PSP Swiss Property has purchased for CHF 64 million (asset purchase price) a prime property in Geneva in a share deal. The commercial property is located at Place de la Synagoguefor. It has around 2’700 m2 of usable space, 75% of which is mainly used for offices. The remaining space is used for retail, gastronomy, a gym and storage. This property is fully let in the medium to long term, with the main tenant being the IWG-brand «Signature», a coworking operator.
This transaction serves to further optimise PSP portfolio that actually owns a real estate portfolio worth CHF 9.1 billion in the most important Swiss economic centers and has a market capitalization of CHF 5.6 billion.
The company, that has been listed on the SIX Swiss Exchange since March 2000, is present in Swiss cities as Basel, Geneva, Zug and Zurich and count with 98 employees.
Baker McKenzie Switzerland team, led by Martin P. Furrer (partner, real estate, pictured left) and Charles Gschwind (partner, real estate, pictured right) advised PSP on all legal and tax aspects of this transaction. The team also included Alexander Wyss (partner, real estate), Mario Kumschick (of counsel, tax), Nathan Bouvier (associate, tax Geneva), Diana Bellido Gomes (associate, corporate and m&a), Kim-Jean Dachtler (associate, real estate), Cathrin Marxer (associate, corporate and m&a), as well as René Kühn and Raphael Schneuwly (both trainee lawyers).