PSP Swiss Property buys in the CBD of Geneva

PSP Swiss Property is the new owner of the commercial property at 3-5 Place de la Synagogue & 4-6 Rue Jean-Petitot. The property has a usable area of 2,700 sqm and 75% is mainly used for office purposes. The remaining space is used for retail, restaurants, a gym and storage. The property is fully leased for the medium to long term, with the main tenant being Signature, a coworking operator that is part of the International Workplace Group (IWG). According to PSP, it has acquired the property retroactively as of January 1, 2022 for CHF 64 million.

Effective March 30, the real estate company sold the slightly peripheral development project at 54-58 Rue du Grand-Pré for 60.5 million. The transactions were carried out as part of the ongoing portfolio optimization, PSP said. They do not have a direct impact on the Ebitda and vacancy forecast, according to the company. In its 2021 full-year results presentation, PSP had projected a vacancy rate of 4% and Ebitda of over 275M for 2022. PSP plans to publish the results for the first quarter of 2022 on May 3. (ah)