Zurich: Swiss Life does not sell Manor building to Maus Frères
Swiss Life will not sell the property of the Manor department store on Zurich's Bahnhofstrasse to Manor's parent company Maus Frères. This is reported by the "Handelszeitung".
As the "Handelszeitung" writes with reference to circles involved, the deal is said to have failed because the price expectations were too far apart. According to the report, Swiss Life did not base its price on the current value of the property, but on the projected value after the planned conversion. Apparently, the parties differed by a three-digit million amount. According to the "Handelszeitung", Maus Frères was prepared to pay CHF 500 million for the properties.
With the collapsed deal, it remains open whether Manor has a future on Zurich's Bahnhofstrasse. The department store will have to move out in 2019, when the lease, which has already been extended, will finally expire.
Swiss Life and Manor have been fighting the case in various courts for three years. The case is currently before the Federal Supreme Court, which must first clarify which court has jurisdiction to deal with the substance of the case. As long as the proceedings continue, Manor will be allowed to remain on Bahnhofstrasse. (ah)
