Swiss Prime Site buys two properties in Zurich

In Altstetten, Swiss Prime Site Immobilien is acquiring the approved "West-Log" construction project from Implenia. The property, which has yet to be built, is a property for urban logistics. The new building is located in the immediate vicinity of the Zurich Altstetten train station and streetcar line 4. It is separated from the railroad tracks on the south side by Vulkanstrasse, and on the north side the industrial site is bounded by Juchstrasse. The site is also directly adjacent to the freeway junction in the west of the city.

As a logistics hub, the building can respond to the growing demand for the distribution of goods within the city and thus offers long-term prospects, says project developer and general contractor Implenia. The realization of "West-Log" is scheduled to begin this summer and is expected to take a good two years. At present, 85 percent of the available space of 17,500 sqm is reportedly pre-let to a Swiss wholesaler on a long-term basis.

Swiss Prime Site is also acquiring the property on the corner of Dreikönigstrasse and Beethovenstrasse in downtown Zurich, which was completely renovated between 2013 and 2016. The property comprises six full floors, one attic floor and several basement floors with 62 parking spaces. The 5,500 sqm of total space is leased to well-known companies, Swiss Prime Site said. The property is designed to be flexible, allowing for the current multi-tenant structure, further subdivisions or a lease to a single tenant, it said.

According to Swiss Prime Site, the two acquisitions will increase the value of the real estate portfolio by around CHH 220 million. In addition, rental income in the order of 7.2 million is expected.