Despite Brexit: Swiss Life AM acquires Mayfair Capital
Swiss Life Asset Managers is acquiring Mayfair Capital, an independent FCA-regulated real estate management investment company based in London. Mayfair Capital managed real estate assets of around one billion pounds (CHF 1.2 billion) as of the end of June.
Mayfair Capital was founded in 2002. The company employs 16 people and its clients are primarily UK institutional investors. In the UK, Mayfair Capital manages the Property Income Trust for Charities fund and acts as advisor to Mayfair Capital Property Unit Trust (on behalf of clients of Schroder Real Estate Capital Partners) and Mayfair Capital Commercial Property Trust (on behalf of clients of Jupiter Asset Management). In addition, the firm manages two residential real estate funds whose investors are both pension funds and high net worth individuals.
"The acquisition is an important step in our growth strategy in one of our strategic core areas. In addition, the transaction enables us to expand existing client relationships and gain access to new clients," says Stefan Mächler, CIO of the Swiss Life Group, explaining the move to invest in the UK despite the threat of Brexit. The acquisition strengthens Swiss Life Asset Managers' regional presence and expands its position in one of Europe's most important and liquid real estate markets with attractive growth potential, Mächler added.
Subject to regulatory approval, the transaction is expected to close in the fourth quarter of 2016. The Mayfair Capital brand will remain in place. The parties have agreed not to disclose the sale price. (ah)
For more information and analysis on Brexit and its consequences for the real estate markets, see the Expo Real follow-up report in the recently published Schweizer Immobilienbrief No. 227. The November issue of IMMOBILIEN Business will also deal with this topic.
