Real Estate
EFG International Sells Ticino Building To Local Canton
The building had been previously used by BSI, the Swiss bank that is now part of EFG International.
EFG
International, the Zurich-listed private bank, has sold its
Palazzo Botta office building in Lugano to the Canton of Ticinio,
and will stay in this building for a further three years. The
building had been previously used by BSI, the private bank which
has been acquired by EFG.
The financial terms of the transaction were not disclosed. EFG
said that the sale will be covered in its financial statements
next year once the deal has been finally closed. The transaction
is expected to close in the first half of 2020.
The agreement is subject to the canton's approval procedures.
The building was designed by Swiss architect Mario Botta and
initially inaugurated in 1988. EFG said that the Canton of Ticino
had been looking for a "prestigious location" to house its
judicial authority. The canton intends to reopen the building to
the public.
