Plazza Immobilien, a subsidiary of Conzzeta Holding, is selling its land holding at the 'Richti' development site in Wallisellen, Switzerland, to Allreal Generalunternehmung AG.
The plot of land, measuring 55,625 m², situated between the Wallisellen rail station and the Glatt shopping mall, will enable Allreal to round off its existing land holding to a total of 72,055 m². The real estate company now has reserve land for development in a prime location with good infrastructure. As sole owner of the Richti site, Allreal will commence work on an appropriate development concept during the current year. The potential investment volume is in excess of approx. €227 million (CHF 400 mln).
Until 1988, a factory manufacturing concrete products which belonged to Favre & Co. AG, a subsidiary of Conzzeta Holding's forerunner Zürcher Zie¬geleien, was located at the site. Conzzeta is expecting to realize an extraordinary profit of approx. €29 million (CHF 51 mln) from the sale of the property, which was the last significant land asset in the Zurich region remaining from the earlier activities in the manufacture of construction materials.
The parties have agreed not to disclose the purchase price.