Swiss Central City buys in Geneva
The Swiss Central City Real Estate Fund buys a fully let commercial property in the center of Geneva.
editorial staff
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June 2, 2022
Nova Property Fund Management has purchased a seven-storey apartment property in an attractive location in Geneva’s up-and-coming Jonction district for the real estate fund Swiss Central City Real Estate Fund. According to the fund company, the total investment costs for the property amount to CHF 69 million with a target annual rental income of around CHF 2 million.
The building, which is as good as new, includes furnished individual apartments for long-term residential use as well as smaller catering and commercial areas, Nova Property further reports. The total usable area is 3,100 sqm. The property is fully let with long-term triple-net leases and a WAULT of 14.7 years. According to Nova Property, the largest anchor tenant is a “renowned and independent institution of the Canton of Geneva”.
With the purchase, the value of the real estate portfolio of the Swiss Central City Real Estate Fund increases to over CHF 570 million, and the annual target rental income increases to just over CHF 19 million. (Ah)
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