Zurich: PSP Swiss Property buys the "Westpark"
PSP Swiss Property pays CHF 216.5 million for the "Westpark" and raises its EBITDA forecast.
The seller of the property is the German investment manager Union Investment. The transaction for the property located in Zurich-West took place on June 1. The office building at Pfingstweidstrasse 60 has a usable area of 27,100 square meters and 130 parking spaces and generates a net yield of 4%. PSP sees medium to long-term rental and development potential in the property. The tenant mix is broadly diversified with tenants of good credit standing. The sustainability profile of the building is also very good. The "Westpark" is certified as a building with "BREEAM excellent" and in operation with "BREEAM very good". PSP adds it to the green asset portfolio.
EBITDA forecast now CHF five million higher
The acquisition of "Westpark" increases PSP's EBITDA forecast. The expected rental income will lead to EBITDA excluding gains/losses on real estate investments of CHF 290 million (previously: CHF 285 million).
Sale in Wädenswil
PSP also announces that a development plot on the former brewery site in Wädenswil was sold for CHF 13.0 million on May 25, 2023 as part of the portfolio streamlining. (aw)
