Swiss Life buys big in Europe with Norwegian sovereign wealth fund
Two purchases for CHF 674 million in Berlin and Paris are the first transactions of an investment vehicle of Swiss Life Asset Managers and Norges Bank Investment Management
The vehicle is managed by Swiss Life Asset Managers and targets investments in Berlin and Paris with a focus on prime locations and larger, high-end properties. To date, the investment vehicle has signed two real estate transactions: Volt Air in Berlin, acquired by Germany's ABG Real Estate Group for €457 million, and 86 Boulevard Haussmann in Paris for €217 million. The transactions are scheduled to close in February 2023 and December 2022, respectively.
Swiss Life Asset Managers will invest in the vehicle on behalf of Swiss Life Group companies together with Norges Bank Investment Management. "We are successfully applying our portfolio strategy in our own asset management business for third-party clients by launching this investment vehicle together with a like-minded counterparty," says Stefan Mächler, Group CIO of the Swiss Life Group.
The sale of the 30,000 sqm Volt Air, located on Berlin's Alexanderplatz, is one of the largest office transactions in the German market this year. 90% of the space is office and 10% is retail use. 86 Boulevard Haussmann in Paris is located in the central business district of Paris and has 11,000 sqm of office space. (aw)
