Swiss healthcare real estate specialist Infracore has submitted a binding offer to acquire the real estate assets of GZO Spital Wetzikon, a financially distressed hospital operator currently under debt moratorium. The proposal, valued at 55 million Swiss francs in cash, was disclosed in a circular to creditors of the hospital’s CHF 170 million bond.
The transaction would transfer ownership of the hospital’s properties to Infracore while leaving operational control with GZO Spital Wetzikon. No transfer of operating licenses, employment contracts, or patient data is envisaged, and the hospital would remain the sole operator under a 30-year lease agreement with renewal options. Infracore also commits to completing an unfinished expansion project, though only after the hospital’s core operations are stabilized, with GZO retaining a pre-negotiated right of first refusal on the completed space.
Infracore emphasized that the deal requires no additional public funds or capital increases from the hospital’s shareholder municipalities. The company stated that accepting its offer would result in a "substantial increase in cash dividends" for creditors. Infracore CEO Eric Frey described the proposal as "simple, fully financed, and legally implementable within the statutory timeline," adding that expansion funding would be deferred until GZO’s financial position stabilizes post-restructuring.
The move follows earlier speculation about Antoine Hubert, Chairman of Aevis Victoria—which holds significant stakes in both Infracore and Swiss Medical Network (SMN)—exploring a potential real estate solution. SMN is one of two parties with existing proposals for the hospital’s assets, alongside the Thurmed Group, which had proposed an equity stake. Infracore’s offer is seen as a tactical bid to pressure other interested parties to formalize their proposals and prompt a timely assessment by the hospital’s management and insolvency administrators for creditor review.
Infracore cited its recent sale-and-leaseback transaction with See-Spital in Horgen as a precedent, positioning the GZO proposal as part of a broader strategy in Swiss hospital real estate restructuring.
