Allreal : concludes 10-year rental agreement with new anchor tenant for office building on Bellerivestrasse in Zurich and submits planning application for refurbishment

Zurich, 2 July 2020: Allreal concluded a 10-year rental agreement with an anchor tenant for office space measuring around 5,800 sq. metres located at Bellerivestrasse 36 in Zurich Riesbach. The agreement commences from July 2023 and secures more than 60 percent of the building's future annual rental income of CHF 6.8 million. Refurbishment of the prestigious office building will be completed by that date. Allreal submitted planning application in the beginning of July 2020. The building provides total rental space of about 12,000 square metres. Start of the two-year refurbishment period is scheduled for summer 2021.

The office building was constructed in the Seefeld district of Zurich in 1974 and joined Allreal's portfolio of yield-producing properties in 2004. The current rental agreements for the building will expire beginning of 2021. Allreal will take advantage of this opportunity to comprehensively modernise the sevenstorey building. Following completion, the building will meet state-of-the-art requirements in sustainability.

C.F. Møller, the Danish firm of architects, in 2019 submitted the winning project to a study competition conducted by Allreal. The project is characterised by a contemporary design with an opening and orientation toward Lake Zurich.

Allreal will commence implementation once the approval procedure has been completed, which is expected for summer 2021. Completion and taking into operation of the building are scheduled for summer 2023.