Swiss property firm Allreal has announced plans to acquire a four-property strong portfolio of 54,000 m2 in a sale and lease back deal with the Swiss arm of the Generali insurance group.
Financial details were kept confidential.
Generali will continue to occupy the buildings under a long-term rental agreement at an annual cost of CHF 12.5 mln (€11 mln).
The four buildings include three commercial properties in Adliswil, constructed in 1989/1990 and providing 39,000 m2 of usable rental space plus 603 parking spaces, as well as a commercial building in Nyon, constructed in 2005/2006 with about 15,000 m2 of rental space and 171 parking spaces.
The transaction, which was financed with existing credit lines, significantly enlarges Allreal's income-generating portfolio, the company said.
Zurich-based Allreal combines a stable-income real estate portfolio valued at CHF 3.59 bn with the activities of a general contractor (project development and realisation). In the fiscal year 2016, the project volume amounted to CHF 494 mln. Allreal employs a staff of over 270 in Zurich, Berne, Cham and St Gallen.
