Global law firm Baker & McKenzie has today closed the largest ever real estate deal relating to a single property in Switzerland.
Baker & McKenzie advised Credit Suisse on the legal and tax work regarding the Sale of Uetlihof, Credit Suisse’s principal office building worldwide and the largest office building in Switzerland.
The sale price was CHF1 billion (US$1.08 billion). The buyer was Norges Bank Investment Management (NBIM), the investment fund of the Kingdom of Norway which manages a fund valued at around NOK3,723 billion (US$ 654 billion). Credit Suisse will lease the property for 25 years.
Constructed in various stages in 1976, 2002 and 2009 – 2012, the Uetlihof, located in Zurich, is Credit Suisse’s global administrative head office. It has long been regarded as a flagship building. The other parties involved in the deal were Jones Lang LaSalle, who acted as Credit Suisse’s consultant for the sale of the property. The contract negotiations took place in Zurich.
“We were happy to assist Credit Suisse with this sale and leaseback. The unique size and the complexity of the transaction certainly make this a landmark transaction in the Swiss real estate landscape,” said Martin Furrer and Alexander Wyss, Heads of Baker & McKenzie’s Zurich Real Estate Transaction Group.
The Baker & McKenzie team was led by Martin Furrer and Alexander Wyss, assisted by Samuel Marbacher, Mario Kumschick, and Valentina Meier.
Credit Suisse was founded in 1856 and is a leading financial services company headquartered in Zurich with 550 offices in 50 countries and approximately 48,400 employees. The company advises clients in all aspects of finance across the globe.
Baker & McKenzie regularly advises both Swiss and foreign investors on real estate transactions in Switzerland, as well as advising Swiss companies on investments abroad. The Firm has a strong global real estate practice comprising more than 370 real estate lawyers in 72 offices worldwide.
