Israeli billionaire Yitzhak Tshuva and businessman Egal Ahouvi have purchased 90 lucrative properties in Switzerland for a sum of NIS 12.3 billion ($2.9 billion), beating 60 other companies in the tender.
The deal includes 88 lucrative properties in Zurich, Geneva, and Lausanne. The properties in question make up the bulk of the Swiss Jelmoli Holding AG’s real-estate portfolio.
The majority of the property in question is commercial, including the Jelmoli department store in Zurich, and the Grande Passage department store and Place du Molard in Geneva.
In total, Tshuva and Ahouvi purchased 530,000 square meters of rentable property. The average rental period for the properties is 13.5 years.
The other two properties purchased were undeveloped properties in Geneva and St Gallen, which Tshuva and Ahouvi intend on using for shopping centers. The annual profit from the two properties is expected to reach NIS 660 million ($153 million).
Tshuva and Ahouvi have previously collaborated on another major real estate deal, when they bought 16 Hilton Hotels in England for NIS 3.3 billion ($767 million). The two also recently purchased the rights to the property on which the University of Berlin stands.
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