Warteck Invest completes acquisition of a Basel company

Warteck Invest has completed the announced purchase of a company with residential properties in the Basel area. The contract concluded on March 8 for the acquisition of all shares in the public limited company was subject to conditions precedent. Following the successful completion of due diligence, the transaction has now been finalized. The acquisition essentially comprises four residential properties in the city of Basel and Binningen (BL) as well as a securities portfolio. As at December 31, the market value of the properties amounted to around CHF 29 million and that of the securities portfolio to around CHF 63.5 million.

This acquisition will increase Warteck Invest's annual target rental income by around CHF 1.1 million. In addition, Warteck Invest will soon sell its securities portfolio in order to invest the funds in the development of the real estate portfolio. Over a period of five years, Warteck Invest expects an annual recurring contribution to operating income before interest and taxes (EBIT) of approximately CHF 2.0 to 2.5 million from the reversal through profit or loss of the difference between acquisition costs and acquired net assets. (aw)