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18.04.2012

Zurich Airport News Flash No. 9 / Building permit for the real estate project "The Circle" legally binding

No appeal has been brought forward within 30 days after the building permit of the real estate project „The Circle“ of Flughafen Zürich AG has been granted. The legally binding building permit marks yet another milestone towards realising the planned service destination.

Flughafen Zürich AG has been granted the building permit of the real estate project „The Circle“ by the City of Kloten on March 6, 2012. No appeal has been brought forward within the appeal period of 30 days, making the building permit legally binding. In March this year, Flughafen Zürich AG announced the successful conclusion of an agreement with the international hotel brand Hyatt. The long-term agreement provides for convention facilities and totally 550 rooms offered by two hotels on a space of 45’000 square metres. The occupancy rate of about 25 percent of the total space and the legally binding building permit mark two important steps towards the realisation of the planned service destination.

However, to successfully initiate the project, anchor tenants for office spaces and service areas have to be found. Furthermore, associated investment costs have to be secured as an essential basis of the projects economic efficiency and another condition marks the establishment of an investment and financing structure. If all these requirements can be met and the financial funding is secured, building work is expected to commence next year. The first phase of the complex is scheduled to open in year 2017.

About „The Circle“
With the real estate project „The Circle“, Flughafen Zürich AG plans a service destination with around 200’000 square metres usable area offering a wide range of services, including hotels, restaurants, headquarters and offices as well as conference and event facilities at a prime location within walking distance from the terminals at Zurich Airport.

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