Basel: Swiss Life buys part of the Klybecker site

The Klybeckareal, which covers around 300,000 square meters, is considered one of the largest development areas in Switzerland. The two chemical companies Novartis and BASF, as landowners, signed a planning agreement with the canton of Basel-Stadt in 2016 for the urban development of the industrial site.

In May of this year, Novartis sold its stake in the site to the investment company Central Real Estate, which was founded by Baloise, the Zug Pension Fund, Credit Suisse Investment Foundation and J. Safra Sarasin Investment Foundation, as well as other Swiss pension funds.

Now BASF is also parting with its approximately 120,000 sqm share. The new owner, Swiss Life, will develop the Klybecker site in the long term together with development partner Bricks, and will take over in full from BASF the contractual obligations entered into in the planning agreement and with the interim use, according to a joint statement by Swiss Life and BASF.

BASF leases back office building

BASF is currently using an office building on the Klybeckareal site; it has been leased back from the new owner until further notice. In the medium term, the pharmaceutical group intends to relocate the office workplaces to a rental property in the greater Basel area.

BASF says that it initiated the site development with Novartis and the canton, but that the further development of the future urban quarter should now be continued by an owner whose core competencies lie primarily in the area of site and urban development. Swiss Life says it is expanding its portfolio in the greater Basel area - a region with a strong economy and a high quality of life - with the acquisition of this part of the site.

Lead advisor for BASF was SPG Intercity Zurich; the team consisted of Robert Hauri, Béatrice Gollong and Pascal Schmid. The real estate service provider had already been commissioned by the pharmaceutical company Novartis with the sale of its part of the site. (ah)