Novavest: Acquisitions in Altstätten and Grellingen
Novavest Real Estate AG expands its real estate portfolio and purchases two properties in Altstätten (SG) and Grellingen (BL).
In total, Novavest Real Estate AG has invested almost CHF 49 million in the acquisitions.
The property in Altstätten is a residential and commercial property at Churerstrasse 1, in the historic old town of the municipality in the canton of St. Gallen. Shopping facilities, restaurants, schools, kindergarten, banks, post office and the train station are in the immediate vicinity.
The property comprises 22 apartments (eleven 2.5- and 3.5-room apartments each). In addition, there are 2,280 sqm of office space, 1,369 sqm of retail space and 529 sqm of storage space. The building houses the new customer center and headquarters of Raiffeisenbank Oberes Rheintal. The property was built in 2015 and has a target rental income of around CHF 1.6 million per year, according to Novavest. The investment for the purchase of the property amounts to CHF 29.1 million.
Novavest also invests in Grellingen
The residential property in Grellingen (Canton of Basel-Landschaft) consists of four apartment buildings and an underground garage and is located within walking distance of the school, village center and train station. The development was built between 1967 and 1973 and was extensively renovated between 1998 and 2005.
The property contains 66 residential units (2-, 3.5- and 4.5-room apartments) with 4,428 square meters of rental space and 68 underground and outdoor parking spaces. The target rental income amounts to CHF 0.91 million per year. Novavest has invested around CHF 19.75 million. SPG Intercity Basel was commissioned by the owner to sell this residential development. (ah)
