CS fund buys development project in Petit-Lancy
The seller of the project development is the Artisa Group. Near Geneva, nearly 200 micro-apartments are being built in two buildings.
A real estate fund of Credit Suisse Asset Management is investing in a development project of Artisa Group in Petit-Lancy near Geneva. The development consists of two ellipse-shaped buildings that will form the entrance to the Surville residential district in Petit-Lancy. It will include 198 fully equipped apartments, as well as common areas on the first floor and top floor. A long-term lease has been signed with the operator City Pop, a partner company of Artisa.
The Credit Suisse fund has acquired one of the two buildings. No details of the purchase price were given. Jessica Lindauer, fund manager at Credit Suisse Asset Management, said they were pleased to expand the real estate portfolio "with such a compelling property and a future-oriented concept. The employment rate in Lancy is increasing, which is why we are convinced that the residential offering will be well received."
In the neighborhood of the construction project, other projects are currently being implemented. The neighborhood is an ideal place for the realization of this project due to its easy accessibility by public and private transport, as well as numerous services, informs Credit Suisse Asset Management.
Construction is scheduled to begin early next year, and the residential units are expected to be ready for occupancy in 2025. (ah)
