Deka Immobilien has exchanged contracts to buy a 38,000-m2 office building in Geneva under a sale and leaseback arrangement with the private bank Pictet & Cie SA.
The Acacias 60 asset, which is being acquired by the WestInvest InterSelect (66%) and Deka-ImmobilienEuropa (34%) open-ended real estate funds, was completed in 2006 as the head office of the Pictet Group and will continue to be fully occupied by the firm on a long-term basis. Financial details were not disclosed.
‘This purchase provides a rare opportunity to acquire a high-profile property with a highly reputable and creditworthy tenant in the Swiss real estate market, which tends to be dominated by local investors,’ said Victor Stoltenburg, managing director of Deka Immobilien.
The multi-tenant property is made up of three separate building units and is located south of Geneva city centre in the municipality of Carouge. It is part of the "Praille Acacias Vernets" (PAV) urban development area, one of the largest projects in the canton.
The purchase enables WestInvest InterSelect to enter the Swiss real estate market. Deka-ImmobilienEuropa has one other investment in Switzerland and namely in Zurich.
