Geneva: Start of construction for Côté Parc in sight
In Geneva's Petit-Saconnex neighborhood, construction is about to start on Côté Parc, a project by MRPS Maison de Retraite du Petit-Saconnex, Losinger-Marazzi and La Foncière.
Five buildings with 216 affordable rental apartments and an aparthotel are to be built on the still vacant building rights of MRPS; in addition, an existing property will be extended. According to the investor La Foncière, the building permits are legally binding.
The project, which secures the long-term future of MRPS, increases the value of the fund's real estate portfolio by approximately 8%. For financing, La Foncière had carried out a capital increase of CHF 100 million in March 2020, which was fully subscribed despite the turbulent stock market environment at the time. (bw)
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