Listed real estate investor Swiss Prime Site (SPS) has expanded its portfolio with the acquisition of Swiss care home specialist the Tertianum Group.
Listed real estate investor Swiss Prime Site (SPS) has expanded its portfolio with the acquisition of Swiss care home specialist the Tertianum Group.
The CHF 435 mln (€352 mln) deal is subject to regulatory approval and will see SPS acquire 12 properties on sites across Switzerland.
The portfolio comprises operating businesses offering assisted living facilities. SPS said in a statement that the segment offers ‘sold earnings stability and above-average growth potential.’
Four additional development projects currently in the planning and construction phase are also included in the deal.
The vendors were Zurcher Kantonalbank, the Marazzi family and insurers Helvetia and Swiss Re.
SPS CEO Markus Graf said the deal provides a stable base for future earnings growth. ‘Our objective is to significantly expand this asset class in the coming years,’ he said.
