PSP Swiss Property adjusts portfolio in the canton of Geneva
PSP Swiss Property sells an office property in Petit-Lancy (GE) for CHF 55 million. The buyer is a subsidiary of the real estate company Epic Suisse.
The office property is located at Av. des Morgines 8/10 in Petit-Lancy and includes approximately 14,000 sq. ft. of leasable space, PSP says. The sale reduces the vacancy rate of the entire portfolio by 1.2 percentage points, the company added. As of the end of March 2018, the vacancy rate was still 8.5 percent. An adjusted vacancy forecast as of year-end 2018 is to be communicated at the publication of the half-year figures on August 17.
The background to the transaction is reportedly the streamlining of the Geneva portfolio and the focus on center properties. However, the Geneva market remains central, PSP emphasizes, pointing out that it is purchased a portfolio of several properties in Geneva at the beginning of February. These were nine properties owned by Edmond de Rothschild S.A. with a leasable area of 15,400 sqm. Five of the properties are located in Geneva's banking district.
PSP was advised exclusively by JLL on the sale in Petit-Lancy. The JLL team consisted of Gregor Strocka (project management) and Yasmine Ghulam.
