Immofonds buys in Zurich
The Immofonds has acquired a property with 20 small apartments in the Wipkingen district of Zurich.
According to the Immofonds, the residential property on Nordstrasse in Zurich consists of two apartment buildings. The buildings were built in 1965 and completely renovated in 2017/2018. In addition to office space on the first floor, the property comprises 20 studios and small apartments, all of which are reportedly rented out.
According to the real estate fund, the acquisition strengthens the portfolio in the core market of urban centers with growth potential on the one hand and in the segment of particularly sought-after small apartments on the other. According to the real estate fund, it currently holds 21 properties in the city of Zurich with an estimated market value of around CHF 260 million.
According to fund manager Gabriela Theus, the real estate fund will only be slightly affected by the Covid-19 pandemic in the current financial year. Almost 90% of the fund's income comes from residential use, with only around 2% of rental income coming from tenants who are directly affected by the Federal Council's measures. However, the medium to long-term consequences of the pandemic are still difficult to assess at present. (ah)
