PSP Swiss Property buys in Berne
PSP Swiss Property reports the purchase of nine properties and the sale of three properties. In particular, the real estate company has made additional purchases in Bern.
According to PSP Swiss Property, the three properties Bärenplatz 9, 11 and 27 as well as Käfiggässchen 10, 22, 26 in the immediate vicinity of the Federal Palace were acquired for CHF 48 million. The properties had around 3,500 sqm, which would be used mainly for offices and gastronomy. In the medium term, the company intends to renovate and modernize these properties in order to sustainably improve returns, PSP Swiss Property said.
In addition, Immobilien-AG acquired the so-called Carba portfolio in Bern-Liebefeld for a value of 180.5 million per share deal. The portfolio consists of six properties with around 36,000 sqm of usable space - rooms for offices and services as well as commercial space. The Carba portfolio is reportedly "virtually fully leased" and generates a gross yield of 3.9 percent. The purchases were retroactive to Jan. 1, 2019, and are expected to generate additional rental income totaling 7.7 million this year.
The background to the acquisitions in Berne is that PSP Swiss Property wants to expand its presence in the Berne real estate market. The Bern region was previously underrepresented in the portfolio with a value share of four percent, but the real estate market there is characterized by a high degree of stability - and this factor is considered particularly important, the company says.
In return, the property at Bernerstrasse Süd 167/169 in Zurich was sold for 31 million. Furthermore, PSP Swiss Property did not file a referendum against the decree of the Grand Council of the Canton of Fribourg of 14 December 2018 to acquire the property at Route des Arsenaux 41 in Fribourg. The sale of this property for 30 million is expected to be completed in February 2019, according to the information provided. The sales of the two properties will result in a total loss of 2.8 million in rental income in 2019 compared to the previous year, PSP Swiss Property said. In addition, the last condominium on the Löwenbräu site in Zurich was sold for 5.6 million as of January 16, 2019, it said. (ah)
