Migros sells Glattzentrum to Swiss Life

According to the seller Migros-Genossenschafts-Bund (MGB), the sales contract was signed on July 10, 2020. The parties have agreed not to disclose the purchase price. The economic transfer is to take place on October 1, 2020. MGB was advised by CBRE on the sale.

Swiss Life is taking over the shopping center as part of its asset management activities for third-party clients and intends to continue running it in the long term, the statement added. All of the Glattzentrum's operating staff and rental agreements will be taken over by Swiss Life. This means that the sale will have no impact on the tenants or Migros' business in the Glattzentrum. The Swiss Life subsidiary Livit will take over the operation of the shopping center as well as the operational staff.

"In addition to an attractive selection of stores and brands as well as gastronomic offerings, Glattzentrum has repeatedly developed innovative new formats in recent years," says Stefan Mächler, Swiss Life's head of investments. The shopping center is one of the pioneers in Switzerland when it comes to the combination of shopping, experience and meeting place. "We want to continue to strengthen this market position in the future, and we are convinced that Glattzentrum is a very attractive investment property in the medium to long term."

With a sales area of 53,000 square meters, the Glattzentrum in Wallisellen is one of the largest shopping centers in Switzerland. It generates sales of around CHF 600 million. The Federation of Migros Cooperatives has put the shopping center up for sale in order to use the proceeds to invest more in its core business and promising segments. The MGB, however, does not consider real estate management to be its strategic focus. (ah)