Kuoni Group sells head office in Zurich

The sale to Zürcher Kantonalbank comes after the recent disposal of two other properties in Zurich and is part of a streamlining of Kuoni's real estate portfolio in Switzerland

Employees of Kuoni Group in Switzerland are expected to move into the new head office in Zurich-Oerlikon in the second half of 2016.

Kuoni said it sold Neue Hard for the estimated market value of the property and a CHF 15 million has been paid off.

In a statement, the firm said: "Expected operating earnings (EBITA and EBIT) for the 2015 financial year, communicated on 5 November 2015, will increase by about CHF 52 million respectively.

"The sale has a positive impact on the net result of about CHF 40 million. At present the Kuoni Group expects a net debt of less than CHF 90 million as per year-end 2015.”