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The following article was created as part of the research process for our list of the largest real estate investors in Switzerland. In addition to detailed acquisition profiles, it also contains contact details and – where available – AUM figures.
Union Investment has sold the Fifty-One office building in Zurich from the portfolio of its open-ended mutual property fund UniImmo: Europe. The buyer of the property is Swiss Prime Site, the largest listed property company in Switzerland. Alejandro Obermeyer, Head of Investment Management DACH at Union Investment, explains that the high quality of the building and its location led to strong demand despite the current difficult market environment for properties over EUR 100 million. Union Investment plans to strengthen the resilience of its high-quality portfolio by focusing on smaller properties and further diversifying its portfolio structure, in particular by expanding the logistics and European residential sectors.
In Switzerland, Union Investment owns another property in Oftringen. This is a logistics property held in the UniInstitutional European Real Estate fund. In general, Union Investment is also active as a buyer: in May this year, it acquired the Grand Palais Hotel on the island of Usedom.
Office property in Zurich West sold
The Fifty-One building that has now been sold is located in the “Zurich West” submarket, a former industrial area that has developed into a modern residential and office location in recent years. Completed in 2011, the building at Pfingstweidstrasse 51 was acquired by Union Investment back in 2009 as a project development for the fund. The property has a rental area of around 21,000 square meters with 88 parking spaces and is fully let to Swisscom Immobilien AG.
Image source: Unsplash
Source: Deal Magazine
