Zurich, 10 July 2020 – Swiss Life is taking over the Glatt shopping centre in Wallisellen (ZH) from the Federation of Migros Cooperatives (FMC). The new owner wants to continue the management of the shopping centre successfully over the long term. The parties have agreed not to disclose the purchase price. The sale has no repercussions on the Migros businesses in Glatt: Migros will continue to maintain a high presence for customers in Glatt shopping centre.
The Federation of Migros Cooperatives (FMC) has successfully concluded its search for new ownership of Glatt shopping centre announced at the end of January 2020. The contract of sale was signed on Friday morning (10 July 2020). Swiss Life is acquiring Glatt shopping centre in the context of its third-party asset management. Swiss Life Asset Managers can thus offer investors access to a unique investment property through its investment vehicles.
The parties have agreed not to disclose the purchase price. Swiss Life wants to develop the shopping centre over the long term in cooperation with the successful centre management. The new owner will take over all the operational employees and leases of the Glatt centre. The closing will take place on 1 October 2020. Migros will invest the proceeds of sale in customer-oriented services.
The sale has no effects on the tenants and businesses of Migros in the Glatt centre. Migros is clearly committed to the attractive location of Glatt shopping centre and will continue to maintain a high presence for customers there thanks to long-term leases.
Swiss Life is the owner of the largest private real estate portfolio in Switzerland and holds real estate as a long-term investment to the benefit of its clients. With Swiss Life Asset Managers, the company has been successful in third-party asset management for several years. Stefan Mächler, Chief Investment Officer of Swiss Life, comments: “In addition to an attractive selection of shops and brands as well as catering options, the Glatt centre has repeatedly developed innovative new formats in recent years. It is one of the pioneers in Switzerland in combining shopping, experience and meeting place. We want to continue to strengthen this market position in the future and we are convinced that the Glatt centre is a very attractive investment property over the medium to long term.” The subsidiary Livit will take over the operation of the shopping centre and its operational employees.
The Glatt centre in Wallisellen, Zurich is one of Switzerland’s largest and most popular shopping centres with revenue amounting to CHF 600 million and 53 000 square metres of retail space. The search for new ownership took place within the context of Migros’s known strategic direction: as communicated previously, the Migros Group wants to invest more in strengthening its core business profile, expanding the convenience segment, digital sales channels and the health area. Going forward, Migros aims to offer its customers added value in these segments in particular. On the other hand, real estate management is not a strategic focus of the Federation of Migros Cooperatives.