Swiss Estates wants to take over 50 million portfolio
Swiss Estates AG intends to acquire a real estate portfolio by way of an exchange of shares. A corresponding memorandum of understanding has already been signed, the real estate company announces.
According to Swiss Estates, the portfolio consists of properties located in the canton of Zurich, and partly also in the city of Zurich. It is a mixed portfolio with a residential component; the total market value is just under CHF 50 million. The gross yield of the fully rented and very well maintained properties amounts to about 4.4 percent, the real estate company said.
Specifically, the joint stock company holding these properties is to be acquired. The transaction is to be carried out in the form of an exchange of shares, it is further stated. The sellers of the real estate company intend to hold the majority of the shares of Swiss Estates AG, which they will receive in the exchange, on a long-term basis.
The transaction is expected to close in October 2018, effective July 1, 2018.
Swiss Estates, a listed company, invests in residential properties in urban areas of Switzerland, including agglomerations of major cities.
