The Swiss Bank is selling a landmark building in Basel. The buyer can look forward to a long-term tenant.
Credit Suisse has sold its largest campus in Basel St. Alban-Graben to Swiss Life, «awp» (behind paywall, in German) first reported Monday.
The bank will lease the building on a long-term basis and keep its headquarters for northwestern Switzerland there, according to the newswire.
In its fourth-quarter results in 2021, the Swiss bank said it could partially compensate for losses with profits from real estate sales.
The current sale-and-leaseback transaction is to generate profit, and does not change anything for clients or for staff, the report said, citing the bank.
Ten-Year Gain
Credit Suisse sold its main campus in Zurich Uetlihof in a similar transaction to the Norwegian sovereign wealth fund for around one billion francs, in 2012.
As finews.ch reported exclusively last week, the building is now up for sale again. The Norwegian sovereign wealth fund is now hoping to sell it for around 1.3 billion francs, which is 30 percent more than when it bought the property ten years ago.
