Deka Immobilien has exchanged contracts to secure the purchase of an office building in Geneva under a sale and leaseback arrangement with the private bank Pictet & Cie SA. The property is to be transferred to the two open-ended real estate funds WestInvest InterSelect (66%) and Deka-ImmobilienEuropa (34%) by means of a joint venture.
However, this is subject to the final decision of the local authorities, as per the usual process for this type of transaction. “This purchase provides a rare opportunity to acquire a high-profile property with a highly reputable and creditworthy tenant in the Swiss real estate market, which tends to be dominated by local investors”, says Victor Stoltenburg, Managing Director of Deka Immobilien. The parties agreed not to disclose the purchase price.
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