Intershop sells AuPark to Swiss Life
Swiss Life has acquired the AuPark development property in Wädenswil from Intershop. The purchase price is CHF 190 million, Intershop says.
Intershop announced in an ad hoc release that it has sold the AuPark development project in Wädenswil (ZH). The purchase agreement with Swiss Life was notarized on August 19, and the transfer of ownership took place the same day. JLL acted as transaction advisor to the seller on the deal.
Intershop acquired the property in 2001 and initially continued to operate it as an industrial and commercial property. The site on Lake Zurich is to be put to new use in the future: Plans call for around 230 apartments with a complementary neighborhood service, and the canton of Zurich will also build a cantonal school. After a project planning phase of more than ten years, the design plan became legally valid in the summer of 2020, and the building permit has been legally binding since May of this year. Intershop will be responsible for the demolition of the existing buildings and the disposal of any contaminated excavated material, according to the real estate company.
Intershop puts the sale price at CHF 190 million; the company expects a pre-tax profit contribution of around CHF 120 million from the transaction.
The 11,000 square meter parcel of land on which the canton of Zurich wants to build the secondary school is not part of the sale, Intershop emphasizes. A purchase agreement with the canton had already been notarized for the land in 2017; the sales price was CHF 19.8 million. The transfer of ownership is scheduled for 2023. (ah)
