The tenants of the three properties in Windisch AG have received notice of termination from the owner company 1drittel Aleph AG from Wollerau SZ. About 100 refugees will soon be moving into their homes.
The company 1drittel Aleph AG is owned by BW*, a Swiss national who is originally a Canadian citizen and has lived in Zurich since 2016. Other enrollees are PW* and R. F:*. The people Blick called do not want to comment on the events at Windisch. Many unanswered questions remain, such as: Why does the company lease its properties to the canton in the future and kick out the tenants?
One possible explanation: the canton pays higher rent. The properties are old and current rents are low, so they are also suitable for those with social security. That’s why SVP Aargau wants to know from the cantonal government whether it will bring additional income to the host in the future.
Interesting area for real estate development
W’s LinkedIn profile states that he founded the company in June 2022 “after several years of planning”. The idea is to use the funds of a group of investors to buy private and commercial “potential properties” in Switzerland and Germany.
Canton wishes to lease W’s properties in Windisch for three years. Rumors are already circulating that apartment buildings may be replaced by new buildings in Windisch. Real estate is relatively central. Windisch is located in the Brugg district, which is popular with apartment seekers, together with Baden AG. The vacancy rates are low and therefore the risk is low.
Firing tenants with Canton as boss
However, tenants can show reasons for financial, professional or family hardship for vacancies and have a good chance of extending the tenancy. “Actually, extending tenants is routine these days,” the website of the Swiss Tenants Association writes. From the owner’s perspective, this can take up to four years in the worst case.
If the company kicks tenants out today, it could prioritize potential conflicts with tenants—especially the canton that secures rental income and has a primary interest in sheltering refugees. Since the canton of Aargau has declared an asylum emergency, in extreme cases it can use the emergency law and benefit real estate developers.
A network of companies
Based on his experience, W. knows how difficult it can be to give notice of termination without notice. CEO of the Baum Group in Wollerau since 2010. Field of activity: Purchase, renovation, sale of real estate and import of construction materials to Switzerland. And since 2013, there is Baum Developments AG, now called Baum Property Services and residing in Zurich’s Stauffacherquai. In 2016, he founded Zurich-based Honeybaum GmbH (now MGI Design), specializing in kitchen furniture.
Interestingly, W. has been the CEO of Windisch-based Baum Group Holdings since November 24, 2022. W. does not explain why he placed his new holding company in Windisch three months ago. However, the address is exactly the one currently declared terminated.
*Name known
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.
