Norway’s GPFG Makes First Real Estate Investment in Switzerland
According to the press release, “the Norwegian Government Pension Fund Global today bought the Uetlihof office complex in Zurich for 1 billion Swiss francs, or about 6.1 billion kroner, from the Swiss bank Credit Suisse.
Credit Suisse will lease the property for 25 years starting today and has the option to extend the lease by as many as 15 years. Uetlihof, located about 3 kilometres southwest of Zurich’s city centre, is Credit Suisse’s main office building worldwide.
‘The transaction marks the fund’s first property investment in Switzerland,’ says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund. ‘ince entering the real estate market in 2011, the fund has also invested in property in the UK, France and Germany.’
Credit Suisse will have operational responsibility for Uetlihof during the fixed lease period. The office complex has more than 8,000 workspaces, as well as a precious metal vault and data centre. It consists of 173,807 square metres of lettable space.”
Read more: NBIM Press Release
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