Baker McKenzie advised leading real estate developer Steiner AG on the sale of the development project "Widacher" in Fischbach-Göslikon, a rapidly growing and attractive municipality near Zurich, to property investor and developer Fortimo Invest AG by means of a share deal. The development project foresees the construction of 165 apartment units in the environmentally friendly Minergie standard in three stages.
Steiner AG is one of the leading project developers and total and general contractors (TC/GC) in Switzerland and offers comprehensive services in the areas of real estate development, construction and renovation. Founded in 1915, the company has built over 1,500 residential projects, 540 commercial properties, 45 hotels and 200 infrastructure facilities such as universities, schools, hospitals, retirement homes and prisons. Steiner AG is headquartered in Zurich and has branches in Basel, Bern, Geneva, Tolochenaz and Lucerne.
Fortimo Invest AG is part of Fortimo Group, a major Swiss property investor and developer headquartered in St. Gallen. Fortimo Group has more than 80 employees and holds real estate with an aggregate value exceeding CHF 1 billion.
Baker McKenzie Switzerland advised Steiner AG on all legal aspects of this share deal. Among other particularities, the transaction was subject to a partial carve-out of agricultural land and a respective approval by the agricultural authorities under agricultural land law (bäuerliches Bodenrecht).
The Baker McKenzie team was led by Alexander Wyss (partner, Zurich) and Charles Gschwind (partner, Geneva/Zurich) and included Basil Kirby (associate, Zurich) and René Kühn (trainee lawyer, Zurich).