The Swiss telecommunications giant, Swisscom, says it is considering the sale of a large amount of property belonging to its Swisscom Immobilien Invest AG subsidiary.This content was published on January 14, 2000 - 10:28
The Swiss telecommunications giant, Swisscom, says it is considering the sale of a large amount of property belonging to its Swisscom Immobilien Invest AG subsidiary.
"Current market conditions are considered favourable and should allow the transaction to be completed in the second half of the year 2000," Swisscom said in a statement.
Without specifying how much property it might sell, Swisscom said about 160 of the 2,000 properties owned by Swisscom Immobilien Invest AG were suitable for external marketing, because of their infrastructure or location.
Swisscom said real estate was not one of its core businesses, adding that the group had a declining need for space due to the reduction of jobs and the introduction of new technologies.
Eleonore Charrez a trader at Bank Leu in Geneva, said Swisscom's plan was good news.
"We've already seen that lots of Swiss companies have been selling their real estate and now it is the turn of Swisscom," she said. "They should certainly be able to invest the capital much more practically in their own business than in real estate."
By Tom O'Brien
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