Immofonds and Immofonds suburban buy too
The fund management company Immofonds Asset Management has made acquisitions in Basel and Aarau for its Immofonds and Immofonds suburban funds.
At the beginning of December, the new suburban real estate fund completed its first issue., followed shortly thereafter by a first acquisition: the fund purchased the residential property at Heuweg 3-7 in Aarau/Rohr. The property is located in the immediate vicinity of a wooded area and comprises 18 apartments (2.5 to 4.5 rooms) on a site area of 3,393 sqm. The target rental income is estimated at CHF 0.3 million per year. According to the fund management company, the building dates back to 1987 and was partially renovated in 2015 and 2020. It is in good condition, and there is potential for development through an attic conversion.
Meanwhile, Immofonds has made a bolt-on purchase in Basel, near the SBB railway station. The Immofonds has owned the property at Nauenstrasse 63/63a since 2018, and has now acquired the neighbouring property at Nauenstrasse 65, creating, according to the fund management, "an attractive starting position for future development".
The building was constructed in 1924 and is currently used as an office property. However, the Immofonds is planning a replacement building "with a significant residential component" over this and the neighboring parcel. The potential for exploitation is significant, the fund says. That's because six-story buildings, rather than four, have been allowed on the lots since zoning revisions took effect in 2020. Construction is scheduled for 2025 and occupation is planned for 2027.
As early as October 2021, Immofonds in Zurich-Höngg started work on the replacement of its property at Regensdorferstrasse 63-69. 32 rental apartments are being built, ranging in size from studios to 5.5-room apartments. They should be ready for occupancy in autumn 2023. (ah)
