Granges-Paccot: SRPF sells office property
As part of its repositioning, the Suisse Romande Property Fund (SRPF) has sold the office building at Chantemerle 3 in Granges-Paccot (FR).
The Suisse Romande Property Fund (SRPF) has sold the property in the Fribourg agglomeration, effective July 1, 2020, according to JSS Real Estate Management. The fund had acquired the office building, which houses an Allianz branch, in October 2017; the property's market value was put at CHF 3.79 million in the semi-annual report as of June 30, 2019.
The sale of the office building follows the long-term goal of repositioning the portfolio, says Dan Bihi-Zenou, CEO of JSS Real Estate Management. The fund's focus in the future will be on larger buildings. In addition, the main tenant will move out in September this year, which is why the vacancy rate in the building will increase. The proceeds from the sale of the property are higher than the last value estimated by independent appraisers, Bihi-Zenou added. The profit will be used to reduce debt and leverage the value potential within the existing portfolio. (ah)
