Deal in Lugano for Avadis Investment Foundation
Avadis Investment Foundation acquired the property Via Beltramina 18-20a in Lugano from Cassa Pensioni di Lugano (CPdL) by means of a contribution in kind.
According to Avadis Vorsorge AG, the property in a very good micro-location has a total of around 13,800 sqm of leasable space. It includes 118 apartments and around 4,400 sqm of commercial space. More than two-thirds of the commercial space is leased to the Lugano Municipal Police.
Avadis Investment Foundation is acquiring the property for the Real Estate Switzerland Residential investment group. The parties have agreed not to disclose the purchase price. The property offers a stable cash flow and fits into the long-term investment strategy of the investment group due to its good location quality, Avadis said. In return for the contribution of its property, CPdL will receive rights to the investment group.
"We are pleased to be able to enter into a long-term partnership with Avadis Anlagestiftung through the contribution in kind. As a result, our beneficiaries will benefit in the future from a broadly diversified and high-quality real estate portfolio as well as from Avadis' high level of real estate expertise," says Marika Codoni, President of CPdL. There will be no changes for tenants as a result of the change of ownership.
The Avadis investment foundations managed by Avadis Vorsorge AG and based in Zurich manage assets totaling CHF 11.7 billion, of which CHF 3.6 billion in real estate investments in Switzerland. (bw)
