IMMOFINANZ completes Swiss industrial exit

IMMOFINANZ completes Swiss industrial exit

Published at: 2014-10-21 11:18 | Author: CIJ Journal
IMMOFINANZ Group sold three of its Swiss logistics properties to a fund run by Credit Suisse AG in a deal that marks the completion of its exit from the Swiss market. At roughly CHF 115 million (approx. €95 million), the sale price exceeded the book value of the properties. Two of the properties were located in Bülach while the other was in Derendingen. Together, they amounted to around 140,000 sqm of rentable space.

"After the sale of the logistics property in Egerkingen, this step completes our exit from the secondary market Switzerland. We were also able to benefit from the high CHF exchange rate on this transaction," said commented Eduard Zehetner, CEO of IMMOFINANZ Group. "The funds generated by these sales will be used, among others, for the development of logistics projects in Germany, where we want to further expand the position of our subsidiary Deutsche Lagerhaus (DLG) as a key logistics player."

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