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Swisscom sells off further real estate

Swisscom has sold off a second batch of property to concentrate on its core business

(Keystone Archive)

The country's biggest telecoms operator, Swisscom, announced a second property deal on Friday as it continues to sell off non-core assets to concentrate on telecommunications.

The former monopoly, which is still 65 per cent owned by the Swiss government, has sold 162 buildings to PSP Real Estate Group for SFr1.28 billion ($740 million).

Earlier this month it sold 28 buildings to a consortium led by Credit Suisse Asset Management in a deal worth SFr1.27 billion.

Swisscom says it will make a capital gain of around SFr500 million on the two transactions.

The company is also set to receive some SFr2.2billion from Vodafone for a 25 per cent stake in its Swiss mobile operation. The cash will be invested in core activities such as the preparation of the UMTS network.

Swisscom is also considering a financial return to shareholders by launching a share buy-back programme.

swissinfo with agencies


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