Marconi Investment SA paid 120 million Swiss francs (US$133 million) for the building on Rue du Rhone, according to a filing with Geneva’s land registry.
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Omega will now be writing a sizeable rent check to its biggest competitor each month and Rolex will have a say in how the building is maintained and operates. Under certain conditions, a new owner can more easily terminate an existing lease, the Tribune de Genève reported.
Spokespeople for Rolex and Swatch Group declined to comment.
Rolex, which is controlled by a foundation named for its founder Hans Wilsdorf, is a major owner of property in its home city of Geneva.
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Swatch has also bought other buildings on London’s Old Bond Street for about 120 million francs as well as a store on the Champs-Elysées in Paris. In 2014, Swatch bought a retail location on Bahnhofstrasse in Zurich from Credit Suisse housing the Bongenie Grieder luxury clothing store for an undisclosed price.
Bongenie Grieder, which is controlled by the family of Rolex chairman Nicolas Brunschwig, will move its flagship Zurich store to a new location in 2024.
Rolex in August said it would acquire Swiss luxury watch retailer Bucherer AG and its 100 global boutiques. Bucherer sells several Swatch Group brands at some of its stores including Longines, Tissot and Omega.
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