Livermore Investments Group said it has acquired Wylerpark, a 34,000 m[sup]2[/sup] commercial freehold property in Switzerland through a sale-and-lease-back deal with the Swiss national railway company, SBB. The transaction value comes to £38 mln (EUR 56 mln). The investment company said it will also develop 39 luxury apartments on the land with completion expected for 2008.
Livermore Investments Group said it has acquired Wylerpark, a 34,000 m2 commercial freehold property in Switzerland through a sale-and-lease-back deal with the Swiss national railway company, SBB. The transaction value comes to £38 mln (EUR 56 mln). The investment company said it will also develop 39 luxury apartments on the land with completion expected for 2008.
The company said it sees a return on equity on the investment in excess of 8% following the development of the residential assets, and added that is expects further gains from exercising the additional development rights. Under the deal, the commercial premises currently occupied by SBB will be leased back for a minimum of twelve years. Livermore said that the total annual rent of these premises will be £1.77 mln for the first twelve months.