Allianz buys residential project in Geneva
In the Geneva suburb of Bellevue, 300 new apartments are currently being built as part of the "Les Hauts du Château" project development. Allianz Suisse Immobilien has secured the development.
For a purchase price of approximately CHF 200 million, Allianz Suisse Immobilien AG has acquired the residential project development "Les Hauts du Château" in Bellevue near Geneva as part of a forward transaction.
The development, which is being built according to plans by Geneva-based architects Favre & Guth and complies with the "Minergie-P" quality and environmental standard, will comprise around 20,000 square meters of rental space for almost 300 apartments, plus a number of commercial units and 325 parking spaces. Construction has already begun; the move-in date is scheduled for 2022. "Les Hauts du Château" is located near Lake Geneva and next to Bellevue station, which will be served by the "Léman Express" in the future. Geneva's main train station can be reached from here in six minutes by train.
Additional purchase for the stock
The acquisition was made on behalf of Allianz Suisse Lebensversicherungs-Gesellschaft AG, reports Martin Kaleja, CEO of Allianz Suisse Immobilien. The sellers are the real estate consulting firm Comptoir Immobilier and the construction services provider Construction Perret SA.
Allianz Suisse Immobilien was legally advised on the transaction by attorney Dominique Burger from the law firm Ming, Halpérin, Burger & Inaudi in Geneva. "This purchase represents our largest transaction in Switzerland to date," says Kaleja. Upon completion, the apartments will be transferred to the portfolio of Allianz Suisse Life Insurance Company. "They are intended to generate continuous cash flow for the insurance company," Kaleja says.
Portfolio strongly expanded
The purchase of "Les Hauts du Château" is the next step in the expansion and renewal of Allianz Suisse Immobilien's portfolio, says Michael Steiner. "The assets offer excellent growth opportunities due to the local demand for high-quality and well-connected rental apartments in Switzerland," the Head of Transactions and Asset Management at Allianz Suisse Immobilien is convinced.
The Swiss portfolio is now worth more than CHF 5 billion, the company said, adding that Allianz Real Estate has invested more than CHF 500 million in similar residential acquisitions across Switzerland over the past five years, including in key cities such as Zurich, Bern and Winterthur, as well as La Tour-de-Peilz and Muri. (bw)
