I am delighted to look back not only on 2025, but on the last decade, to see just how far we have come. Despite fierce competition, scarcity of value-add real estate opportunities, as well as the challenges presented by Basel III and the tightening of the debt markets, our team remained focused, disciplined, and entrepreneurial. Thanks as well to the continued trust of our partners and investors, Paragon is entering 2026 with strong momentum and improved foundations.
Creating Strong Partnerships
In 2025, we successfully expanded our Swiss retail footprint with the acquisition of a commercial asset in the Lausanne suburbs, and we completed the purchase of another shopping center in Geneva with a top strategic partner. We are really excited about the overlaps in our retail projects where we can lever tenant relationships at one property to benefit the other.
We also entered into an exciting strategic partnership in the canton of Vaud, with a residential construction company focused on high quality pre-fabricated housing (using concrete), strengthening our ability to originate, develop, and deliver projects efficiently across the value chain in residential real estate.
In parallel, we won the legal challenges related to our Chambesy project at the 1st and 2nd level Cantonal courts, and are now expecting the final granting by the Federal Tribunal of the building permit for two high-end residential buildings in that will begin construction this year together with our partner Swissroc.
We are discovering that residential projects are indeed fascinating and can be very profitable, but they also come with their fair share of challenges and risks which underscores why we have been more focused on commercial real estate in the past which we believe the market has misunderstood in terms of the risk/return fundamentals. We will continue to do deals in the residential space as we enjoy a challenge and finding solutions to complex problems.
From Investor to Operator
A key event in 2025 was the launch of our first ParaBox Self Storage facility in central Geneva, steps away from Cornavin train station. This flagship opening, the largest in Geneva with over 400 units, marks Paragon’s evolution as an owner-operator, combining real estate expertise with operational execution. Early market response has been strong, confirming our conviction in urban self-storage as a resilient, demand-driven business. We love the fundamentals, the technology, and the challenge of starting a business from scratch and plan on opening at least one additional site in 2026 as we continue to grow this new venture.
Macroeconomic Context and Opportunity
It seems like a repeating refrain on a boring music record, but indeed global uncertainty continues to underscore strong demand for safe-haven currencies, reinforcing the outlook for structurally low interest rates in CHF. However, the tightening of the debt market means that there is a need for alternative capital solutions, including private debt, structured equity, and sale-and-leaseback transactions, all areas where Paragon has built recognized expertise.
Switzerland’s strong currency also provides a solid platform for selective international expansion. Alongside continued activity in Canada, Paragon is actively exploring opportunities in the UK and France, countries where we have some experience already and the currency change works in our favour.
People, Culture, and Community
Our people and our culture are the reasons we perform so well. In 2025, we continued to grow and remain actively engaged in recruiting the right kind of mentality to add to our team. Our culture: entrepreneurial, demanding, collaborative, fun, and balanced, is central to our performance. Talented professionals seeking to invest, build, and grow alongside an experienced team are encouraged to connect with us.
Our social and networking events in 2025 were a great success and we are pleased to once again host the Paragon Cup Golf Tournament and the Paragon After-Work Raclette in 2026, informal moments that bring together partners, peers, and friends around shared interests and relationships.
Looking Ahead
As we enter 2026, our focus remains clear: disciplined growth, selective risk-taking, and long-term value creation. With a strong platform, a motivated team, and a clear strategic compass, Paragon is well positioned to turn complexity into opportunity. We thank our partners and investors for their continued trust and look forward to building the next chapter together.
