Procimmo fund buys properties from Landqart AG
Procimmo Swiss Commercial Fund II has acquired an industrial property from Landqart AG. JLL advised Landqart on the transaction, which is structured as a sale-and-leaseback.
According to JLL, the transaction comprised two land parcels in Landquart (Canton of Graubünden) with several high-security production and administration buildings as well as 120 parking spaces. The land area is around 61,000 sqm and the usable floor space of the buildings totals around 41,000 sqm.
Landqart AG and Procimmo Swiss Commercial Fund II have signed a so-called triple-net lease agreement with a term of 20 years (including an option to extend to 2 x 10 years). According to Procimmo, the purchase involves an existing property with a market value of approximately CHF 45 million. The property is located on cantonal road 16 in a commercial/industrial zone about one and a half kilometers south of Landquart near a highway access.
The seller Landqart AG, a manufacturer of security papers such as banknotes and visa papers, is a subsidiary of the listed Canadian company Fortress Paper. The JLL transaction team that advised Landqart included Gregor Strocka and Wischiro Keo. (ah/mr)
