Private bank Julius Bär is moving into investment in Swiss real-estate by creating a new unit via an acquisition and bringing in new management.
Julius Bär has acquired 83% of Zurich-based Kuoni Mueller & Partner, an integrated real estate service provider, to extend its real estate offering in Switzerland beyond its current focus on mortgage financing, the bank said in a statement Wednesday.
It did not disclose the financial details of the transaction, but merely said KMP was profitable and that the acquisition would not have a material impact on the bank’s capital ratios.
Full Real-Estate Service
Julius Bär said it would create a new unit to address the growing need for holistic real estate solutions in Switzerland. This would mean it expanding its activities into the entire life cycle of real estate, including advisory, brokerage, financing and structuring, as well as related services such as investment management, valuation and specialized property management.
Head of New Unit Acquired
The press release added that from the fourth quarter, Dominik Weber, currently the majority owner and CEO of KMP, would build Julius Baer’s new real estate unit.
«He will be instrumental in developing Julius Baer’s real estate offering, while remaining a minority owner and acting as chairman of KMP,» the statement said.
