Promaxima: Sale of real estate in Lucerne
The listed Promaxima Immobilien AG has sold its property at Hauptstrasse 37b in Lucerne "in the course of portfolio optimization".
The transaction reduces the Promaxima real estate portfolio to currently nine existing properties (at the locations Aarau, Balsthal, Bad Zurzach, Diessenhofen, Fribourg (2), Grenchen, Schaffhausen and Zurich) with a total investment value of around CHF 46 million. Immobilien AG reports annual rental income of around 3.2 million.
The parties have agreed not to disclose the sales price for the Lucerne property. According to Promaxima's annual report as of December 31, 2016, the investment costs of the property after total renovation with roof extension amount to 4.5 million (purchase price 2.5 million plus estimated construction costs 2 million). The market value estimate after completion in 2017 by Wüest Partner is 4.624 million. The annual net rental income is expected to be CHF 218,520 after the renovation.
Promaxima is a real estate investment company based in Lucerne. It was founded in 2006 and invests primarily in "residential, office and commercial properties with market-driven returns in Switzerland". Promaxima shares have been listed on the BX Berne eXchange since September 30, 2016. Most recently, the company agreed a strategic partnership with Livit AG for real estate management.
