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.
When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.
"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road, Shanghai Tower, Pudong New District , Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.