immo!nvest – Die Plattform für Standorte und Immobilien

Tag: Kredit

  • Trèfle-Blanc the 400 million euro project gets underway

    Trèfle-Blanc the 400 million euro project gets underway

    The question of the actual costs of the Trèfle Blanc project caused speculation in the run-up to the project. Estimates ranged from 275 to 400 million francs. Now the Geneva government is providing clarity with the submission of a comprehensive investment bill. The initial discrepancy is not the result of a change of plan or “salami-slicing”, but of the detailed breakdown of the various funding sources and project phases.

    Initially, a credit of CHF 275.5 million will be submitted to the Grand Council for approval. This sum primarily covers the construction of two ice rinks (232 million), supplemented by costs for outdoor facilities (7.9 million), the tram connection (over 9 million), contingencies (9.3 million) and inflation (8.3 million). If this loan is approved by parliament, it could still be subject to a referendum if necessary.

    However, this sum does not represent the total costs for the canton, as CHF 17 million has already been spent on preliminary studies. This means that the total costs borne by the state to date already amount to CHF 293 million.

    Why it is 400 million
    The confusion surrounding the CHF 400 million is cleared up when the park-and-ride car park is included. This car park, whose construction will begin before the rest of the infrastructure, will provide 928 parking spaces for cars and 244 for motorbikes. It will cost an estimated CHF 99 million, a sum that is not directly requested by parliament. It will be financed by the Car Park Foundation, an autonomous public-law institution, which will borrow 75 million francs with the approval of the state, while the rest will come from its own funds. The repayment of this loan is secured in the long term by the income from the P R.

    The financing architecture
    It is essential to add this CHF 99 million to the total cost of the Trèfle Blanc project. Regardless of the source of financing used, this is public money, as the car park foundation is part of the public sector, similar to the Geneva utilities or the Geneva University Hospitals. This can also be seen in the consolidated financial statements of the Canton of Geneva. As the Presidential Department of the State Council confirms, everything is interconnected. A successful referendum against the 275 million loan would bring the entire project, including the P R, to a halt.

    The transparency in the cost breakdown of the Trèfle-Blanc project now creates the basis for an informed debate and paves the way for the realisation of this important infrastructure project, which will have a significant impact on Geneva.

  • Government council doubles housing subsidies

    Government council doubles housing subsidies

    The Government Council of the Canton of Zurich rejects the popular initiative “More affordable housing in the Canton of Zurich”, which provides for a right of first refusal for municipalities to promote non-profit housing construction. Instead, the cantonal government relies on proven structures and instruments for the rapid and effective promotion of affordable housing.

    The counter-proposal provides for a doubling of the framework credit for cantonal housing promotion loans from the current CHF 180 million to CHF 360 million. This enables co-financing at communal level and thus creates a potential of CHF 720 million. This means that more flats can be subsidised and higher loan amounts can be granted per property. The Housing Promotion Ordinance is to be amended accordingly to increase the upper limit for loans from 20 to 25 per cent of the total investment costs.

    Criticism of the right of first refusal – encroachment on the guarantee of ownership
    The Government Council criticises the proposed right of first refusal in the popular initiative as an encroachment on the guarantee of ownership and freedom of contract. Private companies, including institutional investors such as pension funds, would be at a disadvantage, which could lead to legal uncertainty and deter private investment. This could inhibit residential construction activities and exacerbate the existing housing shortage.

    The right of first refusal also harbours the risk of lengthy appeal proceedings and could place a burden on municipalities and their taxpayers. The cantonal government sees the counter-proposal as a more efficient solution for creating affordable housing quickly.

    Housing shortage in the canton of Zurich
    Demand for housing in the canton of Zurich has exceeded supply for years. Construction activity is below average, which is leading to an increasing housing shortage. Although a large proportion of Zurich’s population lives in long-term tenancies and is therefore less affected by rising rental costs, the need for action remains great.

    The Government Council emphasises the need to stimulate construction activity in order to increase the overall supply of housing and curb rental and purchase prices. The counter-proposal aims to provide targeted housing for financially disadvantaged sections of the population.

    Effective promotion instead of right of first refusal
    The government council’s counter-proposal promises rapid and effective promotion of non-profit housing construction by doubling the framework credit and amending the Housing Promotion Ordinance. This will create a solid basis for combating the housing shortage in the canton of Zurich and providing more affordable housing for all sections of the population.

  • Waste incineration plant in Turgi to be renovated at a cost of 325 million Swiss francs

    Waste incineration plant in Turgi to be renovated at a cost of 325 million Swiss francs

    After 50 years of operation, the waste incineration plant in Turgi is to be renovated. According to a press release, the board of directors will propose a project credit of CHF 17 million at the next general meeting on 27 September. The total cost of the renovation is estimated at 325 million francs. According to the information, the necessity of a renewal is also reflected in increasing expenses for repairs and maintenance.

    After a planning phase lasting several years, construction is not expected to begin until 2028. The new MWIP could then go into operation in 2033. The last renovation work on the plant was carried out in the 1990s.

    In addition to the invitation to the general meeting, the MWIP has posteda collection of documents on its website, including the feasibility study for the projectand the detailed proposal by President Philippe Ramseier for the project planning loan.

    According to these documents, the management and board of the MWIP have been working on the renewal of the outdated facilities since 2015. Cooperation with the neighbouring plants in Buchs AG and Dietikon ZH was examined. However, both rejected this. After the feasibility study of 2022, the MWIP board decided to locate the new plants on a neighbouring parcel of land belonging to the Abwasserverband Region Baden Wett ingen. This means that operations can continue during the renovation work.

    The waste incineration plant in Turgi processes around 120,000 tonnes of waste per year. A moderate price increase is expected for the district heating generated from this waste because of the renovation costs.

  • City of Dietikon approves credit of 83 million Swiss francs for school renovations

    City of Dietikon approves credit of 83 million Swiss francs for school renovations

    At its meeting on 4 May, Dietikon ‘s parliament approved a construction loan of CHF 83,372,746 for the Wolfsmatt school building. This means that the renovation and expansion of the aging building can begin next year, according to a media release. The prerequisite is that the voters of Dietikon also approve the project in September.

    The building was constructed in 1962 as a typical pavilion school of the 1950s and 1960s and is now in serious need of renovation. The listed building neither meets the legal requirements nor the demands of modern teaching or the increased number of pupils. Therefore, it is to be renovated and extended by two primary classes, group, after-school and multi-purpose rooms as well as a gymnasium. The existing buildings are to be ready for occupancy in 2028.

    The corresponding plans were drawn up by a general planning team under the leadership of the Zurich architectural firm Bünzli Courvoisier. They won the city’s project competition four years ago from a total of 59 submissions. The winning project, called Im Grünen, “occupies a top position among the competition entries from both an economic and an ecological point of view,” according to a media release. The new buildings will be certified according to the Minergie-ECO standard. In terms of construction costs, it was among the most favourable.

    Im Grünen retains the basic idea of a pavilion school. The cohesive overall architectural effect remains. Extension buildings complement the existing ensemble in a southerly direction. Parallel to the Vogelaustrasse, the new buildings will form a new second entrance to the school complex. The limited existing open space will be preserved.

  • Zurich Cantonal Council approves credit for new UZH centre

    Zurich Cantonal Council approves credit for new UZH centre

    The Zurich Cantonal Council has approved the property loan for the new FORUM UZH education and research centre. The loan is estimated at 598 million Swiss francs, minus 1.3 million Swiss francs for art in construction, according to a media release. The new building is to become the most important central location of the University of Zurich in the centre of the city.

    As a modern counterpart to the historic main building, the FORUM UZH is of “central importance” for the future development of the university, the UZH said. “The cantonal council has made a forward-looking decision so that Zurich’s higher education area can continue to develop,” Michael Schaepman, rector of UZH, is quoted as saying in the statement.

    The new building will create 37,000 square metres of urgently needed additional space for research and teaching an increasing number of students. More than 700 student workplaces are planned. A total of 6000 people will be able to study, research and work on nine floors.

    The space concept according to plans by architects Herzog & de Meuron is to correspond to the latest forms of learning and teaching and offer ideal conditions for exchange between teaching staff, researchers and students. The design of the lecture halls, for example, is much more strongly oriented towards cooperation and group work than before. Modern workplaces for research are also planned.

    The next step for UZH is to prepare a building application. It plans to submit it to the city of Zurich in autumn. If planning permission is granted by spring 2024, construction can begin in autumn 2024. Completion is planned for the end of 2029.

  • Schlieren votes for construction of retirement centre

    Schlieren votes for construction of retirement centre

    After the vote on Sunday, 12 March, the retirement centre Wohnen am Stadtpark can be built in Schlieren. The new building in the middle of the city will replace the Sandbühl Centre for the Elderly. According to a media release, Schlieren’s voters approved the loan of CHF 44,317,000 for the project with a vote of 76.59 per cent.

    “The electorate already clearly approved the sale of the Sandbühl retirement centre in 2019,” Manuela Stiefel, head of the finance and real estate department, was quoted as saying. “With this second yes, we can now tackle the implementation-“

    The new building is described in the city’s statement as “an attractive facility in the centre of Schlieren”. It is to offer contemporary and affordable flats for older people. Occupation of the new premises is planned for 2027.

    Residents at the Zentrum Wohnen am Stadtpark will be able to live in their own flats in a mobile and self-determined manner and, depending on their needs, take advantage of services such as nursing and care, meals, cleaning or laundry services, according to the statement. They also do not have to move to another care facility if more intensive care is needed. An important goal of the city of Schlieren’s age strategy has thus been achieved.

    The turnout in the referendum on 12 March was only 22.12 per cent, according to the minutes of the electoral office. Of 9033 voters, 1998 cast a vote. Of the 1991 valid votes, 1525 were in favour and 466 against.

  • Schlieren votes for construction of retirement centre

    Schlieren votes for construction of retirement centre

    After the vote on Sunday, 12 March, the retirement centre Wohnen am Stadtpark can be built in Schlieren. The new building in the middle of the city will replace the Sandbühl Centre for the Elderly. According to a media release, Schlieren’s voters approved the loan of CHF 44,317,000 for the project with a vote of 76.59 per cent.

    “The electorate already clearly approved the sale of the Sandbühl retirement centre in 2019,” Manuela Stiefel, head of the finance and real estate department, was quoted as saying. “With this second yes, we can now tackle the implementation-“

    The new building is described in the city’s statement as “an attractive facility in the centre of Schlieren”. It is to offer contemporary and affordable flats for older people. Occupation of the new premises is planned for 2027.

    Residents at the Zentrum Wohnen am Stadtpark will be able to live in their own flats in a mobile and self-determined manner and, depending on their needs, take advantage of services such as nursing and care, meals, cleaning or laundry services, according to the statement. They also do not have to move to another care facility if more intensive care is needed. An important goal of the city of Schlieren’s age strategy has thus been achieved.

    The turnout in the referendum on 12 March was only 22.12 per cent, according to the minutes of the electoral office. Of 9033 voters, 1998 cast a vote. Of the 1991 valid votes, 1525 were in favour and 466 against.

  • Lucerne City Council applies for loans and credits for ewl site

    Lucerne City Council applies for loans and credits for ewl site

    The city council is requesting a municipal loan of CHF 50 million for the conversion of the ewl site in Lucerne. In addition, it requires special loans of almost 83 million francs for the so-called Rotpol project, according to a press release from the city of Lucerne.

    The plans include 90 non-profit flats and 60 flats suitable for the elderly, as well as the construction of a new fire station for the professional and militia fire brigade, including a location for the civil defence organisation ZSOpilatus and a base for the rescue service of the Lucerne Cantonal Hospital. In addition, there will be a new building for the ewl building and new office space for several municipal departments. The listed Red House is to become a meeting place for the public.

    Since the planned mix of uses is tailored to public needs, ewl Areal AG ‘s business plan shows a total return of only 2.6 per cent. “The low return is basically justifiable due to the extensive uses for public purposes,” says the media release. However, the equity ratio is also at a low level. Therefore, the city council is requesting a municipal loan of CHF 50 million.

    For a capital increase of ewl Areal AG from CHF 6 million by CHF 39 million to CHF 45 million, the city council is also requesting a special loan of CHF 7.8 million. Furthermore, 25.5 million francs for the tenant fit-out for the municipal uses as well as their rental and ancillary costs amounting to 49.5 million francs over the next ten years.

    The City Council will decide on the special loans on 30 March. Due to the amount, a referendum is also to be held on 18 June.

  • Valuu triples the volume of brokered mortgages

    Valuu triples the volume of brokered mortgages

    Valuu was able to grow disproportionately in the second year of its existence. According to its own information, the Swiss comparison and conclusion platform for mortgages tripled the brokered mortgage volume in 2020 compared to the year it was founded. As stated in a press release , it currently has 12,000 users. That is twice as many as last year. Valuu puts the number of represented lenders at 29. They represent over 100 well-known Swiss banks, insurance companies and pension funds.

    “And that's just the beginning,” the press release continues: Valuu, a business unit of PostFinance , wants to become “the leading Swiss comparison and transaction platform” in the medium term. In the current year it is expanding its range to include additional services. "More and more people understand the opportunities a transparent comparison and digital mortgage conclusion offer – and how much money they can save with it," Valuu manager Thomas Jakob is quoted in the press release.

  • ewz should produce more renewable electricity

    ewz should produce more renewable electricity

    According to a press release , the city council of Zurich has applied for a third credit line of 200 million francs for the ewz. These funds are to flow into energy production facilities that produce electricity from renewable sources. The voters of the City of Zurich will ultimately decide whether this application will be approved.

    As stated in the communication, since 2007 voters have approved three credit lines for investments in the production of wind energy and other renewable sources. In total, the amount was 420 million francs. With this, ewz acquired 18 wind farms in Germany, France, Sweden and Norway through the wholly-owned subsidiary of the city of Zurich, ewz (Deutschland) GmbH. This means that the ewz now has around one terawatt hour of electricity from wind. This corresponds to the current ewz share from the electricity production of the Gösgen nuclear power plant.

    With the 200 million francs that have now been applied for, the ewz wants to expand primarily wind turbines and hydropower plants in Switzerland and other European countries. The ewz is aiming again to invest a third of the credit line in systems in Switzerland.

    The ewz Germany group is responsible for all purchases and financing abroad. The city of Zurich describes it as one of its most important holdings. The city council therefore requests the municipal council to create a legal basis for ewz (Deutschland) GmbH in a separate submission.

  • The hotel construction site in Geroldswil has been secured

    The hotel construction site in Geroldswil has been secured

    With more than 60 percent, the Geroldswilers approved an additional loan of 650,000 francs, which increases the project planning loan, which was too tight in 2017, to around 2.6 million francs. This means that work on the project can continue. A center development with a lower level garage, a major distributor in the basement and apartments on the upper floors are to be created. According to a media release by the municipality of Geroldswil , 872 voters voted for the approval of the additional funds. In contrast, there were 559 no votes with a participation of 50.45 percent.

    The leases for the Hotel Geroldswil and the pizzeria on Dorfplatz are limited in time and will expire on December 31, 2021, the municipality announced when the project was presented . Based on an economic and feasibility study, the two floors with the hotel rooms are to be converted into apartments. As a supplement, a new building with family apartments is to be built as a so-called point building in the north-western part of the property. The current community hall is to be demolished and a new, modern and well-equipped community hall will be implemented as a connecting wing between the current Hotel Geroldswil and the apartment building. There should be space for one or two restaurants on the village square, it said.

    The independent mayor Michael Deplazes is quoted in an article in the “Limmattaler Zeitung”: “The voters recognize the necessity of the project and understand why we are investing in age-appropriate apartments and in new buildings.” According to Deplazes, the planners and architects can now do their work again record: "We put a project freeze until the additional loan was approved because we cannot spend money that we don't even have."

    The next ballot will take place on June 13, 2021. Then the people should decide on the building loan. "We expect an estimated 26 million francs," said Deplazes.