Real estate group Allreal has bought a 56,000 m[sup]2[/sup] plot of land in Wallisellen district in the Swiss canton of Zurich for an undisclosed amount. The land was sold by Plazza Immobilien, the real estate arm of Zurich-based Conzzeta Holding. Allreal said it is planning to invest EUR 227 mln to develop the site.

Real estate group Allreal has bought a 56,000 m2 plot of land in Wallisellen district in the Swiss canton of Zurich for an undisclosed amount. The land was sold by Plazza Immobilien, the real estate arm of Zurich-based Conzzeta Holding. Allreal said it is planning to invest EUR 227 mln to develop the site.

Allreal is a Zurich-based real estate company with a EUR 1.2 bn property portfolio. It completed projects worth EUR 380 mln in 2006.