Listed Swiss firm Zublin Immobilien has concluded the sale of an office building in Switzerland and a retail property in Germany for a total of CHF 56.3 mln (about 37 mln). The sales prices of both transactions were in line with IFRS fair values at end- September 2008.
Listed Swiss firm Zublin Immobilien has concluded the sale of an office building in Switzerland and a retail property in Germany for a total of CHF 56.3 mln (about 37 mln). The sales prices of both transactions were in line with IFRS fair values at end- September 2008.
In Switzerland, Zublin sold its 5,250-m2 fully let office property to a Swiss real estate investment fund. Meanwhile Zublin's fully-owned subsidiary, ZIAG Immobilien, concluded the sale of its 2,070-m2 retail property, which is fully let, in Luneburg to a Dutch real estate investment fund.
Zublin said the divestments were part of its revised strategy to concentrate its investment holdings on office properties in a few selected cities in Switzerland, France and Germany.
The company invests in energy efficient office properties in a few selected core markets are Switzerland, France and Germany. Zublin's portfolio comprises 79 investment properties with a market value of CHF 1.76 bn (EUR 1.17 bn).
