Swisscom sells off further real estate
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.
This content was published on March 30, 2001 - 15:09The 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.
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