The Swatch Group Ltd. has signed a declaration of intent with the City of Biel (Switzerland), stipulating the Group’s wish to acquire the land and building at Seevorstadt 75 in order to establish the new Tiffany & Co. at this address. The sale price for the plot of land covering a total of 3400 m2, together with the building, is CHF 2.7 million.

The CentrePasquArt Foundation, which previously owned the site, together with the building right vested in it, is delighted that the building will remain in use in future. The City of Biel, which is the new owner on the basis of the reorganization of the ownership situation in respect of the different plots of land occupied by the CentrePasquArt Foundation, welcomes the Swatch Group initiative and appreciates the Swatch Group’s commitment to this site.
 
In the words of City President Hans Stöckli: “With Tiffany & Co., the presence of the premier league of the global watch industry in Biel will be further strengthened. The fact that this is taking place at the heart of the Biel “Museum mile” greatly enhances the attraction of our inner city and creates a link between art and the economy at the highest level. With an initial workforce of some 25 persons and in view of the opportunities for further expansion on the site at Seevorstadt 75, the presence of Tiffany & Co. is also very important in employment terms.”
 
The Foundation’s Vice-Chairman, Rudolf Hadorn, had this to say: “We welcome this solution and look forward to our new neighbor whose presence will further enhance the 'Biel Museum Mile'. The fact that the assignment of the building right and properties at the same time enables the city to contribute 2 million francs to the future infrastructure of the CentrePasquArt makes this transaction still more important from our point of view. “
”We are committed to Biel and happy that Tiffany & Co., Swatch Group's youngest 100 percent affiliate is now to be established in Biel in its turn", was Nayla Hayek's comment on the forthcoming purchase. Mrs. Hayek is the designated Head of the new company, and Director of the Board of The Swatch Group Ltd.
 
The building at Seevorstadt 75 is the administrative headquarters of the CentrePasquArt Museum, which the Foundation wanted to sell to raise resources for maintenance of the museum (Art Gallery) property. Biel City Council will have to decide at its meeting of 17 April whether it wishes to approve the sale of this property to The Swatch Group Ltd. The change of designated use of this property also requires an amendment of the zoning plan which will be put before the population of Biel/Bienne on 1 June 2008.

Source: Swatch Group
www.swatchgroup.com