By selling the property management unit for third parties, PSP Swiss Property focuses on its own real estate portfolio. By way of an asset deal, the German Bilfinger Berger Group takes over the property management unit for third parties from PSP Swiss Property as of July 1, 2007 and will operate the business under the EPM Swiss Property Management AG. The parties have agreed to keep the transaction price confidential.
Following the going public in March 2000, PSP Swiss Property has successfully realized its clearly defined and communicated strategy the combination of a first-class Swiss real estate portfolio with a professional property management unit. Through different acquisitions of larger real estate portfolios and of individual properties, PSP Swiss Property has grown significantly and created substantial value added for the shareholders. Since the going public, the real estate portfolio increased from CHF 1.1 billion to CHF 4.8 billion (end of 2006) and the share price has risen from CHF 37.75 (end of 2006) to current CHF 67.00 (+ 77.5%).
The spin-off of the property management unit for third parties does not entail a change of the Group strategy, i.e. PSP Swiss Property will continue to manage its own real estate portfolio. However, after the successful build-up of the real estate asset management unit, the cooperation with the internal property management team will be intensified. In future, the property portfolio valued at CHF 4.8 billion, will be managed by approximately 40 employees out of four property management locations Wallisellen, Olten, Geneva and Lausanne.
Hans Peter Egloff, so far Member of the Executive Board of PSP Swiss Property, will be CEO of EPM Swiss Property Management AG and thus remains responsible for the third parties' property management being sold. Otto-Kajetan Weixler, Chairman of the Executive Board of HSG Technischer Service GmbH, Frankfurt (a Bilfinger Berger Group Company), comments, "EPM Swiss Property Management AG will be active in the field of property management and letting of residential and commercial real estate for institutional and private investors. Together, the three Swiss Group Companies HSG Facility Management AG, Serimo Immobiliendienste AG and EPM Swiss Property Management AG will be able to exploit substantial synergy potential, with the goal to become the leader in quality services and develop it further." The sale is subject to the approval by the Board of Directors of the Bilfinger Berger Group. The Executive Board has already approved the transaction.
After the departure of Hans Peter Egloff from PSP Swiss Property, the Executive Board will be constituted as follows: Luciano Gabriel (CEO), Giacomo Balzarini (CFO) and Ludwig Reinsperger (Head Real Estate Investments).