Swiss Prime Site sells Tertianum
The Swiss investment company Capvis buys the Tertianum Group from Swiss Prime Site.
Capvis Equity V, a fund advised by Capvis, is acquiring Tertianum; the purchase agreement covers the operational management of more than 80 residential and care centers and residences in all parts of Switzerland.
The approximately 4,700 employees and the management of the Tertianum Group will be taken over by the new owner. The properties will remain in the Swiss Prime Site portfolio. Tertianum is thus one of the most important tenants within the portfolio of the real estate company.
Swiss Prime Site announced that the parties have agreed not to disclose the transaction price. The closing is expected in the first half of 2020.
With the sale, Swiss Prime Site is focusing its business model even more strongly on value creation from real estate and the real estate-related Group companies, the statement added. The funds released by the sale are to be used to strengthen the balance sheet and implement projects in the project pipeline. The Tertianum Group's EBIT of around CHF 30 million will be offset by the realization of the real estate projects. After completion of the transaction, Swiss Prime Site expects a significant profit contribution in the 2020 consolidated financial statements. (ah)
