Andermatt Swiss Alps sells real estate package to investor
Andermatt Swiss Alps AG has sold 25 properties worth a total of CHF 50.5 million to Taurus Andermatt AG. The well-known investor Urs Wietlisbach is the majority shareholder behind Taurus.
The majority shareholder of Taurus Andermatt is WieInvest AG, an investment company owned by Urs Wietlisbach, co-founder of the asset manager Partners Group; minority shareholders of Taurus are Samih Sawiris and another private individual who has not been named. The transaction was closed on May 16 and announced on May 17.
The package consists of five penthouses in the luxury hotel The Chedi Andermatt and 20 condominiums in the houses Biber, Gemse, Hirsch and Steinadler in the vacation village Andermatt Reuss. The sale to Taurus will accelerate the property sale and free up funds for further expansion, Andermatt Swiss Alps (ASA) says. According to the information, the apartments will remain in the rental pool of ASA until the definitive sale. The company will benefit from half of the sales proceeds, which are higher than the original list price.
"Sales of vacation homes generally picked up strongly in the first quarter of 2018," says ASA CEO Franz-Xaver Simmen. Therefore, the sales prices are to be increased. He considers the entry of Urs Wietlisbach as a "strong sign for Andermatt". The investment manager of WieInvest, Property One Investors, sees the increasing demand for residential properties in the vacation village as the main driver of the expected increase in value. The modern hotel, ski and tourism infrastructure is increasingly attracting the interest of Swiss and international buyers.
A total of around 500 apartments in 42 buildings, 28 chalets, congress facilities as well as an indoor swimming pool and an 18-hole golf course swie six hotels in the four- and five-star range are being built. In addition, the ski areas of Andermatt and Sedrun will be linked to form the SkiArena Andermatt-Sedrun.
