| Swiss Prime Site divests Volkiland |
| 30.11.11 07:26 | |
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Olten, 30 November 2011 − Swiss Prime Site is divesting the Volkiland shopping centre in Volketswil as well as the nearby "Under Höh" commercial property as at 1 December 2011. The sales proceeds of CHF 280 million will result in gross profit of roughly CHF 77 million for the company. Swiss Prime Site AG has divested the Volkiland shopping centre located in Volketswil in addition to the nearby "Under Höh" retail and commercial property situated to the north (Grabwis-Strasse 1,3,5) effective as at 1 December 2011. The price tag for both properties amounts to CHF 280 million. Given fair values for both properties of CHF 203 million (as at 30 June 2011), the company has generated gross profit of around CHF 77 million. Volkiland was constructed in 1985 and thoroughly renovated in 2003. Thanks to its ideal location in the heart of a dynamic economic region with robust population growth, the shopping centre has exhibited a persistently favorable sales performance to date. For Swiss Prime Site, the strategically motivated divestment constitutes an opportunity to optimize its real estate portfolio. |
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