Allianz Real Estate, acting on behalf of several Allianz Group companies, has acquired Les Hauts du Château, a residential development located in Bellevue, near Geneva in a forward deal for circa CHF 200 million.
The residential development will offer nearly 300 apartments over roughly 20,000 sqm of rentable areas, including some commercial units, as well as 325 car parking spaces. Construction has already started, and the delivery is expected in 2022.
“This investment, our largest ever deal to date in Switzerland, offers an attractive yield and will help strengthen our position in Geneva, a strategic location for us,” said Martin Kaleja, Chief Executive of Allianz Real Estate in Switzerland. “It reflects our strategy to invest in sustainable real estate developments in major Swiss cities. As co-founders of the “Net Zero Asset Owner Alliance”, we have committed to render our investment portfolio climate-neutral by 2050, and this is just one more step in this direction".
Strategically located near the shores of Lake Geneva and next to the Bellevue train station, which is currently being upgraded with the Léman Express, a new train line that is transforming public transport in Geneva, the project is easily accessible. The Central Station is reachable within a six minutes train ride, allowing tenants to easily commute without relying on private transportation.
The asset will meet the stringent Minergie-P quality and environmental standard, a voluntary green certificate that is well regarded in Switzerland. By using some of the latest technologies, Les Hauts du Château will offer highly sustainable apartments, while also providing for improved living quality. Once delivered, this building will join Weltpost Park, a modern apartment development in Bern, as the greenest building in Allianz Real Estate’s Swiss portfolio.
“Les Hauts du Château represents the next step in expanding and renewing our portfolio in Switzerland, leveraging on our local team knowledge of the asset class and market,” said Michael Steiner, Head of Transactions and Asset Management for Allianz Real Estate in Switzerland. “The assets represent excellent growth opportunities due to the local demand for high quality and well-connected rental accommodation in Switzerland.”
With a Swiss portfolio size in excess of CHF 5 billion, Allianz Real Estate has deployed over CHF 500 million in similar residential development acquisitions across Switzerland in the last five years in key cities such as Zurich, Bern, and Winterthur, as well as La Tour-de-Peilz and Muri.