The Swatch Group Ltd. intends to invite Tiffany & Co. to Switzerland. Swatch recently signed a declaration of intent with the City of Biel in Switzerland, to acquire the premises and the existing facility at Seevorstadt 75, The Group would build a new Tiffany & Co. over the 3400 sq.m. plot. The deal is valued at CHF 2.7 million. The land was previously owned by CentrePasquArt Foundation and handed over to the City of Biel, as per the reorganisation of the ownership situation regarding the different plots of land occupied by the CentrePasquArt Foundation. City President Hans Stckli said that Tiffany & Co. would further strengthen the premier league of the global watch industry in Biel.