Züblin Immobilien Holding AG today announced that it had concluded the sale of its two investment properties in Wettingen, Switzerland.
The sales prices after tax 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 33.2 million (approx. €20.5 mln.).
Züblin sold its 2,290-m² office property on Landstrasse 115 with a vacancy rate of 14.8% and its 11,186-m²retail property on Landstrasse 99 with a vacancy rate of 13.2% to separate Swiss real estate investment companies.
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