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Swiss Prime Site unit selling 170-unit housing development in Bern, Switzerland

Swiss Prime Site AG's SPS Immobilien Ltd. unit is divesting the Weltpost Park residential development in Bern, Switzerland, to Allianz Suisse Immobilien for an undisclosed amount.

Work on the three-building project comprising 170 apartments commenced in February, with delivery scheduled for the first quarter of 2020. SPS Immobilien will manage the construction of the development until its completion, with Frutiger AG serving as the project's general contractor.

The asset will change hands in June, according to a release.

The Swiss Prime Site subsidiary has a pipeline of roughly 20 projects, and has plans to bring forward upwards of 220,000 square meters of new space across Switzerland by 2025 at estimated average net yields on costs of over 5%.