- Media
- Press releases
- Mobimo is investing around CHF 200 million in the development and construction of a residential complex in Zurich West containing approximately 250 apartments and a service area on the ground floor.
October 21, 2010
Mobimo is investing around CHF 200 million in the development and construction of a residential complex in Zurich West containing approximately 250 apartments and a service area on the ground floor.
Mobimo Holding AG / Key word(s): Miscellaneous 21.10.2010 06:57 Release of an ad hoc announcement pursuant to Art. 72 KR --------------------------------------------------------------------------- M e d i a R e l e a s e Mobimo is investing around CHF 200 million in the development and construction of a residential complex in Zurich West containing approximately 250 apartments and a service area on the ground floor. * Three buildings containing rental and owner-occupied apartments that conform to the Minergie standard in a preferred location in the Zurich West/Pfingstweidpark district * Creation of some 100 rental apartments and some 150 condominium apartments, a car park and around 1,500m2 of retail space by 2013 * Central location with good access and infrastructure * Expanding the residential component of the investment portfolio Lucerne, 21 October 2010 - Mobimo Holding AG ('Mobimo') has acquired an 18,540m2 property from Coop Immobilien AG. The property is located in Zurich West (City West) directly to the south of the Mobimo Tower site. An agreement has also been signed with Marazzi Generalunternehmung AG to realise the jointly-developed three sites A, B and C. The plans involve the construction of some 250 apartments that conform to the Minergie standard, a car park in the basement and around 1,500m2 of commercial space over the next three years. This will entail investments of about CHF 200 million. Zurich West needs more residential space The area around Escher-Wyss-Platz and along Pfingstweidstrasse will play an important role in urban development. The Zurich authorities expect several thousand jobs to be created in the area over the next few years, meaning that around 4,000 individuals/households are likely to be on the look out for an apartment. Coupled with the currently very low apartment vacancy rate in the City of Zurich (June 2010: 0.7%), the launch of new residential projects in the city's up-and-coming Kreis 5 area represents an attractive proposition. Mobimo will provide part of this required residential space by the end of 2012/mid-2013 and thus contribute to the development of the district. High-quality urban living Although a number of other projects have already been launched in the district, only around 800 new residential units are likely to come onto the market in Zurich West in the next 3-4 years - significantly fewer, in other words, than will be required to cover the population increase envisaged by the City of Zurich. Mobimo will create around 100 rental apartments on site C. On sites A and B, Mobimo will construct around 150 condominium apartments and sell them in the mid-price segment. There are few alternatives available in this segment, as most current condominium projects are in the higher-price segment. Zurich West has excellent transport links, meaning that the future Mobimo apartments will also be easy to access. The new Zurich West tram will be virtually on residents' doorsteps, while the Hardbrücke S-Bahn station is only a few minutes' walk away. Comprehensive retail and leisure facilities will contribute to the urban quality of life, while the new 'Pfingstweidpark', immediately adjacent to the planned development, will also offer an attractive new place to relax. Expanding the residential component in the overall portfolio By completing 100 rental apartments Mobimo is implementing the planned strategic expansion of the residential component in the overall portfolio in a focused manner. The Mobimo Tower Work on the Mobimo Tower is running to schedule, and the facades are complete. The interior work will continue until summer 2011, so that the Mobimo Tower can be transferred to its new users - hotel and residential property owners - in late summer 2011. For enquiries please contact: Mobimo Holding AG Manuel Itten, CFO +41 44 397 11 44 About Mobimo Mobimo Holding AG was established in 1999 in Lucerne and has been listed on the SIX Swiss Exchange since 2005. The Mobimo Group has an attractive portfolio mix of investment properties providing stable income and development properties offering extensive value enhancement potential. Investments are focused mainly on promising locations in the business centres of Zurich, Lucerne/Zug, Basel, St. Gallen and Lausanne/Geneva. With a property portfolio that has an overall value of around CHF 2.0 bn, Mobimo is one of the leading real-estate companies in Switzerland. The portfolio contains development properties with an investment volume of around CHF 0.7 bn (as at 30 June 2010). Supplements - survey map - visualisation 21.10.2010 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news ---------------------------------------------------------------------------