Swiss Central City buys in Geneva
The Swiss Central City Real Estate Fund is purchasing a fully leased commercial property in the center of Geneva.
Nova Property Fund Management has purchased a seven-story apartment property in an attractive location in the up-and-coming Jonction district of Geneva for the Swiss Central City Real Estate Fund. According to the fund company, the total investment costs for the property amount to CHF 69 million with an annual target rental income of around CHF 2 million.
The as-new building includes furnished individual apartments for long-term residential use, as well as smaller restaurant and commercial spaces, Nova Property adds. The total usable space is 3,100 sqm. The property is fully leased with long-term triple-net leases and a WAULT of 14.7 years, it said. According to Nova Property, the largest anchor tenant is a "renowned and independent institution of the Canton of Geneva."
With the acquisition, the value of the Swiss Central City Real Estate Fund's real estate portfolio increases to more than CHF 570 million, and the annual target rental income rises to just over CHF 19 million. (ah)
