Zublin Immo, a subsidiary of listed Swiss property group Zublin Immobilien, has acquired a 6,000 m[sup]2[/sup] office property in the Seefeld area in Zurich in order to renovate and re-let it. The seller was marketing company PubliGroupe which has relocated to another premises.
Zublin Immo, a subsidiary of listed Swiss property group Zublin Immobilien, has acquired a 6,000 m2 office property in the Seefeld area in Zurich in order to renovate and re-let it. The seller was marketing company PubliGroupe which has relocated to another premises.
Zublin said the property was constructed in 1961 and expanded in 1972. The property will be given a new facade and will be completely renovated and over the next 12 - 18 months to upgrade it to conform with the Swiss Minergie energy efficiency standards. The sales price was not disclosed but Zublin said the property will have a gross yield of 6% after the renovation.
The Swiss group's wealth-creation strategy is based on selective buying, active management and optimised selling of commercial properties in Europe. Zublin has a portfolio of 88 properties in four regions, with a market value of CHF 2.1bn (EUR 1.3bn).
