Union Investment has sold the Fifty-One office building in Zurich on behalf of open-ended real estate fund Unilmmo: Europa. The buyer is Swiss Prime Site.
“The high construction quality and good location of Fifty-One and the tenant’s creditworthiness generated a lot of interest even in the current market environment, despite properties worth over €100m being considered difficult to market at the moment. To further boost the resilience of our high-quality existing portfolio, we are increasingly focusing on smaller lot sizes and continuing to diversify our portfolio structure, in particular by increasing our exposure to resilient logistics and European residential properties,” said Alejandro Obermeyer, head of Investment Management DACH at Union Investment.
Fifty-One is located in the Zurich West submarket, a former industrial zone that has been transformed into an attractive, modern residential and office location in recent years. Completed in 2011, the property at Pfingstweiastrasse 51 was acquired by Union Investment for the fund in 2009 as a development project. The building offers some 21,000 square metres of rental space with 88 parking spaces and is fully let to Swisscom Immobilien AG.
The sale was supported by JLL, Lenz & Staehelin and KPMG.
Image provided by Union Investment.
