Sulzer Divests Business Premises
On June 30 SIP Real Estate Limited and Sulzer Immobilien AG closed agreement for the sale of buildings 540 and 541 on the Sulzer site in Oberwinterthur, Switzerland.
The sale of these properties – the Centerpulse Ltd. administration and production buildings – represents an important further step by Sulzer Immobilien AG in the strategic divestiture of nonoperating real estate.
The two properties now sold by Sulzer Immobilien AG cover a site area of more than 23'000 m2. Office building 540 incorporates around 5200m2 of office floor area and about 700 m2 of storage area, while production building 541 is divided into 8300 m2 of workshop floor area, 1300 m2 of storage area and 300 m2 of office floor area. Centerpulse Ltd. has closed a rental contract for ten years with extension option, and in the interest of long-term investment SIP Real Estate Limited would like to retain this tenancy. The parties have agreed not to reveal the transaction price.
For Sulzer Immobilien AG the sale of these properties represents a further important step in the strategic divestiture of nonoperating real estate. The respective developments are proceeding according to plan.
The purchaser SIP Real Estate Limited is backed by a group of Japanese investors, some of whom are already involved in other Swiss real estate projects. Their interest in this kind of investment is purely financial. The Swiss property market is an attractive alternative to other real estate markets, and offers a welcome risk diversification against the current financial market background.
The Sulzer Corporation (www.sulzer.com) is comprised of the four core divisions Sulzer Metco (surface coating solutions and services), Sulzer Turbomachinery Services (service and repair of thermal turbomachinery), Sulzer Pumps (pumping solutions and services), Sulzer Chemtech (chemical process components and services), and the venture division Sulzer Hexis (fuel cell systems for residential applications). Sales in 2002 totaled CHF 1946 million. Sulzer currently employs more than 9000 professionals worldwide.