Swiss Prime Site to sell Wincasa to Implenia
Ad Hoc announcement pursuant to article 53 LR
Zug, 30 March 2023
Swiss Prime Site yesterday signed an agreement to sell its Wincasa group company to Implenia for CHF 235 million (enterprise value). Through the sale, Swiss Prime Site will receive around CHF 181.6 million (incl. intra-group dividend payment for 2022) in cash. Subject to regulatory approval, the transaction is expected to close in the second quarter and the economic interest will be transferred retrospectively as of 1 January 2023. Swiss Prime Site CEO René Zahnd declares: «By selling Wincasa and the announced discontinuation of Jelmoli’s operations from the end of 2024, we will achieve maximum streamlining of our company. We are now focusing on our excellent property portfolio and the fast-growing Asset Management business.»
Implenia will seamlessly continue Wincasa’s operations. «The acquisition is an excellent fit with our strategy for sustainable success – with a clear focus on stable service revenues across our value chain. We will benefit from Wincasa’s knowledge and customer relationships», says Implenia CEO André Wyss. Wincasa CEO Oliver Hofmann adds: «As an established and very well-connected company with experience across the entire property lifecycle, we will optimally complement Implenia. Together, we can create a unique integrated service offering for our customers. We are excited about working together and building a successful future.»
Swiss Prime Site plans to use the proceeds to reduce its financial liabilities and thus further strengthen its balance sheet. Pro forma, considering the full completion, the loan-to-value ratio of the real estate portfolio (LTV) as of 31 December 2022 decreases accordingly from 38.9% to roughly 37.5%. The contribution to the FFO I guidance for 2023 attributable to Wincasa, which is now no longer included, was CHF 0.27 per share. Swiss Prime Site expects a non-operating accounting gain before tax of around CHF 140 million from the sale.