Sale of occupancy-ready «Weltpost Park» to Allianz Suisse
Swiss Prime Site Immobilien is selling its «Weltpost Park» residential development to Allianz Suisse. The development is situated in a particularly attractive location in the city of Bern and the project was selected as the winner of an architecture competition. Construction work on the project began in February 2018; handover of the occupancy-ready compound, comprising three buildings, will take place during the first quarter of 2020. The corresponding contracts were signed by the two partners on 9 May 2018. Swiss Prime Site will be responsible for construction management until completion, with Frutiger AG as general contractor. Peter Lehmann, CEO of Swiss Prime Site Immobilien, comments: «We are delighted to have the opportunity to carry out this unique residential project on behalf of Allianz Suisse. The 170 apartments are being constructed based on 2000-watt society guidelines to cover a wide range of consumer needs, and will sustainably enrich the residential opportunities in Bern.» Martin Kaleja, CEO Allianz Suisse Immobilien, emphasizes: «The project meets our strict sustainability criteria. In addition, the development in a popular residential area of Bern is an attractive investment for us and a sensible addition to our real estate portfolio.» It is anticipated that transfer of ownership will be completed during June 2018. The parties have agreed not to disclose the purchase price.
Project development secures onward growth
Swiss Prime Site currently has around 20 projects in its project pipeline. The company plans to create over 220 000 m2 of new usable space across Switzerland by 2025, with average net yields anticipated to exceed 5% (on cost). The latest sale establishes additional financial flexibility for exploiting market opportunities. René Zahnd, CEO of Swiss Prime Site, explains: «The attractiveness and size of our project pipeline makes it possible for us to keep growing on our own strength in the future, securing our ongoing independence from the transaction market.»
Should you have any questions, please contact:
Mladen Tomic, Media Relations
Peter Lehmann, CEO, Swiss Prime Site Immobilien
Swiss Prime Site Immobilien AG
Swiss Prime Site Immobilien AG is a Group company owned by the exchange-listed Swiss Prime Site AG Group. Its real-estate portfolio is currently valued at over CHF 10 billion. Swiss Prime Site Immobilien focuses its investment activities on top-quality properties in prime locations in Switzerland. The majority of these are let to commercial tenants. The transformation, development and modernisation of entire large-scale sites also constitutes an important part of the activities of this business field.