Swiss entity buys up U.S. real estate
1.25 million square feet purchased on behalf of pension funds
By Inman News, Thursday, April 3, 2008.AFIAA, an investment foundation governed by Swiss law that focuses on investments in foreign real estate, recently acquired commercial real estate properties in Ohio and Illinois.
The total value of the transactions was approximately $72 million.
In Groveport, Ohio, AFIAA purchased a distribution center located at 2829 Rohr Road for approximately $51 million. Completed in 2007, the 1.2 million-square-foot building is fully rented to two tenants with global operations.
In Chicago, Ill., AFIAA acquired a commercial building of 50,000 square feet located at 2700 N. Elston Ave. for approximately $21 million. Located in the Logan Square area, the property underwent a core reconstruction in 2007, and is fully rented to three tenants.
AFIAA Swiss Foundation for International Real Estate Investments, based in Zurich, Switzerland, is an investment foundation that offers tax-exempt Swiss pension funds an attractive investment instrument.
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