Abendrot Foundation buys in Zurich and Basel
For the first time in years, the Abendrot Foundation has purchased existing properties in an urban context.
The market environment for urban real estate has been overheated in recent years, according to the Abendrot Foundation. But now things have worked out again, with three purchases of residential and commercial properties. The pension fund concluded the purchase agreement for two Basel properties in December of last year. The first was the detached property at Münchensteinerstrasse 2-8 with 59 mostly compact apartments. The building was carefully renovated by the previous owner in 2015. However, the two-storey commercial building in front of the residential building is still in an unrenovated condition. The renovation of this building envelope is planned for the medium term.
The purchase of the Tellplatz 11/12 property is also announced. This has 25 apartments with large floor plans. There is a bank branch and various smaller stores and offices on the first floor and second floor. The aim is to continue the current uses. In the medium term, structural measures are required in the areas of fire protection and electrical distribution.
In January, the Abendrot Foundation also purchased the "Rothaus" on the corner of Langstrasse and Silhallenstrasse. In 2018, the former Hotel Rothaus was converted to its current use with a minimal refurbishment: The first floor houses restaurant space, the 1st and 2nd floors house the editorial offices of a media project and the 3rd and 4th floors house simply furnished rooms with their own bathrooms and a communal kitchen. In principle, the current usage structure is to be continued. There are plans to revive the catering areas on the first floor with a new concept in the near future. In the medium to longer term, the somewhat outdated bathrooms and the risers are to be replaced. (aw)
