PSP Swiss Property, Switzerland’s largest real-estate company by market value, said competition from insurance companies and pension funds is making it difficult for the company to buy assets.

PSP has 450 million Swiss francs ($437m) of unused credit facilities available for purchases, Chief Executive Officer Luciano Gabriel said in an interview in Amsterdam on Sept. 16. The Zug-based company hasn’t made any acquisitions for 15 months and may not make another one for as long as a year.

'Insurance companies and pensions funds are our main competitors,' said Gabriel, 56. 'They have money coming in and have to do something with it.'