Business · Companies · 4 hrs ago
Norwegian fund seeks to sell Zurich’s Üetlihof office complex
Norway’s sovereign wealth fund is seeking to sell Üetlihof, a large office complex in Zurich that was once a key Credit Suisse site.
The fund bought it from Credit Suisse in 2012, and UBS became the tenant after taking over the bank.
The sale is under way, but the buyer and price are not known; the fund is aiming to complete it before the end of the year.
The two buildings can accommodate 8,500 workplaces, though UBS has cut jobs and made some space available for sublease.
UBS’s lease runs until 2037, with an option to extend it by up to 15 years.
The site could eventually become a large housing development because it is in a residential zone; a Zurich city council committee estimated in 2022 that it could hold 700 to 1,000 homes.
Any change to housing would come after UBS leaves, and the sale process does not establish when that might happen.
Norway’s sovereign wealth fund is seeking to sell the Üetlihof office complex in Zurich, with a deal targeted before the end of 2026.
The complex was a major Credit Suisse site for decades and is now an important UBS location.
The two buildings can accommodate 8,500 workplaces, and the site covers nearly 56,000 square metres.
The UBS lease runs until 2037, with an option to extend it by up to 15 years.
The land is zoned for housing, and a 2022 estimate put the potential for redevelopment at 700 to 1,000 homes.
- Who
- Norway’s sovereign wealth fund is seeking to sell the complex. UBS is its current tenant.
- What
- A sale process is under way for the Üetlihof office complex.
- When
- The fund is aiming to complete the sale before the end of 2026.
- Where
- Üetlihof, at the foot of the Üetliberg in Zurich, Switzerland.
- Why
- Not stated
This story does not have two clearly opposing sides.
Credit Suisse sold the office complex to Norway’s sovereign wealth fund for about 1 billion Swiss francs and then leased it back.
The fund tried to sell the property, with a price of 1.3 billion francs reported; a city bid was rejected and South Korean investors later withdrew.
A new sale process is under way, and the fund is seeking to complete a deal before year-end.
- Buildings
- Two, with capacity for 8,500 workplaces
- Site area
- Nearly 56,000 square metres
- Office area
- About 100,000 square metres, including circulation areas
- UBS lease
- Runs until 2037, with an extension option of up to 15 years
- Housing potential
- 700 to 1,000 homes, according to a 2022 estimate
What people are saying
Üetlihof is an important location for UBS, where many support functions are based