Züblin Immobilien Holding AG today announced that it had concluded the sale of two investment properties, one in Switzerland and the other in Germany. The sales prices of both transactions were in line with IFRS fair values as of 30 September 2008. The combined net proceeds, after taxes and transaction costs, were CHF 56.3 million.
In Switzerland, Züblin sold its 5,249 m², fully let office property in Pfäffikon to a Swiss real estate investment fund. In Germany, Züblin's fully-owned subsidiary, ZIAG Immobilien AG, concluded the sale of its 2,070 m², fully let retail property in Lüneburg to a Dutch real estate investment fund.
The sale of these properties is consistent with the Company's revised strategy to concentrate its investment holdings on office properties in a few selected cities in Switzerland, France and Germany.
Source: Züblin Immobilien Holding AG