Acquisition commercial property

PSP Swiss Property AG / Key word(s): Miscellaneous
Acquisition commercial property

01.07.2024 / 18:00 CET/CEST

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PSP Swiss Property buys an attractive commercial property with development
potential in the Geneva "Quartier des Banques".

As of 28 June 2024, PSP Swiss Property has acquired a commercial property in
a very good city centre location in Geneva's "Quartier des Banques" for CHF
58 million. The property has a leasable floor space of approximately 4,150 m2
(office 3,700 m2 and storage 450 m2). The Bank Edmond de Rothschild is thus
selling its head office and will rent it until the end of June 2026
(sale-lease-back). The building generates an attractive net initial yield of
4 percent and has an attractive development and thus earnings potential in
the medium to longer term. PSP Swiss Property intends to reposition the
property as a hotel and has worked out a corresponding development option
together with a hotel operator during the transaction. The repositioning is
intended to make the neighbourhood, where PSP Swiss Property owns six other
office properties, even more attractive.

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Further information
Sam Schwarz, Transactions & Portfolio Steering · Tel. +41 (0)44 625 55 77 ·
Mobile +41 (0)79 137 93 49
Vasco Cecchini, CCO & Head IR · Tel. +41 (0)44 625 57 23 · Mobile +41 (0)79
650 84 32

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PSP Swiss Property - leading Swiss real estate company

PSP Swiss Property owns a real estate portfolio of CHF 9.6 billion in
Switzerland's main economic areas; its market capitalisation amounts to CHF
5.3 billion. The 98 employees are based in Basel, Geneva, Zug and Zurich.

PSP Swiss Property has been listed on the SIX Swiss Exchange since March
2000 (symbol: PSPN, security number: 1829415, ISIN CH0018294154).


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End of Media Release

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   Language:       English
   Company:        PSP Swiss Property AG
                   Kolinplatz 2
                   6300 Zug
                   Switzerland
   Phone:          +41417280404
   Fax:            +41417280409
   E-mail:         info@psp.info
   Internet:       www.psp.info
   ISIN:           CH0018294154
   Valor:          1829415
   Listed:         SIX Swiss Exchange
   EQS News ID:    1937281

End of News EQS News Service
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1937281 01.07.2024 CET/CEST