Swisscanto, the Zurich-based joint venture of Cantonal Banks for investment and pension services, said it has acquired the Altenrhein industrial park near St. Gallen from TMW Pramerica Property Investment, the German arm of Pramerica Real Estate Investors, for around CHF 70 mln (EUR 55 mln).

The asset is earmarked for the Swisscanto Real Estate Fund Swiss Commercial.

The fully-let park consists of roughly 60,000 m2 of production, office and warehousing space on the banks of Lake Constance at the Swiss border with Austria, Germany and Liechtenstein. The park accommodates nine companies with a total staff of over 600. Main tenants include Stadler Altenrhein and Airex.