Geneva: Credit Suisse sells headquarters
According to various media reports, Credit Suisse has sold its headquarters in the Geneva station district to Schroders.
How first the Switzerland at the weekend reported, Credit Suisse is said to have received around CHF 300 million for the property in Geneva's Cornavin district. Schroders is taking over the building for a Swiss real estate fund. Neither company initially commented on the newspaper report. However, Schroders announced a little later that the Immoplus real estate fund was acquiring the property in connection with its recent capital increase.
At its Investor Day in December, Credit Suisse announced that earnings in its Swiss business were under pressure due to the negative interest rate environment. The bank intends to alleviate this pressure by selling real estate. (ah)
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