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Swisscom selling off property interests

Swisscom is selling property to concentrate on its core business

(Keystone Archive)

The country's largest telecommunications company, Swisscom, is to sell 28 of its properties to a consortium led by Credit Suisse Asset Management. The transaction is worth around SFr1.272 billion ($770 million).

Most of the buildings are located in prime city areas across the country.

Swiss Prime Site, which announced its merger with Feldschlösschen-Hürlimann Holding a few days ago, is putting up the lion's share of the asking price with SFr706 million.

By selling its property portfolio, Swisscom hopes to concentrate on its core activities. Negotiations are underway about the sale of a further 162 sites.

After taxes, Swisscom says it will gain a profit of around SFr500 million from the two transactions.

swissinfo with agencies


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