EQS-Adhoc Metall Zug Group: New office building for VZ Depository Bank at Tech Cluster Zug
EQS Group-Ad-hoc: Metall Zug AG / Key word(s): Agreement/Real Estate
Zug, February 9, 2021 - Urban Assets Zug Ltd and VZ Depositors Bank Ltd have signed a letter of intent for the construction of a high-rise office block on the Tech Cluster Zug site to serve as the new headquarters of VZ Depository Bank. The development of the project should be completed in 2021.
Urban Assets Zug Ltd, a subsidiary of Metall Zug Ltd, and VZ Depository Bank Ltd have signed a letter of intent for the construction of VZ Depository Bank Ltd's new head office, with around 6,000 m2 of main usable space, on the Tech Cluster Zug site. VZ Depository Bank Ltd intends to acquire the CreaTower East building, together with the associated plot of land measuring around 700m2 under the floor area of the building. There are no plans to sell further plots of land on the Tech Cluster Zug site.
VZ Depository Bank Ltd belongs to the VZ Group, as does the VZ Vermögenszentrum and is also an innovative financial services provider in the fintech sector. It therefore fits well into the ecosystem of the Tech Cluster Zug.
The planned project will kick-start the overall development of the CreaTowers construction site, situated between Baarerstrasse and Industriestrasse in Zug. This marks another great leap forward for the Tech Cluster Zug, after the recent announcement of the project for SHL Medical AG in November 2020.
A total of two towers and a base structure are to be constructed on the plot of land on which the high-rise building will stand. CreaTowers East will rise to a maximum building height of 40 m and CreaTowers West to a maximum building height of 60 m. The CreaTowers plot is currently being used as a car park for visitors to the ZUGORAMA and employees of V-ZUG. As soon as the Mobility Hub Zug North comes into operation in 2022, most of these parking spaces will no longer be required.