City of Zurich offers around the Uetlihof with

The city of Zurich sees the Uetlihof at the foot of the Uetliberg as a "place for numerous jobs and at the same time a large reserve of building land" that it wants to secure. The city is therefore taking part in the sales process launched by the owner of the property, the Norwegian sovereign wealth fund, at the beginning of this year. For the possible acquisition, the city council is requesting a supplementary credit of CHF 1.2 billion. This amount does not correspond to the intended purchase offer, but to the current building insurance value of the property, the city of Zurich emphasizes. If necessary, further money would be approved as an urgent supplementary credit.

With the purchase, the city wants to secure the location of Credit Suisse, which employs 8,500 people in the Uetlihof: "The financial center is an important backbone of the city of Zurich's economy, and Credit Suisse is traditionally a major employer in our city. It is in the interest of the city of Zurich that it remains in the location in the long term," said City President Corine Mauch. The lease with the bank in the Uetlihof is fixed until 2037 and can be extended by Credit Suisse for up to 15 years.

In addition, the site, which covers a good 55,000 square meters and is located in a five-story residential zone, is the second-largest contiguous parcel of residential land in the city of Zurich. The buildings could continue to be used as an office complex or as an educational and residential location after the lease expires, according to the city of Zurich. "The Uetlihof is thus an important building land reserve for the next generation or the one after that. Therefore, the city has a high interest in acquiring this parcel," says Chief Financial Officer Daniel Leupi.

The two buildings Uetlihof 1 and 2 were constructed between 1976 and 1979 and in 2012, the latter to the Minergie-P-Eco standard. Uetlihof 1 was extended in two stages in 1984 and 1990. Credit Suisse sold the campus ten years ago and has been the tenant ever since. According to the city of Zurich, the annual rental income is in the mid-double-digit millions. (ah)