Investment real estate under construction
Investment real estate under construction as at 31 December 2011
Place | Property | Acquisition/ | Area of | Register of | Market value | Estimated | Projected rental | Expected |
|
|
|
|
|
|
|
|
|
Gland | Eikenøtt | 2011 | 1 173 | no | 8.7 | 30.0 | 1.7 | 31/12/2013 |
Wallisellen | Allianz office building | 2002 | 14 470 | yes | 127.4 | 215.0 | 12.4 | 31/05/2013 |
Zurich | Escher-Terrassen | 2004 | 2 087 | yes | 14.7 | 52.0 | 2.9 | 31/01/2014 |
Zurich | Neunbrunnenstrasse | 1993 | 4 291 | yes | 10.5 | 26.0 | 1.4 | 31/03/2013 |
Zurich | Toni site | 2007 | 24 435 | yes | 260.5 | 512.0 | 27.4 | 30/06/2013 |
Total investment real estate under construction |
|
|
| 421.8 | 835.0 |
|
| |
[1]According to valuation as at 31.12.2011
[2]Building and land costs
Eikenøtt, Gland
New-build residential development comprising 53 rental apartments and 60 parking spaces, with an aggregate net living area of 4 958 square metres in Gland, Canton Vaud. The project was built by Losinger Construction SA and, upon completion in 2013, will be transferred to the portfolio of yield-producing properties. For the first-time market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.90% were applied.
Allianz office building, Wallisellen
New 18-floor office building plus adjoining six-floor office block with floor space totalling some 45 900 square metres. Upon occupation in 2013, the building's main tenant, with 1 500 workplaces, will be Allianz Suisse insurance company, which has signed a 10-year rental contract with Allreal. The project is being built by the Projects & Development division and, upon completion in 2013, will be reported under the portfolio of yield-producing properties. For the market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 5.00% were applied.
Escher-Terrassen, Zurich
19-floor residential high-rise comprising 51 rental apartments with an aggregate net living area of 6 127 square metres, rehearsal facilities for the opera house and a 35-space basement car park on the Escher-Wyss site in Zurich-West. The project is being built by the Projects & Development division and is likely to be transferred to the portfolio of yield-producing properties in 2014. For the market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 5.00% were applied.
Neunbrunnenstrasse, Zurich
New-build residential development comprising 40 rental apartments and 30 parking spaces, with an aggregate net living area of 4 665 square metres in Neu-Oerlikon. The project is being built by the Projects & Development division and, upon completion in 2013, will be transferred to the portfolio of yield-producing properties. For the first-time market valuation as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.90% were applied.
Toni site, Zurich
University of applied sciences (Fachhochschule) development for some 5 000 students, lecturers and employees, including events venues, commercial premises and 100 rental apartments in Zurich-West, built by Projects & Development division. The lettable floor space, including housing, totals around 87 500 square metres, of which at least 73 100 square metres will be occupied by Canton Zurich/Zurich University of Applied Sciences (on a 20-year rental contract). The aggregate net living area of the 100 rental apartments runs to 9 992 square metres. Upon completion in 2013, the Toni site will be transferred to the portfolio of yield-producing properties. For the purposes of calculating the market value as at the balance sheet cut-off date, nominal discount and capitalisation rates of 4.80% were applied (31.12.2010: 4.80%).
All investment real estate properties under construction are 100% solely owned by Allreal.