Warteck lnvest buys SPS portfolio
Five properties in the canton of Thurgau with a total market value of CHF 43.5 million changed hands.
Warteck Invest is acquiring a real estate portfolio in the canton of Thurgau from Swiss Prime Site (SPS), consisting of three senior residences, a residential building and a plot of building land. As announced by the Basel-based real estate company, the notarization took place on July 14 and the transfer of benefits and risks will take place retroactively to July 1.
According to Warteck Invest, the five properties have a market value of CHF 43.5 million and have been leased to the operator of senior residences Tertianum for many years. The acquisition will generate annual rental income of around CHF 2.1 million for the real estate company.
Swiss Prime Site has already sold ten properties in 2023
According to Swiss Prime Site, the sale to Warteck Invest was the most significant transaction of the year to date; the company has sold ten properties worth CHF 148 million since the beginning of the year. According to SPS, the other sales include six retail properties in Meryin, Conthey, Frick, Sursee, Frauenfeld and Wil as well as a smaller commercial property in Wabern near Bern and mixed-use space in Oberbüren. A development site with an approved residential construction project in Wangen bei Olten was also sold. According to SPS, the average sales price was around ten percent higher than the last estimated value determined by external valuers at the end of 2022.
The reason given by the real estate company for the sales is that the properties "no longer fit optimally" into the portfolio in terms of location and type of use. The proceeds from the transactions will be reinvested in current development projects. "Despite the challenging market environment, we were able to complete the planned transactions and realize sales profits in line with previous years," explains CEO René Zahnd.
SPS also reports that it succeeded in reducing the vacancy rate to 4.1% in the first half of 2023 as a result of lease renewals and new lettings - at the end of 2022, it stood at 4.3%. The rental agreements therefore relate to both the existing portfolio and projects that will be completed this year or next. (ah)
