Zurich: City buys residential buildings for 124 million francs
The City of Zurich is acquiring four residential properties in various neighborhoods. The transaction with UBS actually stems from an agreement in connection with the "Ensemble" stadium project.
The city of Zurich is purchasing four properties with 117 apartments and four commercial spaces in the Wollishofen, Oerlikon and Höngg districts. "The acquisition supports the goal set by the Zurich electorate to increase the proportion of non-profit rental housing to one third by 2050," writes the city in a press release. The properties built between 1954 and 2018 are in varying states of repair - from intact to very good. However, no major investments in building maintenance are currently necessary, it says. The city intends to continue managing the properties in their current condition.
The City Council has approved the purchase of the four properties for CHF 123.93 million, including transaction costs. In addition, the municipal family housing foundation is to acquire two further properties as part of the transaction, which mainly comprise large, family-friendly apartments.
City confirms interest in project on Hardturm site
The deal is based on a commitment from the "Ensemble" project on the Hardturm site from 2018. At that time, the former Credit Suisse Asset Management promised the City of Zurich the sale of around 125 apartments. The legal successor UBS Fund Management is now fulfilling this obligation.
An appeal against the private design plan for the "Ensemble" project is currently pending before the administrative court. "The city council continues to support the project and has a great interest in the stadium and residential construction project being realized soon," writes the city. (aw)
