PSP Swiss Property Group is to buy an 11-property portfolio from Novartis pension fund for SFr273m.
Around eight of the properties worth SFr100m will be signed by the end of this year with the remainder closing in 2001, if rights of first refusal are not exercised.
The deal increases PSP’s portfolio to SFr1.6bn and will raise its debt ratio from 30% to 40%.
PSP was floated in March this year. At the time, 46% of its mainly office holdings were in Zurich, 13% in Basle, Lausanne and Bern, 14% in Geneva and the rest in other Swiss locations.
