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
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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


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