Sappi sells 120-acre development opportunity

By Paul Norman - Wednesday, August 01, 2012 15:15

South African group Sappi, advised by the London office of Capita Symonds, has sold a major development opportunity in Switzerland with a guide price of around €100m (£83m) to HIAG Immobilien, a Swiss property company, CoStar News can reveal.

Capita Symonds was appointed in January 2012 to sell the former Sappi Biberist Plant just outside Bern as a mixed-use development opportunity.

The 100 acre site includes 3m sq ft of former industrial space and is understood to be the largest brownfield redevelopment site in Switzerland.

The site was marketed by Capita Symonds, led by Andrew Smith, director of agency, and Frédéric Schneider, director of European Corporate Services, together with a local partner.

It is the third site that Capita Symonds has been involved in selling for Sappi.

It advised on the sale of the 120-acre former Sappi paper mill site in Blackburn to Aeternum Capital at the end of last year.

Nelson Bakewell, now part of Capita, also acted on behalf of Sappi on the sale of its Nash Mills site in Hemel Hempstead for residential for in excess of £20m in 2007.

Capita’s Andrew Smith said: "This was a really exciting project to work on and was Switzerland’s largest brownfield site that we have managed to achieve in assisting a sale in a very short period. The site will now be managed by a professional property company who I am sure will invest and bring the site back into a new economic life within a short-medium term."

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