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1 Publication of the Swiss Canadian Chambers of Commerce Ontario and Quebec Publication des Chambres de Commerce Canado-Suisse de l Ontario et du Québec June/July juin/juillet 2013 Feature/Reportage: Real Estate/Immobilier

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3 FEATURE / REPORTAGE Real Estate/Immobilier Publication of the Swiss Canadian Chambers of Commerce Ontario and Quebec Publication des Chambres de Commerce Canado-Suisse de l Ontario et du Québec 4 Comparison of House Prices, Mortgages and Property Taxes Between Canada and Switzerland 6 The Case For Real Estate 8 L importance de la vérification diligente dans le cadre d une acquisition immobilière 9 Comment se porte l immobilier canadien à travers les quatre plus grandes villes du Canada, Montréal, Toronto, Calgary et Vancouver? 12 Real Estate Law In Ontario: A Primer 25 Educating Through Innovation BUSINESS AND OTHER NEWS ACTUALITÉS ÉCONOMIQUES ET D AFFAIRES 15 Ownership of U.S. Real Estate 15 Heat Stress Plans 16 Business News 18 Karin s Performance Solutions: Do You Challenge Yourself to Think Differently? 20 Tribeca Insights: Gold, American Jobs and European Recession 23 Travel News 28 Trade Fairs CONTENTS / INDICE CHAMBER NEWS NOUVELLES DE LA CHAMBRE 2 President s Message SCCC/Upcoming Events 3 Message du Président CCCS / Evénéments 5 Quote of the Month 6 SCCC New Members 21 Scholarship Fund 22 Visite de la Secrétaire d État à l Économie de Suisse au Canada 28 SCCC Group Health Plan Highrise Condo Construction

4 Swiss Canadian Chamber of Commerce (Ontario) Inc. 756 Royal York Road Toronto, Ontario M8Y 2T6 Tel: (416) Fax: (416) BOARD OF DIRECTORS President / Director: Ernst Notz Nacora 2 Hunter Avenue, Toronto ON M6E 2C8 Tel: (416) st Vice-President/Director: Julien Favre UBS 154 University Avenue, Toronto ON M5H 3Z4 Tel: (416) Website: 2 nd Vice-President/Director: Mirko Capodanno Switzerland Tourism 480 University Avenue, Suite 1500 Toronto, ON M5G 1V2 Tel: Cell: Website: Treasurer/ Director: Monica Stevens-Wyss Trowbridge Professional Corporation 25 Adelaide St. E.; Suite 1400; Toronto, ON M5C 3A1 Phone: (416) ext Website: Secretary & Legal Counsel: Bernard Lette Lette LLP 20 Queen Street West, #3300, P.O. Box 33, Toronto ON M5H 3R3 Tel: Website: Past President / Director: Philipp Gysling Mesh Innovations Inc. 174 Hallam Street, Toronto ON M6H 1X5 Tel: Website: Directors: Babette Baars Marché Restaurants Canada Ltd. 8 King Street East, Suite 838, Toronto, ON M5C 1B5 Tel: Cell: Website: Rudi Blatter Lindt & Spruengli (Canada) Inc. 181 University Avenue, Suite 900, Toronto ON M5H 3M7 Tel: (416) Website: Heidy Lawrance 238 Willowdale Ave., North York ON M2N 4Z5 Tel: Website: Sandra Leuba RBC Wealth Management CINEBOXX Film & Television Inc. 136 Curzon Street, Toronto ON M4M 3B5 Tel: Ronnie Miller Hoffmann-La Roche Ltd 2455 Meadowpine Boulevard, Mississauga ON L5N 6L7 Tel: Website: Christoph Oehy Swiss Reinsurance Company 150 King Street West, Toronto, ON M5H 1J9 Tel: Website: Daniel Oehy Swissmar 35 East Beaver Creek Rd, Unit 6, Richmond Hill, ON L4B 1B3 Tel: Website: Urs Uhlmann Zurich 400 University Avenue, 25th Floor, Toronto ON M5G 1S7 Tel: (416) Website: Andrea von Moeller B2-125 The Queensway; Toronto ON M8Y 1H3 Tel: (416) Website: Honorary Director: Bernadette Hunkeler Consulate General of Switzerland 154 University Avenue, Suite 601, Toronto ON M5H 3Y9 Tel: Website: Executive Assistant: Patricia Keller Schläpfer SCCC 756 Royal York Road, Toronto ON M8Y 2T6 Tel: (416) Fax: (416) Website: Typesetting and Assembly: Nancy corptype Printed by: J. B. Deschamps Dear Members, How time flies! The last president s message that I wrote dates back to April/May 2009 and a lot has happened since that spring. So, why did I accept a new term? I truly enjoyed the various engagements with our loyal members and other business organizations during my first term. Now, I appreciate to have this new opportunity to continue to support our Canadian and Swiss business partners and our committed colleagues on the board. We believe that our Chamber has made some progress over time and considering we all do our work on a voluntary basis we are pleased to continue to offer some services and host events that you will hopefully appreciate. SCCC has big plans: as our past president, Philipp Gysling, who just chaired two interesting years (thank you Philipp for your engagement) has outlined in the February/March 2013 issue, we will have to step up to fill some of the functions provided by the Consulate General in Toronto. I am still digesting the hard to understand closure of this local office and I have personally fought this short- sighted decision made by EDA Switzerland also in my other function as the delegate of the Swiss living abroad. It is incomprehensible how an important growing marketplace with the well-known Toronto Stock Exchange especially known for mining/natural resources is not appreciated enough. It sends out the wrong message by our politicians back home that do not seem to understand what is happening in this largest Canadian city and overall in this great country of Canada. Nevertheless, we are all ambassadors of our home country in one way or another and we will continue here to show with pride our Swiss flag. The feature of this edition is about Real Estate. It will elaborate on the booming market place and prices. Canada has a lot of space left and plenty of room to continue to prosper, build and expand. The 39,000 Swiss people (thereof 3,500 in Toronto alone) living in Canada and its related businesses appreciate and enjoy the diversity and freedom and most of us own real estate property in this beautiful country. A special thank you for the hard and dedicated work goes out to the info suisse teams for producing this magazine both in Toronto (SCCC) and Montreal (CCCS). Hans Munger did a great job as the past capable leader to enhance our mutual publication. Both Chambers continue to enjoy a great mutual relationship. Now that the Stanley Cup hype in both cities is over we will have more time to see each other at the many events (see below and please visit our website) that we have already started to prepare. I am looking forward to seeing you all soon! Most sincerely, Ernst Notz, President June 18 July 11 August 20 September 4 October 8 November 16 December COMING EVENTS Golf Tournament with the German Chamber at Carrying Place Swiss Night on the Patio Pub Night with the British Chamber Spousal Event at the Royal Canadian Yacht Club Swiss Night Gala Dinner Dance at the King Edward Hotel Fondue Night Further Information can be found on Dates above are subject to change 2 I NFO SUISSE

5 La Chambre de commerce canado-suisse (Québec) Inc. Swiss Canadian Chamber of Commerce (Quebec) Inc Avenue Docteur Penfield, Montréal, Qué. H3G 1C4 Tél: (514) Fax: (514) Web site: CONSEIL D ADMINISTRATION / BOARD OF DIRECTORS Président / President Mr. Jean Serge Grisé Directeur, Communications et Affaires publiques Fondation Lucie et André Chagnon Conseiller en affaires publiques Tel: , # Secrétaire / Secretary Me Monica Schirdewahn Avocate / Lawyer Lette & Associés Tel: , # Vice-présidents / Vice-Presidents Mr. Bruno Setz Consultant Tel: Mr. Olivier Rodriguez Gestionnaire de portefeuille Mirabaud Canada Inc. Tel: Trésorier / Treasurer Mr. Othmar Widmer Consultation Widmer Tel: Directeurs / Directors Mr. Jacques Demont Managing Director Nespresso Tel: Mr. Christian G. Dubois Conseiller de la Ville Ville de Montréal (Arrondissement Pierrefonds-Roxboro) Tel: Me Jean-Marc Ferland Avocat Ferland, Marois, Lanctot Tel: Mr. Moritz Gruber Consultant Tel: Mr. Olivier Schlegel Consultant agro-gastronome Mr. Patrick Veenhuizen Conseiller de développement, financement et conseils stratégiques CLD Beauharnois-Salaberry Tel : , poste Mr. Paul Wieser PDG pour le Canada Busch Vacuum Technics Inc. Tel: Directeur honoraire / Honorary Director Mr. Beat Kaser Consul général de Suisse Tel: Liaison au Consulat général de Suisse Mr. Paolo Bezzola Consul Tel: Conseiller juridique / Legal Counsel Lette & Associés Tel: , # Responsable de l administration / Administration Officer Mr. Andreas Kräuchi Tel: Fax: Chères et chers membres, Ce numéro d Info-Suisse vous arrivera à la fin du printemps et au tout début de l été. Même si nous arrivons à la fin d une saison d activités de notre Chambre, nous allons nous engager dans quelques mois qui seront très actif pour nous, mais surtout dans une période qui amènera d importants changements. Avec certains membres de notre Chambre, nous avons commencé un processus de consultation qui nous permettra de mieux comprendre les besoins de ceux et celles qui forment notre Chambre. Notre membership change et nous voulons accélérer le virage «affaires» de la Chambre qui a été commencé il y a quelques années. Nous allons donc présenter à nos membres lors de notre prochaine assemblée générale annuelle quelques idées nouvelles et nous les mettrons en place le plus rapidement possible. Un exemple de ce qui sera proposé est le petit-déjeuner qui s est tenu le 3 mai dernier et dont vous trouverez le compte-rendu dans ce numéro. La CCCSQ s est associée à une organisation bien en vue, le Conseil des relations internationales de Montréal (CORIM), pour présenter une allocution de la Secrétaire d État à l Économie de Suisse qui était en voyage au Canada. Le résultat : plus de 100 personnes était présentes à cet événement qui nous a permis de recruter de nouveaux membres. Un beau succès dont nous sommes fiers. Notre tournoi de golf est dans quelques jours et notre président d honneur, Jean-Jacques Laurans du Groupe Alfid, s affaire, avec Bruno Setz et les autres membres du comité du golf sont à finaliser les derniers détails. Merci pour votre travail et je vous souhaite un bon tournoi le 3 juin prochain et de belles parties durant tout l été. Ce numéro parle d immobilier et je suis très heureux de souligner l arrivée d un nouveau membre qui œuvre dans ce domaine et qui nous présente une belle analyse du marché de l immobilier commercial au Canada; merci et bienvenue à François Paquin de NAI Commercial. Il y a longtemps que nous voulions améliorer notre site WEB; nous avons retenu les services d un expert qui va nous aider à mettre en place un site qui sera beau et convivial pour nos membres. Je vous souhaite de passer beaucoup de temps à profiter de l été tout en continuant à faire des affaires fructueuses. Au plaisir de vous voir très bientôt lors de nos prochains événements. Jean Serge Grisé Président du conseil d administration de la Chambre de commerce canado-suisse du Québec. Septembre / September Novembre / November EVÉNÉMENTS / UPCOMING EVENTS 2013 Cocktail d ouverture de la saison Season opening cocktail Soirée Fondue / Fondue evening Des événements supplémentaires seront ajoutés au fur et à mesure Additional events will be added as soon as the dates will be known Dates sujet à changements / Dates subject to change INFORMATION et détails/and details : ou/or (514) J UNE/JULY

6 Real Estate Immobilier COMPARISON OF HOUSE PRICES, MORTGAGES AND PROPERTY TAXES BETWEEN CANADA AND SWITZERLAND by Kurt Schläpfer, Switzerland Is it cheaper to own a family home in Canada or in Switzerland? To answer this question, mainly three factors are considered in this article: the house price, the mortgage rate and the property tax. HOUSE PRICES It is quite difficult to compare house prices in Switzerland and Canada. To be fair, the comparison should refer to a common type of asset, for instance a detached single family home and to a comparable location in both countries. Are Toronto and Zurich in this respect comparable? Or do we need to specify a certain area such as Etobicoke in Toronto or Zurichberg in Zurich? Instead of comparing absolute prices, one can use a relative measure that is less dependent on the location of the house, namely the socalled House Price Index. This index shows how the house prices develop over time. The figure below gives such a comparison for family homes in the Toronto area and in the Zurich area from 1986 to As can be seen, house prices in Toronto have risen by more than a factor of 3.5 since 1980, while they have not even doubled in the Zurich area. In both countries, a peak was reached in the years 1989/1990, after which prices have fallen again. It took about 13 years in Toronto and in Zurich even 20 years until the house prices have risen to its former peak. Since March 2012, the price increase has slowed in Toronto (only 1.6% in a year), while in Zurich the annual increase was still 5.9%. Index Value House Price Index for Single Family Homes (1986 = 100) Toronto Zurich Year MORTGAGE INTEREST RATE For buying a house it is primarily important under which conditions a mortgage is available. There are significant differences between Canada and Switzerland. A peculiarity in Canada is that a mortgage must always be repaid. The standard amortization period is 25 years. The amount of interest paid for the mortgage increases then by the amount of the annual repayment (see 4 I NFO SUISSE

7 example in table). In both countries it is customary to make a down payment of at least 20% of the house price. For lower down payments it is mandatory in Canada to pay mortgage default insurance. If, for instance, the down payment is 10%, the insurance percentage is 2% of the mortgage value. A mortgage of $400,000 increases in this way to $408,000. The mortgage rates have always been higher in Canada than in Switzerland (see chart). The difference was almost 4 percentage points on average over the last 30 years. In both countries, a maximum value was attained in the years 1989/1990, while the minimum value is reached today. It should be mentioned that the interest rate varies between mortgage providers. Currently (April 2013) in Ontario, a 5-year fixed mortgage is available at rates between 2.74% and 5.24%. In Switzerland, the variation is much smaller with values between 1.38% and 1.95% for a 5-year fixed mortgage. Because house prices are rising with falling mortgage rates, the Federal Government of Canada was worried about the risk of developing a housing bubble. In July 2012 it took a step to cool off the housing market by limiting the maximum amortization period to 25 years. Moreover, for house prices more than 1 million dollars the down payment must be at least 20%. The following table gives a comparison between Canada and Switzerland for a mortgage of SFr/C$ 400,000 and the resulting annual payments. Due to the required amortization in Canada, the effective annual rate is 6.3% rather than 4%. Switzerland Canada Mortgage CHF 400,000 $ 400,000 Mortgage rate 1.5% 4% Amortization period 25 years Payment per year (interest + amortization) CHF 6,000 $ 25,336* * calculated with the Mortgage Calculator of Canada Trust Mortgage Rate Five-year Fixed Mortgage Rates Canada Switzerland Year PROPERTY TAX In Ontario, property values are assessed by the Municipal Property Assessment Corporation. Every four years, property owners get notified about their latest assessment. The assessed value is not identical with the market value of the house, but typically about 30% lower, and this both in Toronto and Zurich. In Switzerland, owners who occupy their property have to pay tax on the theoretical rental value of their property (in Switzerland called Eigenmietwert ), as if they were actually receiving that income. This fictitious rental income is added to the taxable income a unique system in Europe. In the following the two systems are compared based on an assessed property value of SFr/ C$700,000. In Toronto, the property tax for residential homes is % resulting in a tax amount of C$5,398. In Zurich, the rental value of a property is 3.5% of SFr700,000 which equals SFr24,500. From this amount 30% are tax free. From the taxable amount of SFr17,150 20% are deductable for maintenance costs. Hence, the rental value is SFr13,720. The resulting tax on it depends on the total income and can be typically 30% which equals SFr4,116. If the maintenance costs are higher, they may be deducted up to the amount of the total expenses. So for example if a home owner invests in new heating equipment in a Swiss home, the full investment costs are deductable. In addition, mortgage interests are tax deductable, even if they exceed the rental value tax. This is a reason why many Swiss homeowners refrain from paying back their mortgage. COMPARISON BETWEEN CANADA AND SWITZERLAND Due to a slower rise of the Home Price Index, 2013 would be a good year to buy a family home in Toronto. In Switzerland, home prices are still clearly rising. The mortgage rates in Canada are less attractive than those in Switzerland, and the requirement to pay back a mortgage is a further handicap when comparing the two countries. Moreover, the property tax in Canada is distinctly higher than in Switzerland. It is even theoretically possible that the tax on a Swiss home owner s property is zero if he or she can deduct mortgage interest and/or extraordinary investment costs. The author of this article is in the advantageous position to be able to compare his own Swiss home with the family home of his daughter in Toronto. Both properties are detached single houses. Quote of the Month A successful person is one who can lay a firm foundation with the bricks others have thrown at him. David Brinkley J UNE/JULY

8 Real Estate Immobilier THE CASE FOR REAL ESTATE By Fabienne Lette and Chris Langstaff, LaSalle Investment Management COMMERCIAL REAL ESTATE INVESTMENT IN CANADA Canada has historically been viewed as a stable and resilient investment market by both foreign and domestic investors. Canada has the lowest government net debt in the G7 as a percentage of GDP according to the IMF, and ranks number one in soundness of banks according to the World Economic Forum s Global Competitiveness Report. Canadian real estate provides investors with a variety of opportunities across the risk/return spectrum (Figure 1) while consistently producing reliable income returns, averaging 6.4% over the past 5 years and 7.8% since 1985 according to the Investment Property Databank (IPD). However despite the stable nature of the Canadian market, higher risk investors will find that there are core plus and valueadd opportunities available in a variety of property types and markets. With widely available debt financing at attractive rates, and Canada expected to experience healthy GDP growth, the spread between Canadian IPD income yields and the risk-free rate is expected to remain above long-term averages and has consistently been positive for the last 15+ years (Figure 2). This positive spread allows investors to enhance returns through leverage. Strong fundamentals such as low vacancy and balance between supply and demand has limited downside exposure and resulted in Canada having the highest total return at 15.9% in 2011 and second highest in 2012 at 14.1% out of the 22 countries that participate in the IPD. Real estate investment activity in 2012 totaled $29 billion in direct commercial property investment, the highest level since 2007 and second highest in the last 10 years. And while much of Canada s best-in-class commercial real estate is owned by large institutional investors, many small or mediumsized investors have realized returns from investments in public or private investment vehicles such as public REITs or private funds. REAL ESTATE AS A PORTFOLIO DIVERSIFIER AND STABILIZER Real estate has become an accepted institutional investment class over the last several years in Canada given growing transaction volumes and a proven track record. Over the past 15 years Canadian real estate has consistently outperformed equities and bonds (Figure 3), becoming an integral part of a well-diversified portfolio and providing investors with return stability. In fact, commercial real estate s correlation to other asset classes has been close to zero (no correlation) over the last 36 years. Furthermore, real estate has historically been less volatile than equities and bonds; standard deviation of total annual returns of real estate over the last 20 years is 6.8%, compared for 8.5% for bonds and 17.9% for equities. Given the current challenges and uncertainties in Europe, many European investors have sought out Canadian investments in real estate for the country s stable political, legal and financial environment. And in addition to the benefits of returns diversification mentioned above, European investors in Canada can also gain from geographic and currency diversification, but need to consider which ownership structure is most effective for them from a tax perspective. PRICING: HAS CANADIAN COMMERCIAL REAL ESTATE PEAKED? As real estate becomes a more widely accepted asset class, demand has increased, forcing pricing up. This demand is further WELCOME NEW MEMBERS Nicolas Hirsch SCCC (ONTARIO) INC. New Personal Member: 26 Denison Avenue Toronto, ON M5T 2M5 Eric Polten New Corporate Member: Polten & Associates Adelaide Place, DBRS Tower 181 University Avenue, Suite 2200 Toronto, ON M5H 3M Phone: Website: How to become a member of the SCCC: Sign up online at or contact our office at or I NFO SUISSE

9 increased by investors turning to Canadian real estate for reliable investment opportunities. And while the US, Australia, Japan and UK real estate values remain below prerecession highs, Canadian real estate capital values recovered by mid-2011 and have since surpassed early-2008 highs (Figure 4). However, the Canadian market did not decline significantly during the recession and consequently values did not drop to the degree that they did in other markets. Another factor driving up pricing is the recent surge of new REITs in the market, increasing demand for properties with reliable income returns. In 2012 REIT and REOC capital-raising hit a new record, totaling nearly $10.5 billion, compared to $8.7 billion in 2011 and $7.6 billion in Last year also saw the highest price ever paid for a Canadian office building, when Dundee REIT and H&R REIT bought the iconic Scotia Plaza in downtown Toronto for $1.3 billion. This strong demand was reflected in 2012 all-time low going-in capitalization rates, the ratio between net operating income and market value. However given that CPI inflation is expected to remain low and bond yields are not expected to rise significantly, the general consensus amongst real estate market analysts is that capitalization rates will not continue to compress at the same rate, nor are they expected to rise, but will likely remain low, particularly for core assets. Sources: CB Richard Ellis, IHS Global Insight, IPD, NCREIF, Russell Canada, Bank of Canada, Scotia Capital, PC Bond Analytics, LaSalle Investment Management. Fabienne Lette is an Analyst on the Asset Management team and Chris Langstaff is the Senior Vice President of Research at LaSalle Investment Management, a global investment manager with $47.7 billion of private and public property equity investments. The team in Canada manages real estate investments for a variety of institutional and private investors through separate accounts and a series closedend, co-mingled funds. Fund-raising is currently underway for Canadian Income & Growth Fund IV, a closed-end value-add Fund focused on strong, income-producing properties with upside potential in Canada s major markets and select secondary markets. Bringing you superior, quality products and International brands for 30 years In addition to our Swissmar assortment of products, we are the exclusive partner for internationally known brands such as Börner of Germany, Dalla Piazza of Switzerland, Prepara and Metrokane of the USA, Peugeot and Mastrad of France and Knightsbridge brands PME of the UK and JEM of South Africa. New for 2013, we have entered into a licensing agreement with Le Cordon Bleu Paris to produce a line of French Made, ceramic oven-to-table products under the name Le Cordon Bleu Paris. At Swissmar, quality, value and ingenuity are our key commitments for creating entertaining necessities. Visit us at J UNE/JULY

10 Real Estate Immobilier L IMPORTANCE DE LA VÉRIFICATION DILIGENTE DANS LE CADRE D UNE ACQUISITION IMMOBILIÈRE By Esther Krauze Que vous décidiez d acheter une unité unifamiliale, un immeuble locatif résidentiel ou encore une propriété commerciale ou industrielle, la vérification diligente est indispensable. Le niveau de cette dernière variera certainement en fonction de la nature des lieux. La vérification diligente comprend, entre autres, la recherche de titres, la vérification hors titres, les inspections structurelle et environnementale, le zonage et la vérification administrative. Toutes ces vérifications devraient être faites même si la vente est assortie d une garantie légale, c est-à-dire que le vendeur garantit qu il est propriétaire de l immeuble et que ce dernier est vendu en bon état (absence de vices cachés). Dans le cadre des ventes d immeubles commerciaux, il est devenu relativement courant soit de vendre sans garanties, aux risques et périls de l acheteur, soit d assortir la vente de déclarations et de garanties limitées. 1. L OPINION SUR LES TITRES Cette vérification vise à confirmer l identité du propriétaire, à identifier les servitudes, les hypothèques et les autres charges affectant l immeuble. Dans le cadre de la vérification sur les titres, il est également fortement conseillé d avoir un certificat de localisation récent préparé par un arpenteur-géomètre, dans lequel ce dernier donne son opinion sur l état actuel de l immeuble, les limites de la propriété, le tout par rapport aux titres, au cadastre, aux lois et aux règlements pouvant l affecter. L acheteur exigera, dans la plupart des cas du vendeur, un certificat de localisation récent démontrant l état actuel de la propriété. Depuis les dix (10) dernières années, les souscriptions d assurances titres sont en forte croissance. Ces dernières sont peu coûteuses et ont pour but de protéger l acheteur et le cas échéant, le prêteur, en cas de problèmes avec les titres d une propriété. Certaines exclusions sont cependant prévues, notamment en ce qui concerne les problèmes liés à l emplacement des clôtures. Ces assurances ne sauraient toutefois remplacer le travail du conseiller juridique. 2. LA VÉRIFICATION HORS TITRES Ce genre de vérification comprend notamment : La confirmation du paiement des taxes (municipales et scolaires); La vérification des avis de non conformités auprès des municipalités, des autorités compétentes et du Ministère du Développement durable de l Environnement, de la Faune et des Parcs; L obtention des certificats d arrérages pour les utilités publiques; La vérification des dossiers pendants auprès de la Régie du bâtiment, de la Commission des normes du travail et de la Commission de la santé et de la sécurité du travail. Bien que la Loi sur l accès aux documents des organismes publics et sur la protection des renseignements personnels prévoie que les organismes publics doivent répondre aux demandes d informations dans un délai de vingt (20) jours, lequel peut être prolongé de dix (10) jours si la demande ne peut être traitée dans le délai initial, il arrive que les délais de réponse soient plus longs dans certaines municipalités. Par conséquent, une période de vérification diligente de trente (30) jours peut s avérer insuffisante. 3. LES INSPECTIONS STRUCTURELLE ET ENVIRONNEMENTALE Ce genre d examen permet à l acheteur d avoir une meilleure connaissance de l état de la propriété. L inspection structurelle comprend l inspection des systèmes et des composantes visibles et accessibles de l immeuble. Elle vise à identifier les défauts majeurs qui pourraient diminuer l usage, la STEIGER, ZUMSTEIN & PARTNERS AG B U S I N E S S A N D M A N A G E M E N T C O N S U L T A N T S Establishment and management of Swiss corporations Accounting services International Tax Planning for companies and individuals Management functions in Finance and Administration for Swiss- and international companies Services provided in English, French and German CONTACT: Nauenstrasse 49, P.O.Box, CH-4002 Basel Phone , Fax MEMBER OF: 8 I NFO SUISSE

11 jouissance ou la valeur de l immeuble ainsi qu à faire un inventaire des travaux requis et des coûts qui y seront associés, le cas échéant, à court, moyen et long termes. Pour ce qui est de l inspection environnementale, dépendamment de la nature de la propriété, une étude environnementale phase I et dans certains cas, phase II, est recommandée. La découverte d un sol contaminé pourrait nuire à la valeur de l investissement. Il s agit d un risque inutile que tout le monde souhaite éviter. 4. LE ZONAGE La vérification de la règlementation de zonage permet à l acheteur de déterminer si l usage actuel et l usage prévu sont conformes. Dans un contexte industriel ou manufacturier, les règlements de zonage peuvent parfois prévoir des restrictions au niveau de l accès, du bruit et des émissions. Dans un cadre commercial, des limites peuvent exister au niveau de la nature des activités permises. L acheteur doit par conséquent être bien au fait de ces questions. 5. LA VÉRIFICATION ADMINISTRATIVE Le but de cette vérification est de confirmer les revenus et les dépenses de la propriété ainsi que les obligations qui pourraient être assumées par l acheteur. Pour ce faire, ce dernier devrait obtenir du vendeur, des documents incluant les états financiers, les baux, les contrats de services et autres contrats liés à la propriété et les dépenses (électricité, taxes, assurances, déneigement, entretien de la pelouse, extermination, etc ). Le but recherché par la vérification diligente est de s assurer que l acheteur recevra la propriété dans les conditions qui lui ont été présentées. Chaque transaction a ses propres obstacles, mais aussi ses avantages. Il est donc essentiel de lui accorder toute l attention qu elle mérite. Esther Krauze est avocate et pratique le droit immobilier depuis 15 ans au sein de Lette & Associés S.E.N.C.R.L. Esther assiste ses clients dans l acquisition, la vente et la location d immeubles commerciaux, industriels et résidentiels ainsi que dans les domaines du financement, de la construction, du développement et de la gestion immobilière. COMMENT SE PORTE L IMMOBILIER CANADIEN À TRAVERS LES QUATRE PLUS GRANDES VILLES DU CANADA, MONTRÉAL, TORONTO, CALGARY ET VANCOUVER? Par François Paquin, président de NAI Commercial, agence immobilière Montréal, l ancienne métropole canadienne détrônée par Toronto depuis quelques décennies, semble se rattraper par son développement immobilier et également au niveau des valeurs économiques des propriétés résidentielles. Présentement, nous comptons plus d une soixantaine de grues de construction dans le ciel de Montréal, du jamais vu depuis très longtemps. Plusieurs chantiers, tant institutionnels que privés, sont en voie de réalisation comme le Centre Universitaire de Santé Université McGill (CUSUM) et le Centre Hospitalier Université de Montréal (CHUM). Dans le secteur privé, beaucoup de nouveaux gratte-ciel vont sortir de terre sous peu, créant plus de unités de condominiums - dont plusieurs au centreville. Entre autre, l immeuble «AVENUE», d une hauteur de 50 étages, s élèvera à côté du Centre Bell. Deux tours à bureaux sont déjà en train d être érigées, la Tour Deloitte et la Tour AIMIA à vocation mixte. D autres projets devraient être annoncés sous peu parce que le taux d inoccupation qui est relativement faible, laisse présager que certains locataires sont à la recherche d immeubles récents avec la certification LEED offrant une meilleure qualité de vie, un plus grand choix à cause des loyers plus élevés et réduire aussi leurs coûts d énergie. En 2013, on prévoit une légère diminution du taux d inoccupation qui devrait osciller entre 8.7 à 8.8%, incluant les immeubles en périphérie du Grand Montréal. Les banlieues devraient connaître une croissance plus active que celle du centreville en raison de l étalement urbain, de la circulation automobile et des chantiers de DÉMÉNAGEMENTS INTERNATIONAUX J UNE/JULY

12 Real Estate Immobilier construction, le même phénomène que l on retrouve partout dans les grandes villes. Montréal demeure une ville attrayante et on y retrouve une concentration d industries spécialisées dans le domaine pharmaceutique, de l aviation, de la finance et des jeux électroniques. Au niveau de l immobilier industriel, Montréal poursuit sa transition de l industrie lourde vers l industrie de pointes et de technologies. Les régions de la Rive-Nord et de la Rive-Sud ont été les plus actives pour une augmentation du taux d occupation. La construction du pont de l autoroute 25 vers Laval a permis d augmenter la vitalité industrielle du secteur. Les entrepôts de 24 pieds de hauteur et plus sont toujours en demande. Leur taux de vacance de 8.2% en 2012 devrait se résorber pour atteindre 7.8 % en La confiance des consommateurs continue d augmenter graduellement parce que l on s attend à une augmentation per capita de 2.1 % comparativement à 1.1 % pour Beaucoup de bannières de commerce au détail venant des États-Unis font leur apparition partout au Canada, mais aussi à Montréal et sur le territoire québécois. William Sonoma, Target et plusieurs autres sont déjà établis et plusieurs autres suivront au cours de l année. Canderel est en train de bâtir la plus haute tour du pays, avec 72 étages. L industrie de la manufacture connait quelques ralentissements à cause de la performance du dollar canadien qui est presque à parité avec le dollar américain et qui, par conséquent, affecte la consommation. Les espaces à bureaux vont augmenter de plus de 3.5 millions de pieds carrés dans le centre-ville et de 3.2 millions de pieds carrés pour le sud et l ouest de la ville; même si le gouvernement provincial, dont Toronto est la capitale, a décidé de réduire ses espaces dans différents ministères de plus d un million de pieds carrés. Cela démontre que Toronto demeure très active au sein de l économie canadienne. Le secteur industriel se concentre surtout autour de l industrie automobile et des produits de consommation et on s attend à une performance semblable à celle de l année dernière. Les entrepôts de grandes dimensions, pieds carrés et plus, sont toujours très recherchés et de nouvelles constructions sont prévues dans le grand Toronto, principalement à Mississauga, Brampton et Milton. On remarque néanmoins un nouveau phénomène : plusieurs sociétés vont privilégier des entrepôts de plus petites dimensions et les repartir aux quatre coins de la ville. Cette façon de faire permet une livraison plus rapide en évitant de circuler dans un trafic de plus en plus dense. Le commerce au détail s en tire très bien en 2012 et sa croissance semble se poursuivre en 2013; plusieurs sociétés étrangères comme Louis Vuitton, Massimo, etc., poursuivent leur expansion. Le taux de vacance va diminuer un peu cette année et on prévoit des agrandissements de quelques centaines de milles pieds carrés dans certains centres commerciaux. Calgary, c est la ville canadienne la plus dynamique à cause de son développement pétrolier. Elle attire un grand nombre de sièges sociaux, soit plus de 75 alors qu elle n en comptait que 44 en La demande d espace est tellement grande que l on affiche complet avant même d avoir construit une nouvelle tour à bureaux de 40 étages. Le taux de chômage est le plus bas au pays avec 4.7 %, ce qui fait l envie des autres grandes villes canadiennes. Toronto, la métropole canadienne, demeure la meneuse dans le domaine des services financiers, de la manufacture et de la construction. Beaucoup de nouveaux projets sont en cours, autant dans le domaine des tours à bureaux que des tours à condominium; par exemple, la société 10 I NFO SUISSE

13 La ville compte plus de 40 millions de pieds carrés de bureaux pour une population d un peu plus de 1 million d habitants. C est une situation assez exceptionnelle. Au niveau des espaces industriels, la demande était soutenue en 2012 et 2013 s oriente dans la même direction. Wal-Mart et Target, deux grandes entreprises spécialisées dans le commerce au détail, se sont installées dans plus d un million et demi de pieds carrés dans chacun de leurs centres de distribution. Le commerce au détail s ajuste au développement de la ville. On voit s installer de grandes chaînes de commerce au détail provenant des États-Unis et qui, pour la première fois, s installent au Canada et choisissent Calgary pour y établir leurs magasins. Calgary connaît une croissance sans précédent et cela permet à d autres industries de s implanter, comme l industrie bancaire on y retrouve toutes les grandes banques internationales. Toutefois, il faut être prudent surtout quand l économie repose pratiquement sur une seule grande industrie, soit l énergie produite par les sables bitumineux. Calgary a le vent dans les voiles pour plusieurs décennies et espérons qu elle saura se diversifier en implantant d autres types d industrie afin de bien équilibrer ses forces. IMAGINEZ UN GESTIONNAIRE DE PATRIMOINE Imaginez un gestionnaire de patrimoine à la convergence des gestions traditionnelle et alternative. Imaginez un gestionnaire de patrimoine à la recherche de réelles performances et non d indices à battre. Imaginez un gestionnaire de patrimoine dont les collaborateurs ont la latitude nécessaire pour donner le meilleur d eux-mêmes. Imaginez un gestionnaire de patrimoine capable de diversifier véritablement les risques. Imaginez un gestionnaire de patrimoine qui façonne l avenir de la gestion de fortune. Bienvenue chez Lombard Odier. Lombard Odier Gestion (Canada) Inc., commandité pour Lombard Odier & Cie (Canada), société en commandite 1000, rue Sherbrooke Ouest Bureau 2200 Montréal (Québec) H3A 3R7 Canada Téléphone Vancouver : La province de Colombie- Britannique est riche en ressources naturelles et Vancouver est un port servant à l exportation. Son industrie immobilière demeure forte avec une activité soutenue. Sachant que l immobilier à Vancouver est prisé, le facteur de risque est mince et le taux de globalisation est l un des plus bas au Canada. Bureau : Le taux de vacance dans les tours à bureaux devrait augmenter de manière significative à cause du nombre de sous-locations qui prennent fin cette année. Dans les immeubles de classe A, on devrait connaître des loyers de près de $ le pied carré, comparativement à Calgary ou le pied carré est de $, de $ à Toronto et de $ à Montréal. La disponibilité des espaces industriels pour cette année est de 6.4 % tandis qu en 2012, il était de 6.8 %. Cette stabilité nous permet de constater que ce mode d investissement est recherché. Le commerce au détail devrait encore mieux se comporter cette année parce que 2012 a été une année de développements commerciaux qui viennent d être complétés pour accommoder des chaînes reconnues comme Norsdtrom, Forever 21, TopShop, Apple, Samsung, J. Crew, Target, etc. Parmi les grandes villes du monde, la firme Mercer a élaboré une liste des villes les plus chères du monde et il est intéressant J UNE/JULY

14 Real Estate Immobilier de savoir que l on y retrouve Toronto au 59e rang, Vancouver au 65e rang et Montréal au 79e rang. Parmi les villes vedettes qui détiennent les premiers rangs, nous avons (1) Luanda, Angola, (2) Tokyo, Japon, (3) N Djamena, Tchad, (4) Moscou, Russie, (5) Genève, Suisse, (6) Osaka, Japon, (7) Zurich, Suisse, (8) Singapour, Singapour, (9) Hong- Kong, Hong-Kong, et en dixième position, Sao Paulo, Brésil. Toutes ces villes ont beaucoup de charme mais nous constatons que nos grandes villes canadiennes font bonne figure dans ce palmarès et que le coût de la vie est à la dimension de sa population et qu il est agréable d y vivre. Cet article a été rédigé par : François Paquin, président de NAI Commercial, agence immobilière, et les graphiques sont d Altus Insite. REAL ESTATE LAW IN ONTARIO: A PRIMER By Barry Webster, Partner at Lette LLP THE ORIGINS OF REAL ESTATE LAW IN ONTARIO In Canada, each province has primary jurisdiction over real estate law. In Ontario, basic real estate legal concepts are derived from the English common law of land ownership which is based on the feudal system. Feudalism, at its core, established that the Crown owned all land within its territory but others were allowed to use the land in exchange for an oath of allegiance to the Crown and for the provision of certain services. As time passed, the common law regarding land ownership became more complex so that it became possible for different persons to have different rights in the same parcel of land. For example, a person may own the freehold interest in land but a different person may hold a leasehold interest. A freehold interest in real property means an interest in land for an indefinite duration. Among the various types of freehold interests in Ontario, the most common is For over 50 years, many of Europe s largest corporate groups, as well as numerous small and medium-size companies, have counted on Lette to provide them with practical, sophisticated and cost-effective legal advice in Canada. Lette LLP toronto Contact Bernard Lette at Toronto: Montréal: Lette & Associés s.e.n.c.r.l. montréal Lette Alérion paris Lette & Knorr munich / ulm fee simple which is equivalent to outright ownership subject to certain rights that the Crown may retain in such land (for example mineral rights). A leasehold interest is a right to use land for a fixed period of time. Other rights or interests that a person may hold in land that are recognized under common law in Ontario include encumbrances (for example mortgages or liens), easements, rights of way and restrictive covenants. At present, the aforementioned concepts and rights have been recognized and expanded upon in various statutes of Ontario that govern matters such as the acquisition, ownership, leasing, mortgaging, use, and development of real estate. 12 I NFO SUISSE

15 TITLE REGISTRATION / ELECTRONIC SYSTEM Privately owned (as opposed to Crown owned) real property in Ontario is recorded in a public registration system. This system establishes various parcels of land for identification purposes through property identifier numbers and legal descriptions. Furthermore, it provides for the registration of the fee simple ownership and other various interests and rights that a person may hold in connection with such parcels of land. Ontario has two systems for the registration of interests in land the registry system and land titles system. The traditional registry system provides only for the public recording of instruments affecting land and does not itself make any qualitative statement concerning the status of title or the validity of any registered instruments. The land titles system, by contrast, operates so that title and other interests to land, subject to certain limits, are effectively guaranteed by the government. Such guarantee essentially means that the register or certificate of title with respect to any property in the land titles system constitutes the true and accurate status of title. In the land titles system, if a person is deprived of an interest in property by virtue of an error on the register or certificate, such person is entitled to compensation from a governmentadministered assurance fund. There is no government guarantee of title with respect to properties recorded in the registry system. Therefore, the quality of title or validity of interests in property recorded in the registry system must be determined by the persons searching the records. The vast majority of properties in Ontario are now recorded in and subject to the land titles system. The Province of Ontario was one of the first jurisdictions in the world to modernize its land registration system by automating the paper-based records and converting it to a regulated electronic system. This electronic system was designed to reduce title searching costs, increase efficiency and to improve record keeping accuracy and integrity. Through the use of the regulated electronic system, property documents (such as deeds, leases, mortgages etc.) are registered in real time against title to the specific land. This means that anyone searching title to a specific parcel of a land in Ontario will have an up to the minute record of the status of such land. DEVELOPMENT CONTROLS Land use, sub-division and property development in Ontario is provincially regulated by statute but is implemented at the munici- Visit a Lindt Outlet Boutique and discover a wide selection of irresistible Lindt Chocolates and gifts at delectable deals. Etobicoke The Queensway Mississauga Kennedy Road Oakville Wyecroft Road Scarborough Markham Road Kitchener King Street East Ottawa St. Laurent Blvd. Brossard boul. du Quartier Laval Autoroute Chomedey (Aut 13) Pointe-Claire - 58 boul. Brunswick Sainte Foy Avenue Jules Verne For all store locations, please visit J UNE/JULY

16 Real Estate Immobilier pal level. For the most part, municipalities control the use of land through official plans and zoning by-laws. Maintenance of existing structures and construction of new projects are subject to provincial and municipal regulation through various building codes and approval processes. CAVEAT EMPTOR In the event defects to real property, including hidden defects, are discovered by a purchaser, the general principle in Ontario is that of caveat emptor buyer beware. However, that general principle is progressively being modified by jurisprudence. Notwithstanding this, it is important to note that in Ontario, unlike Quebec, there is no legal warranty concept that would protect a purchaser from hidden defects to the property. As a result, it is extremely important for a purchaser to protect itself by rigorous due diligence and the insertion of appropriate representations and warranties from the vendor in the purchase agreement. FOREIGN OWNERSHIP Ontario is extremely open to foreign investment in real estate. Generally speaking, there are no restrictions on, or significant bars to foreign ownership of real estate in Ontario. It should be noted that in the case of foreign ownership of real estate certain taxation, corporate registration and reporting requirements have application but all of these issues are easily dealt with through proper corporate and tax planning. Article by Barry Webster. Barry is a partner at Lette LLP and focuses his practice on commercial real estate and corporate commercial law. Barry acts on behalf of large multi-national clients in the real estate investment, construction and development, hotel and logistics industries. Du chocolat suisse sur tous les vols? Les clichés ont parfois du bon! À part le chocolat, SWISS a bien d autres bonnes choses à o rir. Comme des temps de transit rapides et la qualité du service. Chaque jour, SWISS relie sans escale Montréal à la Suisse, où des correspondances optimales vous attendent pour d autres destinations européennes. Bienvenue dans le monde de SWISS. Pour informations et réservations appelez le FLY SWISS, contactez votre agence de voyages ou visitez le De nombreuses récompenses : SWISS Business avec des lits parfaitement horizontaux. * *Notre emblème est notre promesse. 14 I NFO 050_300_Tailfin_7.25x5_Canada SUISSE :20

17 Business and Other News Actualités économiques et d affaires OWNERSHIP OF U.S. REAL ESTATE by Cunningham LLP, Chartered Accountants, Toronto Canadians love their Florida and Arizona vacation properties. What they don t love is the fact that the purchase of these properties has significant income tax and estate tax implications. INCOME TAX IMPLICATIONS Upon the sale of U.S. real estate there is an automatic withholding tax of 10% of the selling price of the property. There are two exclusions to this rule. First, where the selling price is less than $300,000 US and the buyer signs an affidavit that the property will be used as a personal residence; the withholding tax will be nil. Second, where the maximum US tax owing by the purchaser when filing his/her U.S. tax return reporting the sale of the real estate will be less than 10%, then the purchaser can file an application form (82-88-B) to have the withholding rate reduced. However, since the IRS takes around three months to process the form, there is typically not enough time to file the form and the 10%withholding applies. The withholding tax above is only a prepayment of whatever U.S. capital gains tax is owed. Canadians must file Internal Revenue Service Form 1040NR reporting any capital gains on the sale of U.S. real estate. Generally, gains from the sale of long term real estate holdings are subject to a maximum capital gains rate of 15% in the U.S. ESTATE TAX IMPLICATIONS In addition to the capital gains and withholding tax issues, Canadians may also have US estate tax issues. In the past, to avoid US estate tax and to avoid the possibility of taxable benefits arising for Canadian tax purposes from the use of a U.S. vacation property, Canadians would often use a Canadian corporation known as a Single Purpose Corporation ( SPC ) to hold their U.S. real estate. However, effective June 23rd, 2004, The Canada Revenue Agency ( CRA ) revised its position and now the shareholder(s) of a SPC can no longer avoid a taxable benefit for Canadian tax purposes. SPCs already in existence are grand fathered until either the earlier of the sale of the US real estate or the transfer of the shares of the SPC to anyone other than the shareholder s spouse upon their death. The change in the CRA s administrative position has made planning for buying U.S. real estate in an SPC obsolete. There are a number of alternatives for holding U.S. real estate, most very complex. These will be examined in a future newsletter. For more tax and accounting information or if you have any questions, please follow Cunningham LLP on or contact Paul Girolametto at by telephone at x254 or visit their website HEAT STRESS PLANS By Karen Fields of Crawford Chondon & Partners LLP Along with summer and hot sunny days comes the potential for heat stress related injuries for those working outside or in facilities without air conditioning. Mixing hot humid weather with physical activity can quickly lead to heat exhaustion, heat stroke and death. The Ontario Ministry of Labour s website has a Heat Stress Guideline that lists the different heat related disorders, symptoms, treatment and prevention ( pubs/gl_heat.php). Employers, who are obligated to take all reasonable precautions for the protection of workers, should have a hot environment policy in place and procedures on how to J UNE/JULY

18 Business and Other News Actualités économiques et d affaires protect workers from heat related illnesses that can arise. The Guideline will provide employers with a good starting point if you do not already have such a policy in place, or a good review to see if your policy has covered all the preventative measures that should be considered. It also sets out steps for the implementation and training of workers against heat stress such as: 1. Acclimatizing to the heat. Implementing percentages of time each day to become acclimatized to the heat and what to consider for new workers, or those who may have health issues that need to be considered; 2. Engineering Controls, such as reducing physical demands, providing insulating barriers from heat sources, providing air cooling devices, and cool, shaded work and rest areas; 3. Administrative and Work Practice Controls, such as increasing length and frequency of rest breaks, scheduling physically demanding jobs for cooler times of the day, providing cool drinking water and reminding workers to TANT D HORIZONS À EXPLOR R drink a cup every 20 minutes, to train workers to recognize the symptoms of heat stress, and having an emergency response plan and first aid responders in place to deal with any heat related illness; and 4. Protective Clothing such as light clothing to allow air movement and head protection to prevent exposure to direct sunlight. A hot weather plan should be in place between May 1 and September 30 each year. If you do not have a heat stress control plan, or a humidex based heat response plan, you can gather free information at As always, once you have the plan in place, you need to train your workers so they understand the importance of the plan, and document, document, document. For more information on above or other topics visit their website at or contact David Chondon by at TOP OF THE NEWS MIRABAUD ÉLARGIT SON HORIZON, AUTANT POUR LA GESTION PRIVÉE QUE L ASSET MANAGEMENT ET L INTERMÉDIATION. S ENGAGER AUTREMENT POUR ALLER PLUS LOIN. Switzerland takes first place in the Top 25 Country Brands compilation published by FutureBrand. Canada takes 2nd place and the US 8th. The index uses FutureBrand s proprietary methodology, the Hierarchical Decision Model (HDM) to examine and rank 118 countries as they relate to culture, industry, economy and public affairs to determine how key audiences see the world s country brands, from awareness through to advocacy. Switzerland also ranks 1st in The Travel & Tourism Competitiveness Report 2013 published by the World Economic Forum, the same spot it held in the 2011 report. In specific rankings, 2nd in qualified labor, 3rd in environmental regulation, 7th in a sustainable T&T industry, 6th in cultural resources but 139th (out of 140) in price competitiveness. MIRABAUD Canada Inc. - Olivier Rodriguez / MIRABAUD Gestion Inc. - Yves Erard 1501, avenue McGill College - Bureau Montréal (Québec) H3A 3M8 - T F MIRABAUD Canada Inc. est membre de l Organisme canadien de réglementation du commerce des valeurs mobilières inc. et du Fonds canadien de protection des épargnants. 16 I NFO SUISSE

19 WINS AND UPDATES DuPont has opened its 10th Innovation Center, the second center in the Europe Middle-East and Africa (EMEA) region. The Geneva Innovation Center is housed in the existing site of the European Technical Center (ETC) in Meyrin. It will provide a unique experience and environment for collaboration with customers, government, academia and business partners in Switzerland and across Europe, as more than 2,500 customers visit annually the ETC in Geneva. IBM announced plans to open a new cloud computing center that will be integrated with the existing IBM outsourcing data centre in Winterthur. It will be used to provide corporate and public sector customers with a range of cloud-based application and infrastructure services, and will deliver services from start-q Cessna Aircraft Company, a Textron Inc. company has acquired Jet Aviation s maintenance, repair and overhaul (MRO) facilities in Zurich and in Düsseldorf, further expanding its global service center footprint. Both facilities began operating as Cessna Citation Service Centers on January 1. Jet Aviation will continue operating its fixed base operator facilities at both locations. REVERSE INVESTMENTS & PARTNERSHIPS The boards of ABB and Camarillo CA-based Power-One have agreed to a transaction in which ABB will acquire Power-One at $6.35 per share or approximately $1 billion equity value, which includes Power-One s net cash of $266 million. Power-One has one of the market s most comprehensive offerings of solar inverters. MSi Testing & Engineering Inc., a laboratory in the fields of metallurgical testing and failure analysis located in Melrose Park IL, has been acquired by Geneva-based SGS. SGS bills itself as the world s leading inspection, verification, testing, and certification company. Ares Life Sciences, a healthcare-focused investment group headquartered in Geneva, signed a definitive agreement to acquire 100% of the share capital of Planet Biopharmaceuticals, Inc., including its wholly owned subsidiary Antigen Laboratories, Inc., based in Liberty MO. FROM THE FOREIGN DESK UK-based consumer packaging and can maker Rexam is to build a new drinks can plant in Widnau, Canton St. Gallen. It is Rexam s first plant in the Switzerland and represents an investment of 115 million over three years. UK-based Calastone, a fund transaction network, opened its new Swiss office in Zurich to provide a local presence to the Swiss market. Brenntag, the Germany-based specialist in chemical distribution, is planning to build a new sulfuric acid dilution plant at the Infrapark Baselland industrial park in Muttenz. The plant, along with the newly installed pipeline, will allow Brenntag to supply diluted sulfuric acid to Bayer CropScience. OTHER NEWS FROM OUR WORLDWIDE SOURCES Nestlé is the fourth-largest consumer products company in the world, according to a report by professionals services firm Deloitte. Four other Swiss companies Richemont (74), Swatch (104), Rolex (153) and Emmi (246) appeared in the sixth annual Global Powers of Consumer Products, which identifies the 250 largest consumer products companies. Scientists at Empa, the Swiss Federal Laboratories for Materials Science and Technology, have developed thin film solar cells on flexible polymer foils with a new record efficiency of 20.4% for converting sunlight into electricity. Corporate Knights Announced the Global 100 Most Sustainable Corporations in the World at the World Economic Forum in Davos. The Global 100 Europe list included Nestlé, Swiss Re and Geberit AG. J UNE/JULY

20 Karin s Performance Solutions Do You Challenge Yourself to Think Differently? Karin Lindner DO YOU CHALLENGE YOURSELF TO THINK DIFFERENTLY? By Heidi Garcia Would you agree that mindset has a tremendous impact on how we master and manage challenges in our personal and professional life? Just recently I read a book entitled Mindset: The New Psychology of Success by Carol Dweck. It is a fascinating book, especially since I m always looking for new insights on how mindset, beliefs, and attitude influence workplace performance and productivity. I believe that one of the biggest challenges manufacturing organizations face is that it is no longer business as usual. What may have worked in the past doesn t work today. Everything seems to be an uphill battle. Nothing comes without great effort. That is why I want to share with you what I discovered in this book and how it applies to the manufacturing industry. In her book, Dweck suggests that there are two different kinds of mindsets: a Growth and a Fixed Mindset. In a fixed mindset, people believe their basic qualities such as intelligence or talent are simply fixed traits. The dangerous thing about that is if a person with a fixed mindset is in a management position they cannot see the potential of their employees or that they are capable of going above and beyond what s expected of them. They spend their time documenting their own intelligence and talents rather than developing their skills further. People with a fixed mindset are never short of excuses, tend to blame others, and resist change. In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work. For them, brains and talent are just the starting point. This is the perspective that is essential for management if they want to create a learning culture. People can always do a little bit better but some need a little encouragement and help to realize how much more they are capable of doing. In one of my workshops, I like to do an exercise entitled: The 10 Percent Stretch. I ask someone to stand in front of a wall and stretch up as high as he or she can go. Then I mark this point with tape. I then ask the same person to do it again but this time I simply say: Come on, I know you can do better than that. Give it all you have. Every time and without exception, this person can stretch at least 10% higher than they did before. It s the same in a job. With the right amount of encouragement, people can reach new heights in their performance. Helping people to develop the confidence they need to become more successful in what they do is not only very rewarding but it will also have a tremendous impact in the overall success of the organization. 18 I NFO SUISSE

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