The asset management arm of finance giant Swiss Life has acquired the Glatt shopping centre in Zurich, Switzerland.
Financial details were not disclosed. PropertyEU understands the price Swiss Life paid was around €1 bn.
The vendor in the transaction was the Federation of Migros Cooperatives (MGB), representing Switzerland's biggest retail company.
The asset was put on the market in January this year, before the Covid-19 pandemic took hold.
Comprising 53,000 m2, Glatt is modelled after shopping malls in the US. The property contains 90 shops and 14 restaurants, 4,500 parking spaces and boasts more than nine million visits a year, with sales of around 600 mln Swiss francs (€559 mln).
Swiss Life assumes ownership of the shopping centre on behalf of its activities for third-party customers, offering investors access to a one-off property via their investment vehicles. The company intends to further develop the asset, long term.
The sale has no effect on the tenants or the Migros shops in the shopping centre, a spokesperson said. Migros will remain committed to the location of the Glatt shopping centre and continue to maintain a high presence for customers.
CBRE advised MGB in the transaction.