Swiss Life is taking over the Glatt shopping centre in Wallisellen from the Federation of Migros Cooperatives (FMC). The new owner wants to continue the management of the shopping centre successfully over the long term. The parties have agreed not to disclose the purchase price. The Glatt centre in Wallisellen, Zurich is one of Switzerland’s largest and most popular shopping centres with revenue amounting to €558.7m (CHF 600m) and 53,000m² of retail space. The sale has no repercussions on the Migros businesses in Glatt: Migros will continue to maintain a high presence for customers in Glatt shopping centre.
Swiss Life wants to develop the shopping centre over the long term in cooperation with successful centre management. The new owner will take over all the operational employees and leases of the Glatt centre. The closing will take place on 1 October 2020. Migros will invest the proceeds of sale in customer-oriented services.
Stefan Machler, Chief Investment Officer of Swiss Life, commented: “In addition to an attractive selection of shops and brands as well as catering options, the Glatt centre has repeatedly developed innovative new formats in recent years. It is one of the pioneers in Switzerland in combining shopping, experience and meeting place. We want to continue to strengthen this market position in the future and we are convinced that the Glatt centre is a very attractive investment property over the medium to long term.”
