PSP Swiss Property buys the modern office property Westpark in Zurich West

Property News

1 June 2023

PSP Swiss Property acquires a prime property from Union Investment for CHF 216.5 million and thus expands its portfolio.

As of 1 June 2023, PSP Swiss Property has acquired the office property Westpark at Pfingstweidstrasse 60 in a good location in Zurich West. The representative, modern office property has a leasable floor space of approximately 27100 m² and 130 parking spaces. The building generates an attractive net yield of 4 percent and has both rental and development potential in the medium to longer term. The tenant mix is broadly diversified with various tenants with strong credit ratings.

The buildings sustainability profile is also very good: the Westpark is certified BREEAM excellent as a building and BREEAM very good in operation. In Wüest Partners ESG rating, the building achieves an excellent score of 3.9. The property will be included in our green asset portfolio.

In addition, as part of the portfolio optimisation, a development parcel on the former brewery site in Wädenswil was sold for CHF 13.0 million on 25 May 2023.

The acquisition has an impact on the ebitda guidance published on 21 February 2023. Due to the expected rental income (Westpark), ebitda excluding gains/losses on real estate investments is now forcasted to be CHF 290 million for the financial year 2023 (previously: CHF 285 million).