Three acquisitions for the Swisscanto fund Swiss Commercial
The Swisscanto Swiss Commercial real estate fund reinvests the proceeds from the sale of the Altenrhein plant and purchases three properties in St. Gallen, Zurich and Yverdon-les-Bains.
At the end of 2021, the Swisscanto (CH) Real Estate Fund Responsible Swiss Commercial disposed of the Altenrhein plant site, one of its largest properties in the portfolio. Now Swisscanto reports the purchase of three commercial properties in the cities of St. Gallen, Zurich and Yverdon-les-Bains for the fund. The market value of the three properties is CHF 81.5 million, and the gross yield is around 4.0%, Swisscanto reports. This means that the entire proceeds from the sale of the Altenrhein site have been reinvested in as-new portfolio properties.
The property in St. Gallen is the commercial building Vier Winkel near the train station St. Fiden, the project was developed by Mettler2Invest. The office and commercial property at Heiligkreuzstrasse 5 was built in 2020 and has an occupancy rate of over 75% and a WAULT of 6.5 years, according to Swisscanto. Tenants are from the software development, medical services, engineering services and architecture industries. Due to a two-year rental guarantee, 100% of the property is directly income-generating for the fund.
In Zurich, the fund acquired the property at Selnaustrasse 33/Sihlstrasse 97 in the city center (district 1). The upper floors are occupied by offices and commercial space, respectively, and the top floor by a high-quality maisonette apartment. A restaurant is located on the first floor. The property is "almost fully leased" and has a WAULT of over four years, Swisscanto said.
The property in Yverdon-les-Bains (VD) purchased by Swiss Commercial is a mixed-use property at 36-38 Rue du Lac/Place de l'Ancienne Poste 2/Rue des Remparts 20 "in a prime micro-location." The property includes retail, office and medical office space, as well as apartments on the upper floors. According to Swisscanto, the WAULT is about eight years, and tenants include companies in the optometry, pharmacy, dental and physiotherapy industries. Due to a five-year rent guarantee, the property is immediately 100% income-effective.
The transfer of ownership for the properties in St. Gallen and in Zurich has taken place with effect from January 1, 2022, and for the property in Yverdon-les-Bains it will take place on March 1. (ah)
