Swiss Life Asset Managers invests in Zurich South

Swiss Life Asset Managers laid the foundation stone for the "Manegg West" project on March 1, 2018. The construction project in the south of the city of Zurich comprises three new residential buildings with a total of around 200 apartments and two commercial properties with over 23,000 square meters of office space, restaurants and a municipal kindergarten. The commercial properties comprise a new building and the total renovation of the current office building. The total investment sum up to completion of the project in 2024 amounts to over CHF 300 million. Swiss Life Asset Managers has already concluded long-term rental agreements for the office space; the main tenant is Avaloq.
Swiss Life Asset Managers has already completed and approved the construction project.  "Manegg West" from the seller A4 Prime Properties AG, which will realize the project as total contractor.

Over the next few years, a new district of Zurich will be built along the River Sihl and on the site of former industrial premises. Modern residential, commercial and office space will be built on an area of around two hectares. The "Manegg West" project is Swiss Life Asset Managers' second involvement in this new district in the south of Zurich: the company has already invested in two residential buildings in "Greencity". Renato Piffaretti, Head Real Estate Switzerland at Swiss Life Asset Managers, comments: "The two projects complement each other very well and contribute to the sustainable development of the neighborhood. The great rental success in Greencity shows that the new district is working and is attracting a great deal of interest."

The construction project will be realized in three stages. In the first phase, an office building and a residential building will be constructed. In the second phase, the current high-rise office building will be stripped back to its supporting structure and completely renovated. In a third phase, the existing low-rise building will be demolished and the development will be completed with two further residential buildings. The entire project is scheduled for completion in 2024. The phased approach will allow the existing office tenants to continue working at the site throughout the construction period.