Swiss property builder Karl Steiner has announced the sale of its French property arm, Karl Steiner France, to Financière Sainte Colombe, a real estate finance group based in Lyon. The financial details of the transaction were not disclosed.
Swiss property builder Karl Steiner has announced the sale of its French property arm, Karl Steiner France, to Financière Sainte Colombe, a real estate finance group based in Lyon. The financial details of the transaction were not disclosed.
Karl Steiner's French subsidiary has 67 employees and offices in Lyon, Paris and Grenoble. It owns a number of property finance companies as well as a property development unit, Sogelym-Steiner, which was created in 1974 and is the largest commercial real estate developer in the Lyon region as well as being an important player in the Paris/Ile de France region.
Sogelym-Steiner has recently developed and sold several flagship projects such as the Tour Oxygène in Lyon, the Balthazar complex in Paris/Saint-Denis, completed in spring 2009 and the Hub Business located at Lyon airport. The company posted turnover of CFH 260 mln (EUR 172 mln) in 2008 and has a development pipeline valued at over CFH 1.3 bn.
Steiner group will focus its activities on the Swiss property market, strengthening its presence in the country's development sector. The company, which recently named Henri Muhr as its new CEO, has decided to abandon non-core activities such as property management and to focus solely on development.
