German real estate company Allreal is acquiring the Toni-Areal property in the fifth district of Zurich from lender Zürcher Kantonalbank (ZKB) for an undisclosed amount.
German real estate company Allreal is acquiring the Toni-Areal property in the fifth district of Zurich from lender Zürcher Kantonalbank (ZKB) for an undisclosed amount.
The company said that the complex, which has been used as a factory from 1999, will be transferred at year-end 2008. It added that the Zurich municipality decided in 2005 to transform the building into an art school, a music school as well as 90 residential units. Architectural firm EM2N designed the project. The total investment comes to some CFH 300 mln (EUR 181 mln).
