Swiss Life is taking over the Glatt shopping centre in Wallisellen from the Federation of Migros Cooperatives (FMC).
The new owner of the centre is looking to continue the management of the property successfully over the long term. The parties involved have agreed not to disclose the purchase price.
The Glatt centre in Wallisellen, Zurich is one of Switzerland’s largest and most popular shopping centres with revenue amounting to €558.7M and 53,000sq m of retail space.
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.
Stefan Machler, CIO of Swiss Life, commented: “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.”
