Kuoni Group has sold its Neue Hard head office in Zurich for CHF 75 million.
The sale to Zürcher Kantonalbank comes after the recent disposal of two other properties in Zurich and is part of a streamlining of Kuoni’s real estate portfolio in Switzerland
Employees of Kuoni Group in Switzerland are expected to move into the new head office in Zurich-Oerlikon in the second half of 2016.
Kuoni said it sold Neue Hard for the estimated market value of the property and a CHF 15 million has been paid off.
In a statement, the firm said: “Expected operating earnings (EBITA and EBIT) for the 2015 financial year, communicated on 5 November 2015, will increase by about CHF 52 million respectively.
“The sale has a positive impact on the net result of about CHF 40 million. At present the Kuoni Group expects a net debt of less than CHF 90 million as per year-end 2015.”
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