Press release

The Pictet Group has signed an agreement with Deka Immobilien to sell and lease back its main building in the Acacias district of Geneva. Deka Immobilien is one of the largest globally active real estate fund companies in Germany and part of Sparkassen-Finanzgruppe. The move is closely related to the expansion of the Pictet’s headquarter footprint with the construction of a new building planned for 2025.

The business model of Pictet generally does not include owning its real estate with the exception of a main property in Geneva, as banking regulations have made holding real estate on the balance sheet of financial institutions prohibitive due to capital and liquidity requirements.

The decision also mitigates concentration risk for Pictet. With the construction and ownership of the new building planned for 2025, the amount of Geneva real estate assets on the balance sheet of Pictet would present a concentration risk for the firm. The sale and lease back significantly reduce this risk.

Pictet is taking advantage of favorable market dynamics for the transaction. The parties have agreed not to disclose its details. As part of the regular process for such transactions, it is subject to final decision by local authorities. The sale and lease back will allow Pictet to self-finance its new development. 

Pictet’s headquarter building at Route des Acacias 60 has been continuously maintained to high standards since its completion in 2006 and features state-of-the-art sustainable building technology. It is located at the heart of the Praille Acacias Vernets district, which will be one of the largest urban development projects in Switzerland in the years to come. In addition, the building offers best accessibility to Geneva’s city centre, Geneva International Airport and the recently launched Greater Geneva “Léman Express” suburban train. 

The inauguration of Pictet’s new development is scheduled for 2025. It will be called “Campus Pictet de Rochemont” and consist of a quadrilateral of buildings, offering some 2,500 workplaces on 54,000 m2 and 100 housing units with a total surface area of 10,000 m2. It will also include a large semi-public auditorium open to external conferences and cultural events. The building will be an environmental reference in its construction concept, energy consumption and accessibility, with a strong emphasis on soft mobility. It will include a park open to the public at its centre.

Contact

Frank Renggli 
Global Head Special Projects & Employee Communications
Pictet Group Geneva
+41 58 323 14 73