The plot of land at the Zurich hagenholz street is adjacent to the TV Studio Leutschenbach. The 6369 square meters of undeveloped area, it isn’t even enough for a decent Football pitch. But Swiss Life paid for 81 million Swiss francs – makes 12’717 francs per square meter. That is, even for Zurich, an incredible sum!
However, the sale is not the only reason to sit up and take notice: the property belonged to the Swiss Radio and television company (SRG), which acquired it nearly twenty years as a land reserve. And: For the time of purchase, the insurance group, but also the city of Zurich is not interested.
No concern for the concerns of the General public
Kuno Gurtner of the real estate management, confirmed to the Sunday look: “We wanted to acquire the land as strategic reserve land in a development area.” The city requires such Land for the construction of schools, kindergartens, hoarding, or Nativity scenes, but also to increase the share of non-profit apartments.
The SRG is funded from the fees to the General public, whose concern is interested but you, apparently, not enough. The land was simply sold to the highest bidder. Gurtner says: “In the bidding process, the city of Zurich, the price could not keep up. Our purchase offer was 40 million francs” – less than half of what bot is Swiss Life.
flats for well-Heeled
The insurer wants to build on the Area “mostly apartments”. How much they will cost, a spokesperson Tatjana master to say: “We are only in the early planning phase.”
in view of the purchase price and the profit maximizing out put real estate strategy of Swiss Life you have to be a Prophet to say: Only well-Heeled will be able to the apartments.
The Zurich national councillor Jacqueline Badran (57, SP), which has been calling for years for more affordable housing, is angry about the sale: “I tried to convince the SRG of the property in the building. That would be in the long term, have been much more lucrative. But the leaders said you needed the liquidity from the sale.”
SRG-loss without the sale
After the deduction of capital gains tax on the sale of the media company flushed 63.2 million Swiss francs in cash. Head of communications Edi Estermann says: “Without the sale of the property, the SRG 2018 would have had to show a loss.”
The Board of Directors adopted a real estate policy that “non-core business activities necessary properties” are intended to be sold and the funds in the program will be invested see. Estermann: “The SRG is committed to realize in the case of land sales, good prices – to the benefit of the programme, and hence also of the audience in the whole of Switzerland.”
seekers of affordable housing, the losers
Whether or not the fee payer will have to this strategy, of joy. But it is clear: The losers in such transactions are those that are in search of affordable housing.