PSP wants to convert Rothschild headquarters in Geneva into a hotel
PSP Swiss Property acquires the commercial property for CHF 58 million and concludes an agreement with a hotel operator.
As of June 28, PSP Swiss Property has acquired a commercial property in a very good downtown location in Geneva's "Quartier des Banques" for CHF 58 million. The property has a usable area of around 4,150 square meters, of which 3,700 square meters are for offices and 450 square meters for storage. The seller is Bank Edmond de Rothschild, and the property is its headquarters. The bank will lease it until the end of June 2026.
PSP puts the net initial yield at 4 % and sees "interesting development and therefore earnings potential" in the medium to long term. The plan is to reposition the property as a hotel - a development option with a hotel operator has already been worked out in connection with the transaction. "The repositioning is intended to make the district, where PSP Swiss Property owns six other office properties, even more attractive," writes the real estate investor. The exact location is the corner of Rue de Hesse 18 and Rue Henriette et Jeanne Rath 13. (aw)
