Zurich: Erres buys development site
Edmond de Rothschild Real Estate SICAV has acquired two plots of land in Zurich's Kreis 4 for the purpose of realising a residential project development.
The properties acquired by Edmond de Rothschild Real Estate SICAV (Erres) in Zurich are at Hohlstrasse 176 and 186-188, and the fund intends to convert the existing commercial buildings into a residential development.
According to Erres, the purchase represents an "excellent opportunity" to position itself strategically in the Zurich residential market. The location within Kreis 4 is very well situated, the area is undergoing a major transformation and the revitalization will contribute to the increasing popularity of this part of town, they are convinced.
The existing commercial properties are fully let until the end of 2024, after which the development project is to start. Erres is planning a total investment of around CHF 200 million over a period of three to six years. (ah)
