City of Zurich exercises right of first refusal for “Theater 11”.
As the city of Zurich has informed, the city council intends to bring “Theater 11” back into municipal ownership and continue using it as it is today.
The Kulturhaus was built by the city of Zurich in 1965 and later relinquished planning permission.
As the grantor of building rights, the city of Zurich has a right of first refusal to buy the building sale pending. That is exactly the case now.
Current use will continue
The current holder of the building rights (MCH Messe Schweiz AG) has entered into an agreement with the operator of “Theater 11” (Rent-a-Theater AG / FBM Entertainment). sale of construction law agreed.
reason for that sale is that the operation of the cultural center is not part of the core business of the building lease holder.
The city council wants to use the city’s statutory right of first refusal and bring the theater building back into city ownership.
He therefore has 325,000 for the purchase francs approved.
Nothing should change in the use of «Theater 11»
This amount corresponds to the purchase price for the building rights of 2.66 million francs Less the renewal fund of 2.37 million accumulated by the holder of the building right and contractually to be transferred to the city francs and also includes the transaction costs.
Nothing should change in the use of «Theater 11». With the acquisition, the city enters into the current rental agreement with the current operator.
The building was extensively converted and expanded by the building rights holder in 2006 and is in good condition.