Allreal acquires Swiss Generali business properties
Allreal is acquiring four commercial properties with a total floor space of around 54,000 sqm from the insurance company Generali Switzerland as part of a sale-and-leaseback transaction.
The parties have agreed not to disclose the purchase price. The transaction was financed through existing credit lines, Allreal wrote in a statement to the media. Generali will continue to use the buildings itself and has concluded long-term rental agreements with Allreal for this purpose, which became income effective as of November 1, 2017. The target annual rental income amounts to CHF 12.5 million.
The properties acquired by Generali Switzerland are three commercial properties in Adliswil (ZH; Soodmattenstrasse 2, 4 and 10; built in 1989/1990) with a total leasable area of around 39,000 sqm and 603 parking spaces, and one commercial property in Nyon (VD; Avenue Perdtemps 23; built in 2005/2006) with a total leasable area of around 15,000 sqm and 171 parking spaces.
Based on the "triple net" lease agreements concluded by Allreal with Generali for the four fully leased properties, all property expenses would be borne by the tenant over the entire term. The acquisition of the four commercial properties will lead to a substantial expansion of the portfolio of investment properties, says Allreal.
The value of the entire Allreal real estate portfolio amounts to 3.59 billion, according to the company. Allreal Holding AG, listed on the SIX Swiss Exchange and with its operational headquarters in Zurich, operates exclusively in Switzerland.
