Swiss real estate company Stone Estate has acquired the economic interest in Credit Suisse’s CHF 235 mln (€212 mln) leasing portfolio on behalf of a private investor.
The portfolio is secured by seven commercial properties with a total lettable area of 71,600 m2, all fully let regional headquarter assets. Located in the cantons of Aargau, Geneva, Neuchatel, Ticino and Vaud, they have an average building age of just nine years.
The acquisition was capitalised applying a highly structured debt financing, replicating the structure of the seven underlying leasing agreements. The bespoke structure of the transaction ensures that the buyer benefits from lessor-equivalent rights, Stone Estate said.
Fabian Godbersen, CEO/CIO of Stone Estate commented: 'This deal presented us with a unique set of challenges and complexities. However, with the help of all the parties involved, we were able to transform such challenges into an exceptional set of opportunities with a high-quality portfolio.
'This deal is of strategic importance to Stone Estate, and we look forward to expanding our mark on the Swiss Real Estate landscape as a leading value-add specialist.'
This transaction follows a number of recent deals for Stone Estate, which focuses on commercial value-add and opportunistic Real Estate investments in Switzerland. At the end of 2020, the firm sold a 12,000 m2 commercial property asset in Bussigny, close to Lausanne, to a Swiss institutional investment manager.
