PSP Swiss Property Acquires Commercial Property in Geneva

PSP Swiss Property AG has purchased a commercial property with development potential in Geneva's "Quartier des Banques." The acquisition was completed on 28 June 2024, for CHF 58 million. The property consists of 4,150 m2 of leasable space, including 3,700 m2 of office space and 450 m2 for storage.

The seller, Bank Edmond de Rothschild, will continue to occupy the property under a sale-lease-back agreement until June 2026. The building offers a net initial yield of 4%. PSP Swiss Property plans to reposition the property as a hotel, enhancing the attractiveness of the area where it holds six other office properties.