03.04.2025
International
Successful closing of sale of approximately 25,500 m2 plot marks important step in the urban development of Zurich Oerlikon
City of Zurich plans mixed-use development including affordable housing on the land in Zurich Oerlikon and to further develop the neighborhood.
The sale of approximately 25,500 m2 of land in Zurich Oerlikon by ABB (ABB Schweiz AG) to the City of Zurich has been successfully completed on March 27, 2025. The sale of land, comprising construction site D6 and parts of construction site D7, located close to the company’s headquarters, was agreed upon in an urban development contract between the two parties in 2021 and will pave the way for the City to build affordable housing as well as commercial and socio-cultural uses and open spaces.
ABB will report a pre-tax operational gain on sale of approximately 120 million Swiss francs and receive net cash of approximately 90 million Swiss francs in the first quarter of 2025. These amounts include the impacts of a rezoning value-added levy of nearly 17 million Swiss francs and compensation for the zonewise relocation of affordable housing of approximately 22 million Swiss francs which ABB had to provide under the terms of the contract.
With this sale of land, ABB helps the City of Zurich to not only build additional affordable housing, but also to further develop the neighborhood in the area called “Neu Oerlikon”. As part of the contract, the former ABB site and today’s event location “Hall 550” will be preserved in the long term as an important location for the city’s cultural life. ABB’s corporate headquarters in Zurich Oerlikon at Cityport and the ABB Historic Building at the MFO-Park will not be affected by the sale.
(Source: Press Release by ABB)
