Acquisition commercial property

PSP Swiss Property buys an attractive commercial property with development potential in the Geneva "Quartier des Banques".

As of 28 June 2024, PSP Swiss Property has acquired a commercial property in a very good city centre location in Geneva's "Quartier des Banques" for CHF 58 million. The property has a leasable floor space of approximately 4,150 m² (office 3,700 m² and storage 450 m²). The Bank Edmond de Rothschild is thus selling its head office and will rent it until the end of June 2026 (sale-lease-back). The building generates an attractive net initial yield of 4 percent and has an attractive development and thus earnings potential in the medium to longer term. PSP Swiss Property intends to reposition the property as a hotel and has worked out a corresponding development option together with a hotel operator during the transaction. The repositioning is intended to make the neighbourhood, where PSP Swiss Property owns six other office properties, even more attractive.

Further information
Sam Schwarz, Transactions & Portfolio Steering · Tel. +41 (0)44 625 55 77 · Mobile +41 (0)79 137 93 49
Vasco Cecchini, CCO & Head IR · Tel. +41 (0)44 625 57 23 · Mobile +41 (0)79 650 84 32