Swiss Prime Site buys office building next to Prime Tower site
Published: Friday, Dec 1st 2023, 08:00
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The largest listed Swiss real estate group Swiss Prime Site (SPS) has expanded its portfolio with the purchase of a new property in Zurich-West. The property in question is the "Fifty-One" building, which is rented by Swisscom, as announced by SPS on Friday.
SPS is acquiring the building from Union Investment. According to the press release, the rentable area offers space for around 1,500 employees and generates a rent of around CHF 7 million per year. The acquisition will increase annual FFO per share by around 3 centimes. The transfer of ownership is planned for December 1 (today). SPS is not disclosing the purchase price.
Built in 2011, the building reportedly meets the highest sustainability standards and is certified with the LEED (Leadership in Energy and Environmental Design) Gold Label. As a result, SPS has added the building to its "Green Building" portfolio.
According to the information provided, the purchase is part of the capital recycling with sales of CHF 280 million in 2023 and further planned sales next year. SPS has already sold 16 properties this year.
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