Acron snaps up Swiss retail asset

Indirect investment specialist Acron has announced the acquisition of the Westcenter St Gallen retail centre in Switzerland for CHF 61 mln (€50 mln).

The acquisition was made through a Swiss single-property stock corporation, Acron Helvetia XI Immobilien.

In a statement, Acron noted that this structure combines the advantages of a direct real estate investment - such as transparency and streamlined cost structure - with the benefits of an indirect investment (including divisibility and tradability).

Completed in 1999 and renovated in 2012, the property features around 13,500 m2 of space and 431 parking spaces and is located next to the AFG Arena, the FC St Gallen soccer team stadium in the Swiss city of St Gallen. Main tenants include Media Markt, Dosenbach-Ochsner, Toys’R’Us, Fressnapf, Takko Fashion, and Aldi Suisse.

The company plans to redevelop the asset into a core retail destination and offer it to qualified investors initially through a private placement in Switzerland and Germany. Acron will be responsible for asset and property management, as well as manage the investment on behalf of investors.