ZURICH (Reuters) - Insurer Swiss Life (SLHN.S) is buying downtown Zurich properties that include a luxury hotel from UBS (UBSG.S), which said on Friday a recent headquarters expansion means it no longer needs the space as an alternative locale for events and seminars.
Swiss Life, Switzerland’s largest property owner, and UBS, the nation’s biggest bank, did not give the sales price for the five properties including the building with the five-star Widder Hotel. They also did not disclose the properties’ footprint.
IHAG, a privately held holding company that also owns a stake in Swiss aircraft maker Pilatus, plans to take over operation of the hotel and restaurants.
Reporting by John Miller, editing by Brenna Hughes Neghaiwi