Fribourg City Center

6'000 SQM office property located downtown Fribourg

Michael Wolfson, while at Westcore, acquired the freehold office building located in Fribourg, previously owned by the COOP and subsequently by the COOP Pension Fund.

The leasable area is approximately 6,000 SQM with over 110 parking spaces. The location is prime for this university-town but the property needed a complete renovation and new leases. 

Michael succeessfuly negotiated the lease termination on the first floor of a less than desirable chinese restaurant that was replaced with a modern office tenant on a 10-year-lease. The ground floor, previously occupied by Voegele discount retailer, was replaced by the impressive Vapiano restaurant chain on a 20-year-lease. A discotheque was replaced by a lazer game facility and the bowling tenant extended their lease to 15 years.

Once stabilized, the net income had increased by 30%, the WALT had extended from 2.6 years to over 8 years, and the capex project transformed the property breathing a new life into this popular location.

The building was sold to a Swiss institutional Insurance company well above the original business plan, demonstrating that the management team is capable of finding jewels in the rough, even if the cities are considered secondary locations.