HSO fund acquires special properties
The real estate fund Helvetica Swiss Opportunity (HSO) has acquired four special properties with a market value of around CHF 64.75 million.
According to Helvetica Property, the four properties have a total leasable area of more than 25,000 sqm and will generate rental income of around CHF 4.4 million per year. The market value is 64.75 million and the gross yield will be around 6.8%, it said. With the acquisitions, the funds from of the fund's first issue carried out in November 2019 invested.
HSO has acquired the property at Steinacherstrasse 101 in Wädenswil, which was formerly used as an office property and is currently being converted for school use. From spring 2020, the Canton of Zurich will be the largest tenant of the property with 86%, followed by three other smaller tenants with around 5% each. The total leasable area is reportedly around 4,360 sqm. Rental income will be around CHF 1.1 million in 2020, rising to 1.4 million from 2021, as the canton will not pay rent until mid-March in 2020. The lease agreement with the canton of Zurich runs until 2030, according to the statement.
In Rümlang, the commercial property Hofwisenstrasse 48 was acquired in an industrial zone outside the town center. The property comprises a leasable area of around 5,900 sqm and is fully let with three tenants. According to Helvetica Property, the rental income amounts to approximately 0.7 million per year.
In Schaffhausen, the fund acquired "Lipo Park" at Industriestrasse 2b. The commercial property is the shell use of the football stadium and was acquired in condominium ownership. The fund did not purchase the stadium itself.
According to Helvetica Property, the acquired STWEG value ratio amounts to 71.5%. The property has a leasable area of around 9,200 sqm and is fully let. The largest tenant is Lipo Einrichtungsmärkte with 48%, followed by Clever Sports with 29% and seven other tenants with a combined 23%. Annual rental income is reported at about 1.6 million. The seller is Methabau, which also developed and built the property.
Also from Methabau, the HSO Fund is taking over the new construction project of the "Nextpharma" logistics hall on Solenbergstrasse in Schaffhausen. The property is currently under construction and is scheduled for turnkey handover in August 2020. The property has 5,900 sqm of rental space and is already fully leased to Nextpharma Logistics. The company will use the building as a pharmaceutical distribution warehouse. Annual rental income is reportedly 0.7 million and the lease with Nextpharma Logistics runs until 2035. (ah)
