Mobimo acquires a stake in DREI
Mobimo Holding AG acquires a majority stake in Dual Real Estate Investment AG (DREI). The holding was previously in the hands of Dual Holding SA Fribourg. With this purchase, Mobimo enters the Geneva real estate market and further expands its position in Western Switzerland.
Dual invests in residential and mixed-use properties in the low and mid-rent segments in the canton of Geneva. 82 percent of the rental income comes from residential uses, and the properties represent an estimated market value of CHF 244 million, Mobimo wrote in a statement. The acquisition of the stake adds 29 properties in Geneva to Mobimo's portfolio.
The purchase price amounts to around CHF 65 million and will be financed from free funds. Even after the purchase of the stake, Mobimo's equity ratio will remain above the strategic minimum threshold of 40 percent, the statement continues. The closing of the purchase agreement and the final determination of the purchase price are subject to certain regulatory conditions. (ah)
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