Avadis Investment Foundation takes over properties from Givaudan

The 18 residential properties are in central locations, Avadis writes in a press release. Of these, 16 properties are located in the city of Geneva and two in the suburbs of Lausanne. The properties are fully let and reportedly have the potential to increase in value. They will become part of the Swiss Residential Real Estate investment group of the Avadis Investment Foundation. As at April 30, the investment group's assets amounted to CHF 2.87 billion.

The reason for the transaction was a change in strategy by the Givaudan pension fund. The aim was to reduce administrative expenses and create the conditions for further development. "Avadis has many years of extensive expertise in real estate management and the further development of properties. We are convinced that we have the best prerequisites within the Avadis Investment Foundation to ensure the long-term profitability of our real estate assets," says Hervé Lamy, Chairman of the Board of Trustees of the Givaudan Pension Fund. The parties have agreed not to disclose the financial terms of the transaction. (aw)