SPS finds new tenants for OVS locations

According to SPS, all eight former locations of the fashion chain OVS, which were located in properties owned by the real estate company, have been re-let. OVS announced its withdrawal from the Swiss market in the first half of 2018; this affected SPS properties in Aarau, Baden, Basel, Frick, Gossau, Lucerne, Thun and Winterthur with a total of around 10,700 square meters.

Due to the very central locations, demand for the space was high, so that new and long-term rental agreements have now been concluded for all eight locations, according to SPS. The future tenants include banks, grocery stores and retailers for shoes, accessories and clothing. Due to the changed tenant structure, investments will be made at some locations and construction work will be carried out, the statement continues.

The space is to be handed over to the tenants in the coming months. "We are very pleased to be able to transfer all of the former OVS retail space to various new tenants," says Peter Lehmann, CEO of Swiss Prime Site Immobilien. "I am particularly pleased that we will be able to significantly reduce the proportion of fashion/clothing and achieve higher overall returns for the locations."

SPS also announces that full occupancy has been achieved for the Roter Turm in Winterthur. In addition to the Roter Turm, the company has also owned the three surrounding buildings on Theaterstrasse in Winterthur since the end of 2017. The combined site is to be developed into a business and knowledge center. At the beginning of 2019, the existing anchor tenant, the Zurich University of Applied Sciences (ZHAW), will lease the last remaining available space - 3,000 square meters - within the Roter Turm on a long-term basis, according to SPS. (ah)