FINANCE | 23.04.2021
MAPFRE and entities of Swiss Life Group create a joint real estate investment vehicle
In this initial phase, MAPFRE has provided a building located in the Spanish capital of Madrid, and entities of Swiss Life Group has contributed three other properties in Milan
Both companies are leaving the door open for further acquisitions in the future
In a joint venture, MAPFRE and entities of Swiss Life Group have created a pan-European co-investment vehicle for the real estate market. The vehicle will be shared equally between the two companies and has been launched with assets valued at 400 million, located in Spain and Italy.
The building that MAPFRE has contributed to the venture is located at 15 Calle Mateo Inurria in Madrid. Entities of Swiss Life Group have contributed three properties in Milan, through its Italian Fund. In turn, VERTI Italy, a subsidiary of MAPFRE, will participate indirectly in the venture through the purchase of a 17.4-percent stake in the Italian fund.
In the future, both groups will be able to make new contributions should they wish to do so, provided they remain equal shareholders.
MAPFRE will also be responsible for managing the assets located in Spain, with MAPFRE Inversión as investment advisor and SERVIMAP as property manager. One entity of Swiss Life Group, for its part, will provide asset management services for the assets located outside Spain, with its real-estate arm, Swiss Life Asset Managers France (SLAM), as investment advisor. In the transaction, both Philinx and IDBO were also advisors to MAPFRE and the entities of Swiss Life Group.
MAPFRE and entities of Swiss Life Group are once again joining forces to explore investment opportunities in the real estate market after the success of the co-investment vehicle they formed in 2018, and through which they invested almost 300 million in nine prime properties in Paris in mid-2019.