Rockspring on behalf of PanEuropean Property Limited Partnership has completed the sale of a portfolio of three retail assets in Switzerland to Schroder ImmoPLUS, managed by Schroder Investment Management.
The 51,500m² portfolio comprises three assets in Villeneuve (16,500m²), Lausanne (a 20,000m²) and Luzern (15,000m²). All three properties are let to a subsidiary of Hornbach Baumarkt, one of Europe’s largest DIY operators, on recently re-geared leases with WAULTs of approximately 15 years and an annual income of circa €5.6m (CHF 6m).
Following the sale, the Fund portfolio, which has a current total value of €500m, is approximately 60% retail, and 40% offices and logistics.
CBRE Zurich acted for the vendor.
