Intershop sells real estate for 227 million
Intershop has sold three investment properties in Winterthur and Zurich to an institutional investor.
The three properties are the property at Edenstrasse 20 in Zurich, the "Pionierpark" at Zürcherstrasse 7 in Winterthur, and the property at Zürcherstrasse 15-21, also in Winterthur. Intershop acquired the properties vacant several years ago, then extensively refurbished them and leased them on a long-term basis. This year, the property on Edenstrasse in Zurich was awarded the LEED Platinum sustainability label, and a large lease agreement with the public sector in Winterthur has become legally binding, Intershop says.
As the company sees only limited opportunities to generate additional operational value, it has decided to sell the properties in the current very attractive market environment, the company added. Details of the purchaser were not disclosed.
Ownership of the property in Zurich and the "Pionierpark" will be transferred to the purchaser at the end of 2018, while the property at Zürcherstrasse 15-21 in Winterthur will not be transferred until the completion of the ongoing renovation work at the end of January 2019.
The gross proceeds from the sale of the three properties amount to CHF 227 million, according to Intershop. From the sale of the "Pionierpark" and the Zurich property, the real estate company expects a pre-tax profit contribution of more than 60 million for 2018. The profit contribution from the property that will be transferred in 2019 is expected to positively impact the current fiscal year as a valuation change in the low double-digit million range. (ah)
