Geneva: Procimmo sells "Broadway" building
The building has a vacancy of 80%, but there is planning permission for a renovation and extension.
Procimmo has sold the "Broadway" building at 22 Rue du Cendrier in Geneva. The property belonged to the Procimmo Residential Lemanic Fund (PRLF), but was no longer part of the fund strategy.
According to Procimmo, the company was able to increase the sales value of the property by obtaining planning permission for a complete renovation and extension of the building, which is vacant at 80%.
The proceeds from the sale will be reinvested in other projects. With this sale, Procimmo has successfully completed the rotation cycle of the Procimmo Residential Lemanic Fund with the sale of six buildings with a total value of CHF 54 million, the press release continues. (ah)
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