Swiss bank Credit Suisse is now the owner of a grade A commercial building in New Zealand which prominently features the name of a rival bank.
Credit Suisse has acquired the HSBC Tower in the center of Wellington, the capital of New Zealand. The Zurich-based bank purchased the building complex for 70.1 million Swiss francs on behalf of Credit Suisse real estate fund international, according to a media statement.
The fully tenanted building houses blue-chip names, its anchor tenant being the Ministry of Foreign Affairs and Trade. This was the company's second investment in Wellington. The Swiss bank also owns The Justice Centre on Aitken Street in the city.
Setting up a Children's Hospital
Christoph Schumacher, head of global real estate at Credit Suisse asset management, said the HSBC Tower was an «excellent fit for our broadly diversified real estate portfolio.»
The vendor is a Wellington-based individual Mark Dunajtschik who is currently setting up a new children's hospital in the capital city.
