Swiss Prime Site has sold its Wincasa real-estate services business to Switzerland-based construction and real estate firm Implenia AG for an enterprise value of CHF 235 mln (€236 mln).
The Swiss real estate investment company will receive around CHF 181.6 mln (€182.3 mln), including intra-group dividend payment for 2022, in cash.
Subject to regulatory approval, the transaction is expected to close in Q2.
Wincasa will be managed as an independent business unit within the Buildings Division, and the plan is to integrate all Wincasa’s managers and employees into the Implenia Group during Q2 as part of the change of ownership.
Swiss Prime Site CEO René Zahnd said: ‘By selling Wincasa and the announced discontinuation of Jelmoli’s operations from the end of 2024, we will achieve maximum streamlining of our company. We are now focusing on our excellent property portfolio and the fast-growing Asset Management business.’
Implenia CEO André Wyss commented: ‘The acquisition is an excellent fit with our strategy for sustainable success – with a clear focus on stable service revenues across our value chain. We will benefit from Wincasa’s knowledge and customer relationships.’
Wincasa CEO Oliver Hofmann added: ‘As an established and very well-connected company with experience across the entire property lifecycle, we will optimally complement Implenia. Together, we can create a unique integrated service offering for our customers. We are excited about working together and building a successful future.’
The divestment is part of Swiss Prime Site’s strategy to shed debts and strengthen its balance sheet.
Pro forma, considering the full completion, the loan-to-value ratio of the real estate portfolio as of 31 December 2022 decreases accordingly from 38.9% to roughly 37.5%.
For its part, Implenia said the deal would help it to develop its strategy as an integrated construction and real-estate-service provider.
Wincasa offers customers a wide service portfolio throughout the entire property life cycle – from planning to construction, from management to revitalisation and repositioning.
The company manages around 250,000 properties with a total investment value of around CHF 81 bn (€81 bn). It is represented at 33 locations and has a presence in all regions of Switzerland.
Swiss Prime Site acquired Wincasa from Credit Suisse Group in 2012.
