Swiss Prime Site buys two assets in Zurich for €190m

Swiss Prime Site Immobilien has made two acquisitions in Zurich's financial district and in Zurich Altstetten.

The company has announced on Tuesday the purchase of a fully-let office property in central Zurich, located on the corner of Dreikönigstrasse and Beethovenstrasse. The 5,500 m2 building, which was fully renovated between 2013 and 2016, comprises six storeys plus an attic and several underground levels with 62 parking spaces.

In addition, Swiss Prime Site has purchased the ‘West-Log’ construction project from Swiss construction services group Implenia.

The yet to be constructed building will be used for urban logistics. The building, located by the Zurich Altstetten railway station, will have a usable area of 17,500 m2. Its commissioning is planned for 2020. So far, 85% of the available spaces have already been pre-let to a Swiss wholesale company on a long-term rental basis.

The price paid for the two assets is CHF 220 mln (€190 mln). The lion’s share of the volume is for the property in central Zurich.

Peter Lehmann, CEO of Swiss Prime Site Immobilien, commented: ‘These attractive purchases fit perfectly with our strategy of owning modern, flexible spaces in prime well-connected, desirable locations. We see great potential for urban logistics properties in particular, for example in Geneva (Espace Tourbillon) or West-Log in Zurich Altstetten.’


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