AGIP
Westcore purchased this property at the request of the petrol group Agip. who signed a 30 year ground lease simultaneously on Westcore’s acquisition
The intention was to create a more valuable asset, by having Agip fund the operations as well as the redevelopment of the asset and then have a long term lease to sell on to a long term holder, or to buy more similar plots and create a service station portfolio.
The market is very tight for this type of commercial development in Switzerland and Westcore decided to sell the asset in 2013 in order to pursue larger objects.