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The conflict between the Manor store chain and the real estate company Oscar Weber AG, which today belongs to Swiss Life Group, has been going on for eleven years. This concerns the lease for space on Zurich’s upscale Bahnhofstrasse, into which Manor moved in February 2020.
Oscar Weber AG is demanding approximately 45 million francs in back rent from the Manor. This is the difference between the rent paid by the Manor from February 2014 to 2020 and the market price according to Oscar Weber.
The Zurich commercial court must decide whether Manor will pay the huge sum. This did not initially declare itself responsible and did not make the bet. Oscar Weber took the case to federal court. This now gave Oscar Weber AG a stage win and declared the Zurich Commercial Court liable.
What is the “common market”?
The decision on what exactly “traditional market” means is made in Zurich, not the Federal Court in Lausanne.
The background of the dispute was that the lease expired in February 2014. There was an option to extend for five years “under normal market conditions”. Tenants and landlords had completely different interpretations of what these looked like. The Manor had paid just over 6 million francs a year in rent until 2014 and was expected to pay 19 million francs thereafter. The two companies never agreed on a rent amount, and Manor remained in the house only on an extended lease until they moved out. (SDA/rae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
