will be paid according to
contractually agreed hourly rates. HTFM will also be liable for any
damage caused by it or its subcontractors. This reduces the number
of contact persons for ACRON HELVETIA VII concerning buildingspecific concerns to a single contractor, which facilitates further the
smooth operations of the building.
C) LEASE AGREEMENTS
Lease Nycomed International Management GmbH
Portikon AG and Nycomed International Management GmbH signed
on October 20, 2009, a lease agreement for the rental space in the
office building of the property situated in the municipality of Opfikon,
land registry folio 5593, register no. 8165, Holzwisen, Plan no. 36.
The rentable area includes on the upper levels a total area of 7,884.32
square meters, divided into a rental area 1 (attic and 5th upper floor)
of 2,136.78 square meters; rental area 2 (upper floor 2, 3 and 4) of
4,221.68 square meters; rental area 3 of 1,485.87 square meters (1st
upper floor); on the basement levels approximately 563.27 square
meters and 65 parking spaces.
The annual rent for the above-ground floors amounts to CHF 410/m,
for the basement level CHF 125/m, and for the parking spaces
CHF2,280/space - for a total net amount of CHF 3,434,779.95 per
year and/or CHF 286,231.66 month. Since the landlord has opted for
value-added tax, the monthly rent comes to CHF 307,985.27 gross.
The payment obligations for rental area 1, the basement rooms and
the parking spaces commenced on January 1, 2010. The payment
obligations for rental area 2 commenced on April 1, 2010, but the
tenant moved in three months earlier, that was, as of January 1,
2010. In the three-month period to the time of rent payment, the
tenant had only to pay the operating costs for these areas. The
resulting rent-free periods were covered by a general lease with
HOCHTIEF Development Schweiz AG, so that ACRON HELVETIA VII
did not suffer any disadvantages. The total lease term of ten years
commenced on January 1, 2010.
B) FACILITY MANAGEMENT AGREEMENT

The company Portikon AG has commissioned HOCHTIEF Facility
Management Swiss AG with the provision of facility management
services until July 2013, including a subsequent right of renewal on
the part of ACRON HELVETIA VII. With the acquisition of Portikon AG
ACRON HELVETIA VII took over the existing Facility Management
Agreement. HTFM is required to provide comprehensive and highquality facility-management services for the Portikon property.
These include an annual budget for operations and investment plans.
In the process, the contractor (HTFM) will be in constant coordination
with the owner (ACRON HELVETIA VII) and is required to always
obtain permission from ACRON HELVETIA VII for necessary repairs
or maintenance work outside the budget. This way, the owner can
monitor the budgets prepared and ensure that they are adhered to.
The tenant has to provide security for the fulfillment of all obligations
in the form of a bank guarantee amounting to CHF 2,004,036.84.
In addition, the landlord orders repairs to the common areas. The
costs of such repairs for one calendar year are borne by the tenant
on a pro-rated basis, as part of the operating costs, up to 10 percent
of the tenants annual net rent in such calendar year.
All cosmetic repairs within the premises exclusively used by the
tenant will be carried out by the tenant at its own cost. The same
applies to the maintenance and repair of these rooms and all
facilities, equipment and installations within such rooms. The same
applies to the replacement of defective windows and fittings for the
premises used exclusively by the tenant, unless such damage is
covered by insurance.
65
The tenant has two opportunities to exercise its right to request the
renewal of the lease, which commences on January 1, 2010, and has
a term of ten years, by an additional five years. The corresponding
request needs to be made to the landlord in writing no later than
twelve months before the expiry of the lease. During the fixed lease
term, the tenant is granted a one-time special termination right,
which can be exercised in writing with a 12 months notice period as
of December 31, 2014. In the event, the tenant will owe a walk-away
penalty in the amount of one annual net rent plus value-added tax,
but excluding any operating costs. The walk-away penalty shall be
paid in full no later than two months prior to the termination of the
lease agreement.
Lease agreement Baxter Healthcare S.A.
HOCHTIEF Development Schweiz Projekt AG (now Portikon AG) and
Baxter Healthcare S.A. signed on February 22 and/or 25, 2008, a
lease agreement for the rental space in the office building of the
property situated in the municipality of Opfikon, land registry folio
5593, register no. 8165, Holzwisen, Plan no. 36.
The rentable area includes on the upper levels a total area of at least
8,133.44 square meters; on the first and second basement levels, at
least 504.34 square meters of basement space and 72 parking
spaces. Prior to any leasing to a third party, the tenant must be
offered the terms and conditions of the lease in writing.
The annual rent for the above-ground floors amounts to CHF 447.72/m,
for the basement level CHF 150/m, and for the parking spaces
CHF 2,400/space - for a total net amount of CHF 3,950,795.00
(actually after an adjustment on March 2010) per year and/or
CHF 329,232.90 per month. As the landlord opted for VAT, the
monthly rent amounts to gross CHF 354,254.60, plus monthly
operating costs upfront in the amount of CHF 3/m, and for the
parking spaces CHF 10/space. Overall, the total monthly rent comes to
CHF 381,284.07.
The tenant shall provide security for the fulfillment of all contractual
obligations in the form of a bank guarantee amounting to
CHF1,944,977.38 no later than twelve weeks following the signing of
the lease.
The fixed term of the lease is set to ten years. The tenant has two
opportunities to exercise its right to request the renewal of the lease
by an additional five years. The corresponding request needs to be
made to the landlord in writing no later than twelve months before
the expiry of the lease. At the time the renewal option is exercised,
the landlord will be entitled to adjust the rent to market rates.
The landlord will pay for necessary renovations to common areas as
well as shared technical equipment and installations, including
underground parking. In addition, the landlord will be responsible for
the maintenance and repair of the structural components of the roof
and the bearing walls of the property. The landlord shall arrange for
the repair of the common areas, the costs of which incurred in a
calendar year are borne by the tenant on a pro-rated basis, as part of
the operating costs, up to 10 percent of the tenants annual net rent
in such calendar year.
66

facilities, equipment and installations within such rooms. Structural
changes within the rental property must be approved by the landlord
and restored to their original condition at the end of the lease term,
unless the tenant has made a different agreement with the landlord.
The costs will be borne by the tenant.
Lease agreement Graf Z AG
Portikon AG and Graf Z AG signed on September 11, 2009, a lease
agreement for the rental space in the office building of the property
situated in the municipality of Opfikon, land registry folio 5593,
register no. 8165, Holzwisen, Plan no. 36.
The rental space is divided into the restaurant area on the ground
floor (521.81 square meters), the storage space on the 1st basement
level (183.17 square meters), the outdoor terrace of 413.40 square
meters and the atrium area allocated to the tenant of 206.70 square
meters (50percent of which is allocatable to the total rented space).
The joint area, in proportion to the total rented space above ground of
728.51square meters (restaurant area, 50 percent outdoor terrace
and atrium portion), measures 93.91 square meters. In addition, two
staff parking spaces on the 1st basement level are leased.
The leased equipment comprises large-items inventory (including
furnishings) according to the list of leased equipment signed by both
parties. Any subsequent additions will require amendments to the
list. Additions to small-item inventory will be at the expense of the
tenant. The landlord (ACRON HELVETIA VII) intends to make
available, at no cost, the entire atrium for some events, as well as the
rental areas. The decision, however, is at the discretion of the
landlord.
The lease is for a restaurant that is to serve primarily the other
tenants, and less so the general public. Subject to statutory
provisions, the restaurant shall be open for business at least during
the official business hours of the building.
The rent consists of a minimum rent as well as a turnover-rent
component, with the annual maximum rent set at CHF 200,000. The
minimum rent is tied to the occupancy of the building. The following
scale applies:

Minimum monthly rent for occupancy

0-59%: CHF 8,333.33
60-79%: CHF 10,833.33
80-94%: CHF 12,500
95-94%: CHF 13,333.33
The landlord will communicate any occupancy changes in writing as

soon as they occur. Effective occupancy shall be defined as
occupancy rates as of the first day of a month.
In addition to the minimum rent, the tenant shall pay such amount of
a turnover rent up to the maximum rent as exceeds the monthly
minimum rent paid during a calendar year. The turnover rent is 5
percent of the effective turnover achieved during a calendar year. The
turnover rent will be calculated on the basis of the relevant turnover
figures as soon as they are available and invoiced subsequently.
The lease commenced on August 1, 2009, and its fixed term will run
until September 30, 2019. The tenant has two opportunities to
exercise its right to renew the lease by an additional five years; the
corresponding request must be made in writing no later than 18
months prior to the expiry of the lease term. At the time the renewal
option is exercised, the landlord will be entitled to adjust the rent to
market rates.
The obligation to pay rent began as of October 2009. The first two
months of the lease are rent-free. The operating costs due in
combination with the rent include CHF 3/m for the rented space,
and CHF 10/space for parking spaces. Payment of such operating
costs will be due upon commencement of the lease, that is,
August1,2009.
area of 32.82 square meters and 4 parking spaces in the buildings

own underground parking on the ground floor.
The annual rent is CHF 243,512.10, which corresponds to a monthly
rent of CHF 20,292.68.
The landlord will pay for necessary renovations to common areas as
well as shared technical equipment and installations, including
underground parking. In addition, the landlord will be responsible for
the maintenance and repair of the structural parts of the roof and the
bearing walls of the property. The landlord shall arrange for the repair
of the common areas, the costs of which incurred in a calendar year
are borne by the tenant on a pro-rated basis, as part of the operating
costs, up to 10 percent of the tenants annual net rent in such
calendar year.
facilities, equipment and installations within such rooms. The same
applies to the replacement of defective windows and fittings for the
premises used exclusively by the tenant, unless such damage is
covered by insurance.
Lease agreement HOCHTIEF Facility Management Swiss AG

Portikon AG and HOCHTIEF Facility Management Swiss AG signed on
September 10, 2009, a lease agreement for the rental space in the
office building of the property situated in the municipality of Opfikon,
land registry folio 5593, register no. 8165, Holzwisen, Plan no. 36.
The lease starts on August 1, 2009, and is entered into for the fixed
term under the Facility Management Services Agreement, which
expires on July 14, 2013.
D) LONG-TERM FINANCING
The rentable area includes on the upper levels a total area of at least
90.63 square meters; on the first and second basement levels, at
least 68.31 square meters of basement space to be used for the
purposes of facility management. As well, a parking space on the
second basement level is leased.
For the indirect acquisition of the office property Portikon,

Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon, ACRON
HELVETIA VII has obtained long-term financing from WIR Bank
Genossenschaft, Auberg 1 in 4002 Basel, Switzerland, and entered
into five loan agreements.
The annual rent for the above-ground floors amounts to CHF 450/m,
for the basement level CHF 150/m, and for the parking space
CHF2,400 - for a total net amount of CHF 53,841.00 (actually after
an adjustment on March 2010) per year and/or CHF 4,452.13 per
month. Since the landlord has opted for value-added tax, the monthly
rent comes to CHF 4,790.49 gross.
The first tranche provides a loan amount of CHF 28,500,000. The

purpose of the loan is the indirect acquisition of the business property
Portikon, Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon. The
repayment term is ten years (to September 30, 2019). Interest was
fixed for a period of ten years to 3.5 percent including margin and is
paid quarterly. The loan will be redeemed in the years 2010 - 2013
semi-annually by CHF 325,000 each. In 2014 each of the semi-annual
repayments will amount to CHF 575,000. For the years 2015 to 2018
the agreed repayment amounts to CHF 400,000 per half-year, and in
2019 CHF 248,500 per half-year.
The rent payment obligations commenced on October 1, 2009. The

operating costs due in combination with the rent include CHF 3/m.
and CHF 10/space for parking spaces. These payments are due from
the start of the lease, that is, from August 1, 2009.
Lease agreement HOCHTIEF Development Schweiz AG.
ACRON HELVETIA VII and HOCHTIEF Development Schweiz AG
signed on April 16/May 5, 2010, a lease agreement for the rental
space in the office building of the property situated in the
municipality of Opfikon, land registry folio 5593, register no. 8165,
Holzwisen, Plan no. 36. The rentable area includes on the upper
levels a total area of 558.51square meters plus the tenants share
of the common area; on the second basement level, a basement
Structural changes within the leased premises must be approved by

the landlord and restored to the original condition at the end of the
lease term, unless the tenant has made a different agreement with
the landlord. The costs will borne by tenant.
The second tranche also provides a loan amount of CHF 28,500,000.

The purpose of the loan is the indirect acquisition of the business
property Portikon, Thurgauerstrasse 130, 8152 Glattpark, ZurichOpfikon. The repayment term is ten years (to September 30, 2019).
Interest was fixed for a period of five years to 2.685 percent including
margin and is paid quarterly. The loan will not be repaid during the
loan term as agreed.
67
A third loan agreement provides a loan amount of CHF 10,000,000.

The purpose of the loan is the indirect acquisition of the business
property Portikon, Thurgauerstrasse 130, 8152 Glattpark, ZurichOpfikon. The repayment term is seven years (to June 30, 2017).
Interest was fixed for this term to 2.585 percent including margin and
is paid quarterly. The loan will not be repaid during the loan term as
agreed.
The fourth loan agreement provides a residual loan of CHF18,000,000.
Interest rates are based on the 3-month CHF-Libor plus a margin of
1 percent and are paid quarterly. The loan will not be repaid during the
loan term as agreed. If the loan is terminated/redeemed prematurely,
ACRON HELVETIA VII shall pay a flat-rate prepayment penalty of
2 percent of the total loan amount as well as a handling fee.
The fifth tranche provides a loan amount of CHW 2,000,000. The
purpose of the loan is the indirect acquisition of the business property
Portikon, Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon.
Interest will be 1 percent until September 30, 2010, and then increase
to 1.75 percent p.a. Interest is paid in CHF quarterly. The loan was
first redeemed in the amount of CHW 250,000 per half-year on June
30, 2010, so that the CHW loan will be fully repaid by December 31,
2013. Special repayments are currently made in WIR (80 percent) and
CHF (20 percent).
As security, the bank was given bearer bonds in the total amount of
CHF 87,000,000 charged to the property indirectly acquired by the
company.
3. INVESTMENT-RELATED AGREEMENTS OF THE COMPANY

The agreements shown below govern, in particular, the legal relations
between ACRON HELVETIA VII and third parties, as well as the
respective position of the company and/or shareholder with respect
to the investment.
A) SELLING COMMISSION AGREEMENT

ACRON AG, the founder and owner of initially 1,000 of the total
550,000 registered shares in ACRON HELVETIA VII, entered into a
selling commission agreement with Sparkasse KlnBonn in Germany
in October 2009, according to which Sparkasse KlnBonn sells the
shares in ACRON HELVETIA VII in its own name but for the account of
ACRON AG. Sparkasse KlnBonn has certain obligations, in particular,
regarding scrutiny under money-laundering and banking laws. As well,
Sparkasse KlnBonn must take receipt of bids from buyers in the form
of subscription agreements (bids) and conclude a purchase
agreement for the shares. Sparkasse KlnBonn, acting as the selling
agent, shall ensure that the sold shares are transferred directly to the
buyer, i.e., title is transferred directly from the prior owner (ACRON
AG) to the buyer. The compensation for the selling agent Sparkasse
KlnBonn amounts to CHF 75,000 (basic compensation for 150
subscribers and CHF 15,000 for each additional group of 150
subscribers) and is paid by ACRON AG from its compensation claims
vis--vis ACRON HELVETIA VII. The compensation covers all activities,
including costs, fees and expenses.
68
B) AGREEMENT TO MONITOR THE APPLICATION OF FUNDS

The Agreement to Monitor the Application of Funds serves primarily
to protect the interests of the buyer of shares, as this agreement
ensures that the funds from the purchase price is used as intended.
This process is monitored by Sparkasse KlnBonn in Germany. The
parties to the agreement are ACRON AG, ACRON HELVETIA VII and
Sparkasse KlnBonn. The agreement regulates, in particular, the
individual steps that are subject to the supervision of Sparkasse
KlnBonn and that ultimately lead to the shareholders acquisition of
title in the shares of ACRON HELVETIA VII. It is the duty of Sparkasse
KlnBonn to ensure that shares that are subject to a lien or charge are
transferred to the buyer free of any charge or lien. For this purpose,
the lien holders have granted it the necessary power of attorney to
enable it to communicate to the custodian and the company the lifting
of the lien, the changes to ownership of the shares as well as changes
to the possession of the shares. Remuneration for monitoring the
application of funds amounts to CHF 65,000.
C) DEPOSIT AND LEDGER AGREEMENT

ACRON HELVETIA VII (the principal), ACRON AG (the pledger in respect
of the shares) and Mefida AG in Zurich, Switzerland (the custodian of
the global certificate), entered into a deposit and ledger agreement in
September 2009. This agreement contains, in particular, the obligation
of Mefida AG to take possession of and hold in safe custody the global
certificate of the stock of registered shares in the company ACRON
HELVETIA VII. In addition, Mefida AG will keep a ledger on the persons
with a title in the co-ownership interest in the global certificate (main
ledger), which provides information on the person (name/first name/
company, nationality, domicile/residential address), the number of
shares/co-ownership interests held, the time of registration and the
cause of possession (as property or collateral).
Mefida AG will receive a one-time compensation in the amount of
CHF10,000 plus VAT. This amount is due, in two installments: the first
one at the commencement of the deposit agreement, and the second
one at the commencement of placement. These expenses will be
borne by ACRON AG as part of the internal relationship. The
compensation is governed by a separate agreement.
D) AGREEMENTS BETWEEN AND AMONG

ACRON COMPANIES
In the course of realizing the total investment, the ACRON AG was
assigned various responsibilities, which have been remunerated
pursuant to the following agreements. ACRON AG was ordered to
select investment properties and to enter into preliminary negotiations
with potential sellers. ACRON AG was tasked to identify suitable
properties for a new investment. For these activities ACRON AG
receives compensation in the amount of CHF 2,500,000 plus statutory
value-added tax. Payment was due immediately after closing, i.e., the
time when title in Portikon AG passes to ACRON HELVETIA VII.
ACRON AG was also responsible for examining the property, i.e., its
material substance and the legal framework conditions. Among other
things, ACRON AG was tasked to inspect the actual (contamination,

environmental damage, etc.) and legal encumbrances (mortgages,
easements, etc.) of the property, the lease agreements and tenants
credit ratings, the property company Portikon AG to be acquired,
including its corporate structure and balance sheets, as well as to
conduct an analysis of the legal, financial and fiscal risks of an
acquisition and/or merger. In addition, ACRON AG commissioned
inspections and valuation reports and hired tax advisers, lawyers and
notaries for the purposes of examining the property. Finally,
ACRONAG was responsible for transferring title in Portikon AG and
for the assumption of related costs and fees (notary and landregistration fees). For these activities ACRON AG receives
compensation in the amount of CHF 1,250,000 plus statutory valueadded tax. Payment was due immediately after closing, i.e., the time
when title in Portikon AG passes to ACRON HELVETIA VII.
of outside financing involves the commitment to provide collateral to

secure financing, particularly in the form of mortgage rights as
well as the conclusion of suitable interest-hedging instruments in
consultation with the lending bank. For these activities ACRON AG
receives compensation in the amount of CHF 1,700,000 plus
statutory value-added tax (if and where applicable). Payment was due
immediately after closing, i.e., the time when title in Portikon AG
passes to ACRON HELVETIA VII.
In addition, ACRON AG is tasked with the settlement of the sale of its
shares in ACRON HELVETIA VII and the monitoring of the acquisition
of the companys equity through the selling agent. For these activities
ACRON AG receives compensation in the amount of CHF 4,370,000
plus statutory value-added tax (if and where applicable). Payment
was due immediately after the title in Portikon AG passes to ACRON
HELVETIA VII.
ACRON AG entered into a concept, prospectus-development and

marketing agreement with ACRON HELVETIA VII. Among other things,
under this agreement, ACRON AG was responsible for the preparation
and drafting of market reports, information and other documents
required for marketing, for the graphic and textual processing of
collected data and documents, as well as for advertising advice and
information to ACRON HELVETIA VII regarding the various advertising
options. ACRON AG, under this agreement, is also responsible for the
preparation of the prospectus. Finally, ACRON AG was responsible
for designing the concept of the total investment under this
agreement. Its obligation is to check the legal and fiscal general
conditions in Switzerland and the Federal Republic of Germany as
well as any legal and fiscal consequences that may result from the
cross-border nature of the business. It also prepares calculations
that capture all foreseeable revenue and expenditure of ACRON
HELVETIA VII and on the basis of which it is possible to predict the
income situation of the company. It also examines, from a contractual
and legal perspective, and adjusts, if necessary, the total investment
in legal and fiscal terms. Furthermore, ACRON AG handles the
continuous calculation of the investment. In doing so, it must, in
particular, include any new foreseeable costs directly in the forecast
and take into account market requirements (benchmarks) with
respect to the ability to sell the investment. In the process,
ACRONAG must carry out its calculations both from the point of view
of ACRON HELVETIA VII and the point of view of the investor.
Compensation for these activities amounts to CHF 2,520,000 plus
value-added tax (if and where applicable). Payment was due
immediately after closing, i.e., the time when title in Portikon AG
The company has also entrusted ACRON AG with the procurement of
the necessary cash funds to acquire Portikon AG. For these activities
ACRON AG receives compensation in the amount of CHF 1,800,000
plus statutory value-added tax (if and where applicable). Payment is
due immediately after closing, i.e., the time when title in Portikon AG
Furthermore, ACRON AG was given a mandate to negotiate and
secure property financing. In other words, ACRON AGs mandate is to
prepare and ready the loan agreement for signature. The negotiation
69
Contractual partners
Function Investment company and owner of the office property at

Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon, Switzerland.
Registered office
c/o ACRON AG, Stockerstrasse 8, 8002 Zurich, Switzerland
Commercial Register Registered as Aktiengesellschaft under company number CH-660.7.854.008-8

in the Commercial Register of the Canton of Zurich
Date of first entry
December 17, 2008
Share capital
CHF 55,000,000; of which paid CHF 55,000,000
Auditors
Pricewaterhouse Coopers AG, Zurich, Switzerland
Management
ACRON AG, Stockerstrasse 8, 8002 Zurich, Switzerland
Board of Directors
Jrg Greter (LL.M.), Attorney-at-Law, Zurich, Switzerland;

Kai Bender (LL.M.), Attorney-at-Law, Zurich, Switzerland
Object of company The acquisition and management of investments of Portikon AG and management of the
property owned by it, Portikon, Thurgauerstrasse 130, Opfikon. The company can lease,
renovate, improve and encumber the aforementioned property and otherwise engage in any
business related to this purpose and the investment of its funds.
Shareholders with shares
of more than 25%
ACRON AG, Zurich, Switzerland
ACRON AG
Function Founding shareholder, initiator and editor of the prospectus; assumption of management
duties of ACRON HELVETIA VII Immobilien AG according to bylaws
Registered office Stockerstrasse 8, 8002 Zurich, Switzerland
Commercial Register Registered as Aktiengesellschaft under company number CH-020.3.022.387-4

Date of first entry October 26, 1999
Share capital CHF 1,384,000; of which paid CHF 1,384,000
Auditors Intercontrol AG, Zurich, Switzerland
Board of Directors Jrg Greter (LL.M.), Attorney-at-Law, Zurich, Switzerland
Member of the Board Klaus W. Bender, Attorney-at-Law, Zurich, Switzerland
Managing Director
Kai Bender (LL.M.), Attorney-at-Law, Zurich, Switzerland
Object of company Acquisition and sale of real estate that serves the exercise of business activities;
administration and management of real estate; creation of closed property investment funds
with all activities that are related to this purpose; planning of financial transactions if not
reserved for statutory financial institutions; assumption and execution of financial
transactions, as well as any type of financing brokerage; it can participate in other companies.
Shareholders with
shares of more than 25% Klaus W. Bender, Zurich; Accensis GmbH, Dsseldorf, Germany
HOCHTIEF Projektentwicklung GmbH

Function
Seller of Portikon AG
Registered office
Alfredstrasse 236, 45133 Essen, Germany
Commercial Register
Registered as a limited liability company (GmbH) under registration number

HRB 8665 in the Commercial Register at the Local Court of Essen
Date of first entry
July 25, 1990
Share capital
EUR 7,670,000; of which paid EUR 7,670,000
Managing Director
Robert Bambach, Dsseldorf; Rainer Eichholz, Unna; Dr. Christopher Husmann, Essen
Object of company Project development, particularly the acquisition of property and rights of use with respect
to real property as well as the development, construction, leasing and sale of domestic and
foreign real property.
70
c ont r a c tu a l P a r tn e r s
HOCHTIEF Development Schweiz AG

Function
Registered office
Commercial Register

Date of first entry
Share capital
Auditors
Board of Directors
Object of company
PricewaterhouseCoopers AG
Function
Registered office
Commercial Register

Date of first entry
Share capital
Auditors
Chairman of the Board
Object of company
T enant
Gerechtigkeitsgasse 23, 8001 Zurich, Switzerland
Registered as Aktiengesellschaft under company number CH-020.3.031.371-7
August 20, 2007
CHF 100,000; of which paid CHF 100,000
Deloitte AG, Zurich, Switzerland
Dr. Ralf Bellm, Bad Schnborn; Dr. Markus Bsiger, Uitikon; Philipp Engel, Habsburg;
Steffen Jstel, Ehningen
Across Switzerland, the company seeks to provide services in the fields of planning, design
and realization of real-estate projects as well as services in the fields of purchase, sale and
leasing of commercial/industrial property. The company may establish branches and
subsidiaries at home and abroad and participate in other companies at home and abroad to
purchase real property as well as to engage in all transactions that are directly or indirectly
in connection with its corporate purpose.
Auditors of ACRON HELVETIA VII Immobilien AG

Birchstrasse 160, 8050 Zurich, Switzerland
June 22, 1998
CHF 6,300,000; of which paid CHF 6,300,000
PROVIDA Wirtschaftsprfung AG, St. Gallen, Switzerland
Hans Wey, St. Gallen, Switzerland
Assumption and execution of auditing, consulting and fiduciary mandates as well as any
tasks and activities directly or indirectly connected to this corporate purpose. The execution
of actual banking transactions and asset management is excluded. The company may
participate in industry-related companies and buy, manage and sell real estate.
c ont r a c tu a l p a r tn e r s
71
West & Partner AG

Function
Registered office
Commercial Register

Date of first entry
Share capital
Auditors
Object of company
WIR Bank Genossenschaft

Function
Registered office
Commercial Register
Date of first entry
Object of company
MEFIDA AG
Function
Registered office
Commercial Register

Date of first entry
Share capital
Auditors
Board of Directors
Object of company
Sparkasse KlnBonn
Function
Registered office
Commercial Register

Date of first entry
Object of company
Employees
Balance-sheet total
Lending volume
Equity
72
c ont r a c tu a l p a r tn e r s
valuator/Appraiser
E
Gotthardstrasse 6, 8002 Zurich, Switzerland
June 07, 1999
Deloitte AG, Zurich, Switzerland
Urs Hausmann, Zurich, Switzerland
Consulting and research in the fields of regional planning, construction and real-estate
markets and related areas; it can participate in similar companies and acquire and sell real
property.
L ender
Auberg 1, 4002 Basel, Switzerland
Registered as Genossenschaft (cooperative association) under company number
CH-270.5.000.226-4 in the Commercial Register of the Canton of Basel
February 12, 1942
Jrg Michel, Lyss, Switzerland
Self-help organization of trade, commercial and service companies (SMEs). The company
procures for its members and others using the WIR system economic benefits through the
WIR system and maintains a bank open to the general public. For this purpose WIR Bank
operates the following transactions: Organization of the WIR clearing system as well as
implementation of the WIR mortgage and loan business; execution of banking transactions,
such as acceptance of customers money in all bankable forms, mortgage and loan business
as well as non-lending and non-deposit transactions, particularly the settlement of
payments. The cooperative may set up or participate in companies and may acquire real
estate.
ustodian of the global certificate

C
Beethovenstrasse 5, 8002 Zurich, Switzerland
September 10, 1981
Giroud AG, Zurich, Switzerland
Dr. Otto Carl Meier, Zurich, Switzerland; Peter Roesler, Greifensee, Switzerland
Asset management. accounting as well as performance of fiduciary and financial
transactions. It may participate in other companies and acquire and sell real estate.
onitor of the Application of Funds and selling agent

M
Hahnenstrasse 57, 50667 Cologne, Germany
Registered as institution under public law under company number HRA 7961
in the Commercial Register A of the Local Court of Cologne.
July 03, 1972
Artur Georg Grzesiek, Duisburg, Germany
Financial institute under public law
5,299 (as of Dec. 31, 2008)
EUR 30,820 million (as of Dec. 31, 2008)
ARTICLES OF INCORPORATION/ASSOCIATION AND BYLAWS

of ACRON HELVETIA VII Im mobilien AG
Articles of Incorporation/Association of ACRON
HELVETIA VII Immobilien AG
I. Company name, domicile and purpose

Art. 1 Company name; domicile
Under the name ACRON HELVETIA VII Immobilien AG, a company
limited by shares (Aktiengesellschaft) has been created pursuant to
section 620 ff OR [Swiss Law of Obligations], which is domiciled in
Zurich. The duration of the company is unlimited.
Art. 2 Purpose
The company aims to acquire and manage investments of PortikonAG
and manage the property owned by it, Portikon, Thurgauerstrasse 130,
Opfikon. The company can lease, renovate, improve and encumber the
aforementioned property and otherwise engage in any business
related to this purpose and the investment of its funds.
II. Capital
Art. 3 Share capital
The share capital of the company is CHF 55,000,000 and is divided
into 550,000 registered shares with a par value of CHF 100.00 each.
Each share is fully paid up.
Art. 4 Certification
The company is entitled to issue certificates for several shares,
instead of individual shares. Share certificates can be exchanged for
individual shares or certificates covering a larger or smaller number of
shares at any time. The shares or certificates are issued without
dividend coupons and bear the facsimile signature of the Chairman of
the Board of Directors.
The company may forgo printing and delivering certificates of
registered shares and, with the consent of the shareholder, annul
without substitution certificates already issued that are sent to the
company. The shareholder can request at any time that the company
issue a certificate of his shares. However, the shareholder is not
entitled to the printing and delivery of share certificates.
Non-certificated registered shares, and the resulting non-certificated
rights, can be transferred by shareholders only by means of
assignment. Such assignment, in order for the transfer of the share
rights to be effective, must be reported to the company.
Non-certificated registered shares and the resulting rights can be
pledged by a written contract of pledge prior to the shares being
registered with the SIS giro system, and a report to the company
must be filed. Once they have been registered in the SIS giro system,
registered shares and the resulting rights can be pledged by a written
contract of pledge only for the benefit of the bank on whose books
they are carried, but a report to the company is not required.
Art. 5 Share ledger, restrictions on the transferability of shares

The Board of Directors keeps a share ledger into which the owners
and beneficial owners of the registered shares are entered by name
and address. The Board may delegate this task to a third party. Only
such person will be recognized as a registered shareholder or
beneficial owner of registered shares in respect of the company as
has been entered into the share ledger.
The transfer of shares, for the purposes of ownership or beneficial
use, requires the consent of the Board of Directors. Such consent
may be withheld or refused on substantial grounds. The Board shall
refuse its consent if a statutory ground for refusal is given. A statutory
ground for refusal exists if the buyer fails to confirm that he is a
qualified investor under section 10 para. 3 CISA.
III. Organization
A. Shareholders meeting
Art. 6 Responsibilities
The top decision-making body of the company is the shareholders
meeting. It is due the statutory rights which cannot be transferred.
Art. 7 Meetings
The ordinary shareholders meeting convenes every year within six
months of the end of the fiscal year.
Special shareholders meetings are convened whenever necessary,
particularly in circumstances where the law requires such meeting to
be called.
The Board of Directors must call a special shareholders meeting
within 20 days if shareholders who represent at least ten percent
of the share capital demand such a meeting in writing with a full
statement of the agenda items and motions.
Art. 8 Convocation; all-shareholders meeting
The shareholders meeting is called by the Board of Directors or, if
necessary, by the Audit Committee. Liquidators also have the right to
call such meetings.
The shareholders meeting is called by an announcement in the gazette
or by letter or fax to the shareholders and/or beneficial owners
registered in the share ledger at least 20 days prior to the date of the
meeting. The notice of meeting must indicate the day, time and place
of the meeting, as well as the items of the agenda and motions of the
Board of Directors and shareholders who have demanded a
shareholders meeting to be called or who have demanded that an
item be placed on the agenda.
On motions unrelated to the items of agenda announced, no resolution
can be taken, with the exception of a motion to call a special
shareholders meeting or a motion for conducting a special audit or a
motion to elect an audit committee brought by a shareholder. To bring
motions under the items of the agenda or for deliberations not
requiring a resolution does not require a prior announcement.
a r ti c l e s o f in c o r p o r a tion a n d b y l a w s
73
The owners or proxies of all shares can, in the absence of any

objections, hold a shareholders meeting without observing the
formal requirements for calling such a meeting. No later than 20 days
prior to the shareholders meeting, the annual report and the auditors
report must be deposited at the domicile of the company so that
shareholders can access them. The notice of the shareholders
meeting must refer to these reports having been deposited as well as
to the right of shareholders to demand delivery of these documents.
Art. 9 Chairmanship, minutes of the meeting
The shareholders meeting is chaired by the Chairman of the Board
of Directors or, should he be prevented from attending, another
member of the Board of Directors or an interim chairman to be
elected by the shareholders meeting.
The Chairman appoints a minute-taker and the scrutineers who
cannot be shareholders.
The Board of Directors is responsible for the keeping of the minutes,
which must be signed by the Chairman and the minute-taker.
Art. 10 Resolution
Each share entitles the holder to vote. Only shareholders registered
in the share ledger as shareholders may vote at the shareholders
meeting.
Any shareholders and/or beneficial owners may be represented at the
shareholders meeting by other shareholders who may vote, a repre
sentative of a corporate body, an independent proxy or a depositary.
Such person must provide a written proxy.
The shareholders meeting adopts resolutions and carries out its votes
by an absolute majority of the voting shares present, unless statutory
provisions or the Articles contain contrary rules.
If on the first ballot the vote is not decided, a second ballot will be held
which will be carried by a relative majority.
Elections and votes take place in an open fashion unless the
Chairman or one of the shareholders demands a secret ballot.
Art. 11 Quorum
A resolution of the shareholders meeting that is carried by at least
two-thirds of the voting shares represented at the shareholders
meeting and the absolute majority of all the shares issued by the
company is required for the following:
1. The cases listed in s. 704 para. 1 OR;
2. Changes to the term of office of the Board;
3. Changes to the company name if the company is entitled, vis-vis a third party, to use the company name in use at the time of
such resolution to change the name.
The resolution to sell the property requires a vote by the shareholders
meeting of at least three-quarters of the nominal share value issued
by the company. If on the first ballot the vote is not decided, a second
ballot will be held for which the same quorum applies. If the second
ballot fails as well, the resolution will be deemed failed. The
resolution to elect or remove the Board of Directors requires a vote
by the shareholders meeting of at least two-thirds of the nominal
share value issued by the company.
74
B. Board of Directors
Art. 12 Election, organization
The Board of Directors consists of one to three members. As a rule,
the Board is elected by the shareholders meeting for a term of three
years. The term of each Board member lasts until the shareholders
meeting has elected new members or re-confirmed existing
members. Board members can withdraw or be dismissed prior to any
election. New members will continue to act as Board members for
the remainder of the term of the members that they replace.
The members of the Board of Directors can be re-elected at any time.
The Board constitutes itself. It appoints its Chairman and the
Secretary, who does not have to be a member of the Board.
Art. 13 Top executive body, delegation
The Board of Directors is the top executive body of the company and
supervises management. The Board of Directors represents the
company to the outside world and takes care of all matters that are
not assigned to another body of the company under the law, Articles
or bylaws.
The Board Directors may delegate the management, in full or in part,
of the company or the companys representation to one or several
persons, members of the Board or a third party who need not be a
shareholder. It adopts the bylaws (s. 716b OR) and regulates the
corresponding contractual relations.
Art. 14 Responsibilities
The Board may decide all matters that are not allocated by law or the
Articles to the shareholders meeting. It directs the operations of the
company where management duties have not been transferred.
Art. 15 Organization, minutes
Rules and procedures, presence of a quorum and resolutions of the
Board of Directors are subject to the bylaws.
The Chairman of the Board does not have a casting vote.
Art. 16 Compensation
The members of the Board of Directors are entitled to reimbursement
of their expenses incurred in performing their duties in the interest of
the company as well as to compensation commensurate with their
activities that the Board defines itself.
C. Audit Committee
Art. 17 Eligibility, responsibilities
The shareholders meeting elects each year one state-supervised
audit firm to act as the Audit Committee under the Swiss law of
obligations (OR) who will have the rights and obligations defined in
law. Their term of office ends on the day of the next shareholders
meeting.
IV. Financial reporting
V. Winding-up
Art. 18 Annual accounts

The fiscal year is defined by the Board of Directors.
Art. 20 Dissolution and liquidation

The shareholders meeting may at any time resolve the dissolution
and liquidation of the company in accordance with the provisions of
the law and the Articles of Association.
At the end of the fiscal year, the Board will prepare an annual report
consisting of the income statement, balance sheet and the notes.
Art. 19 Distribution of profits
Decisions on the net profit for the year are taken by the shareholders
meeting in accordance with statutory provisions.
The dividend may be determined only after the required allocations to
the statutory reserves have been made. Any dividend not drawn upon
within five years of maturity will lapse for the benefit of the company.
The liquidation will be carried out by the Board of Directors, unless

the shareholders meeting decides otherwise.
The company is liquidated pursuant to statutory provisions. The
liquidators are authorized to sell assets (including real estate) in the
open market.
Once the liabilities have been paid off, the assets will be distributed
among the shareholders depending on the amounts paid in.
VI. Communications
Art. 21 Announcements and notices
Notices to shareholders are sent by letter to the addresses indicated
in the share ledger.
The companys medium for publication is the Swiss Official Gazette
of Commerce.
Zurich, October 20, 2009
Chairmann:
Secretary and recorder:
Jrg Greter
Kai Bender
75
BYLAWS
of ACRON HELVETIA VII Immobilien AG
I. General provisions
Art. 1 Fundamental principles
These bylaws have been issued and adopted on the basis of Art. 13
para. 2 of the Articles of Association of ACRON HELVETIA VII
Immobilien AG.
The deliberations and resolutions of the Board are recorded in the

minutes which must be signed by the Chairman and the Secretary.
The minutes must be approved by the Board within a quarter after the
holding of the meeting and/or after a resolution; such approval may
also be effected by fax.
II. Board of Directors
Art. 6 Information and reporting

Each member of the Board is entitled to demand, for his assigned
area and, pursuant to the rules of the Board, also outside of meetings,
from management information about the affairs of the company and
individual transactions.
The Board of Directors constitutes itself. It appoints a Chairman and

the Secretary, who does not need be a member of the Board.
Each member of the Board is also entitled, outside of meetings,

to demand unlimited information from management regarding
questions spanning several areas; however, the Board must file a
subsequent report on this with the full Board of Directors.
Art. 3 Responsibilities and competences

The Board delegates all management duties, particularly businessadministration duties, property management and management of
the real-estate assets of ACRON HELVETIA VII Immobilien AG to
ACRON AG, domiciled in Zurich, unless the law, Articles or these
bylaws contain provisions to the contrary. The Board receives regular
information on the course of business. ACRON AG represents the
company to the outside world with respect to the tasks assigned to it.
At every meeting the Board of Directors must be informed by

ACRON AG on the current course of business, the development of
rental income and important business events. Under instructions
from the Board, management is obligated to attend the meeting
following prior arrangement. Extraordinary events must be reported
to the Board of Directors by circular immediately.
Art. 4 Meetings, notice and agenda

The Board meets as often as business requires, usually at least once
per quarter.
If the Board does not meet quarterly, management must file written
quarterly reports by circular.
The exclusion of management from attending Board meetings must
be based on compelling reasons.
The notice of meeting is sent for the purpose of schedule coordination,

whenever possible, two months ahead of time by the Chairman or should he be unavailable - by another Board member. Each member of
the Board is entitled to request an urgent meeting in writing, stating
the reasons of such request.
Art. 7 Compensation
The Board, pursuant to a separate arrangement, receives a basic
compensation of max. CHF 7,500 net per year and per member. The
basic compensation covers attendance of shareholders meetings.
The meeting may be convened in writing or by electronic means.

Statement of the items of the agenda may be provided subsequently,
allowing sufficient time for the items to be incorporated.
According to the separate arrangement, the Board may claim max.

CHF 400 per hour for additional time expenditure. To such hourly rate,
VAT must be added where it applies.
The Chairman - or in his absence - another Board member will chair

the meeting.
The Board is authorized to claim fees and expenses on behalf of the

company, provided that such expenses are made for the benefit of the
company and are appropriate.
Art. 5 Quorum, resolutions and minutes

The Board has a quorum if at least half its members are present.
Resolutions are passed by an absolute majority of those present. The
Chairman does not have a casting vote.
Decisions may also be passed by circular vote, electronically or by

telephone, unless a member requests deliberations at a proper
meeting within 10 days after receiving the corresponding request.
They regulate the responsibilities and competences of the following

bodies:
Board of Directors
Management
Art. 2 Organization
The shareholders meeting elects the Board of Directors pursuant to
Art. 12 of the Articles of Association of ACRON HELVETIA VII
Immobilien AG.
76
No quorum applies if only a capital increase and the subsequent

amendment to the bylaws are to be voted on.
Art. 8 Signing authority

The members of the Board have sole signing authority.
III. Management
Art. 9 Responsibilities and competences
Management is responsible for the immediate management of
current business. Management takes independent organizational and
personnel decisions concerning the ordinary day-to-day business.
Management can submit to the Board for approval any transactions
that fall under the managements jurisdiction.
2. Property management:
2.5 percent of the total income of the company per annum,
based on estimates, invoiced and due quarterly in advance.
Annual accounts at the end of the year after determining the
financial statements; adjustments may be necessary.
The cost components of the facility management agreement that
cannot be apportioned to the tenants are deducted from the
compensation.
Management has, in particular, the following responsibilities and

competences:
To such compensation, VAT, as applicable, must be added.
1. Business administration of the company;

2. Management of the real property of ACRON HELVETIA VII
Immobilien AG, including management of legal matters;
3. Preparation of all business that falls under the jurisdiction of the
Board and execution of Board resolutions;
4. Preparation of the annual report (annual report and financial
statements including income statement, balance sheet and notes)
and of shareholders meetings;
5. Regular, i.e., quarterly, reporting to the Board;
6. Investor relations and dissemination of information to shareholders
of ACRON HELVETIA VII Immobilien AG;
7. Implementation of the distributions (dividends and par value
repayments) to the shareholders;
8. Marketing including website (if any);
9. Compliance with current obligations from stock-exchange listing
(if applicable).
IV. Final provisions

Art. 11 Entry into effect
These bylaws enter into effect as of October 1, 2009.
Art.12 Amendment
These bylaws can be amended by the Board of Directors at any time
as needed.
Zurich, November 25, 2009

ACRON AG may hire an expert third party for the management of the
company. Reporting to the Board must not be impaired as a result.
Art. 10 Compensation
For its activities, ACRON AG receives the following compensation:
Board of Directors
1. Corporate management
3 percent of the total income of the company per annum, based
on estimates, invoiced and due quarterly in advance.
Annual accounts at the end of the year after determining the
financial statements; adjustments may be necessary.
77
78
g lob a l c e r ti f i c a t e o f S h a r e c a p it a l
GUIDELINES FOR INVESTM ENT

Together with this prospectus you will receive the following documents:
Subscription agreement (bid) ACRON HELVETIA VII Immobilien AG
Instructions on cancellation/confirmation of receipt of
prospectus
Subscription agreement (bid)

Please sign the subscription agreement (bid) and send it, as well as
the integrated instructions on cancellation and confirmation of
receipt, and a copy of proof of identity (passport, photo ID, etc.), to
the following address:
Sparkasse KlnBonn
241/1, Management Consulting
Hahnenstrasse 57, 50667 Cologne, Germany
or by fax to: +49 (0) 221 226 34 42
or by e-mail to: corporate-finance@sparkasse-koelnbonn.de
The selling commission agreement between ACRON AG and
Sparkasse KlnBonn authorizes Sparkasse KlnBonn to transfer title
in the shares from ACRON AG upon the buyer of the shares.
Sparkasse KlnBonn sells the shares of ACRON HELVETIA VII in its
own name but for the account of ACRON AG, and title passes
immediately from ACRON AG to the shareholder. Sparkasse KlnBonn
passes the subscription agreement to ACRON AG. The investor will
then receive confirmation about his participation in the company.
INVESTMENT AMOUNT
The minimum share is CHF 100,000 (which corresponds to 1,000
registered shares). Any amount in excess thereof must be divisible by
CHF 5,000 (i.e., 50 registered shares). Joint investments are not
possible. Spouses should therefore fill in two separate subscription
agreements for the intended investment amount.
Important: Please make sure to copy the purpose of payment as

shown so that the payment can be allocated correctly. Under the
Agreement to Monitor the Application of Funds between ACRON AG
and Sparkasse KlnBonn, Sparkasse KlnBonn will ensure that the
funds from the purchase price will actually be applied to the purchase
of the shares. Only once the shareholder has secured his position
regarding the transfer of shares will he forfeit his purchase price.
In addition, Sparkasse KlnBonn will verify the expiry of any
cancellation period and the receipt of the purchase price. Once the
cancellation period has expired and the purchase price has been
received, it will pass the subscription agreement on to ACRON
HELVETIA VII Immobilien AG and to the custodian of the global
certificate, accompanied by instructions to have the relevant entries
made that are necessary to effect the transfer of title upon the buyer.
PAYING AGENTS (BANKS)

Payment of distributions is ordered by the company ACRON
HELVETIAVII and is effected by its bank WIR Bank, Auberg 1, 4002
Basel, Switzerland. Upon full placement, payment will be effected
according to the intended paying agency agreement with Berner
Kantonalbank by said bank and/or SIS.
DATA PROTECTION AND PRIVACY

The data created upon the investors participation in the company as
a shareholder will be processed using a computer system. These
data will only be used for the companys administrative purposes and
for the purposes of investor relations. They will be disclosed to a
third party only if this is necessary for the administration of the
company and tax-processing purposes. In doing so, the company will
comply strictly with the provisions of the Data Protection Act.
PAYMENT
Payment of the amount subscribed must be made within 14 days of
signing the subscription agreement (bid), denominated in the Swiss
currency CHF, to the following account of the monitor of the
application of funds.
Recipient: Sparkasse KlnBonn
Account no.: 0835-0929550-93-013
Transit/bank code: 4835
Bank: Credit Suisse, Paradeplatz 8, 8070 Zurich, Switzerland
IBAN: CH 94 0483 5092 9550 9301 3
SWIFT/BIC: CRESCHZZ80A
Purpose of payment: [Name of subscriber], ACRON HELVETIA VII
g ui d e lin e s f o r in v e stm e nt
79
Picture credits
HOCHTIEF Development Schweiz. Photographer Lionel Samain
Pages: 2, 13, 34/35, 39, 47, 49, 53
Comet Photoshopping GmbH, Photographer Dieter Enz
Pages: 32, 33
Gebietsmarketing Glattpark
Page: 33 (top right, right of center)
ACRON HELVETIA VII IMMOBILIEN AG
ACRON
ACRONHELVETIA
HELVETIAVVII
IMIM
MOBILIEN
MOBILIEN
AGAG
ACRON AG
Stockerstrasse 8
8002 Zurich
Zrich
Switzerland
Schweiz
fon
+41 . (0)44 . 20 43 400
fax
+41 . (0)44 . 20 43 409
mail
info@acron.ch
web
www.acron.ch
BUILDING
WEALTH
BUILDING
WEALTH
Z RZI
CR
H I C HD SDSESLSDEOLRDFO R FD A LDL AA LSL A ST U LTSUAL S A
Hinweis: Dies ist eine unverbindliche Kurzinformation ber das Beteiligungsangebot ohne Anspruch auf Vollstndigkeit.
Fiege-Umschlag.indd 1
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ACRON HELVETIA VII Verkaufsbroschuere Englisch

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ACRON HELVETIA VII IM MOBILIEN AG

ACRON HELVETIA VII Im mobilien AG

Transparency in indirect real estate

Investment concept of the

Switzerland as a place for investments .. . . . . . . . . . . . . . . 2 2

Nycomed International Management GmbH .. . . . . 4 2

Baxter Healthcare S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4

HOCHTIEF Facility Management Swiss AG.. . . . . . . 4 6

HOCHTIEF Development Schweiz AG .. . . . . . . . . . . . . 4 6

Liquidity forecast including notes .. . . . . . . . . . . . . . . . . . . . . . . 4 8

Notes on the forecast .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6

The offer an overview

Subject of the participation

ACRON HELVETIA VII Immobilien AG

c/o ACRON AG, Stockerstrasse 8, 8002 Zurich, Switzerland

HOCHTIEF Projektentwicklung GmbH, 45133 Essen, Germany

Thurgauerstrasse 130, 8152 Glattpark, Zurich-Opfikon, Switzerland

6,622 square meters (71,278.62 square feet)

Total rentable area

18,801.22 square meters (202,374.65 square feet)

primary rentable area

14,612.70 square meters (incl. 521.81 sqm restaurant)

656.30 square meters (incl. 206.70 sqm restaurant)

storage/basement area 1,351.91 square meters

144 in parking garage

Minergie-P (Green Building)

2,180.21 square meters (incl. lobby)

Nycomed International Management GmbH (44.72%)

The company Nycomed International Management GmbH is a global player in

The annual rent is net CHF 3,434,780.

Utilities Triple-Net contract

Baxter Healthcare SA (45.94%)

The annual rent is net CHF 3,950,795.

Utilities Triple-Net contract

The company manages a restaurant. On the Portikon property, the tenant

100 percent according to the Swiss national index of consumer prices.

HOCHTIEF Facility Management Swiss AG (0.85%)

The company is part of the international network of specialists of HOCHTIEF. The

The annual rent is net CHF 53,841.

100 percent according to the Swiss national index of consumer prices.

HOCHTIEF Development Schweiz AG (3.15%)

Contract period 8 years

The annual rent is net CHF 243,512.

Utilities Triple-Net contract

100 percent according to the Swiss national index of consumer prices.

Investment data / Use of issue proceeds

Gross purchase price incl. reserve

Property assessment / Appraisal

Return according to the internal rate of return method (IRR)

Issue price / payout

Security Code / ISIN

Delivery/listing on the Berne stock exchange. the BX Berne eXchange

HIGHLIGHTS OF THE INVESTMENT

Well defined Structures

ACRON HELVETIA III

ACRON HELVETIA VII

ACRONs Switzerland portfolio

ACRON AG, Zurich

ACRON GmbH, Dusseldorf

ACRON US Holding Corp., Tulsa/OK

Real Estate AGs (Switzerland)

ACRON HELVETIA iII

ACRON HELVETIA VIi

The company Nycomed International Management GmbH is a global player in

Utilities Triple-Net contract

Utilities Triple-Net contract

The company manages a restaurant. On the Portikon property, the tenant

100 percent according to the Swiss national index of consumer prices.

The company is part of the international network of specialists of HOCHTIEF. The

Contract period 8 years

Utilities Triple-Net contract