Swiss Life buys in Munich
Swiss Life Asset Managers acquires the "Atros" office and commercial property in Munich for EUR 31 million. This is the first purchase for the new Living + Working mutual fund.
According to the investor, the property is leased on a long-term basis to well-known companies from the automotive sector. It is located at Lindberghstrasse 3 in Munich's Schwabing district; the seller is Hammer AG, which is also based in Munich. Hammer acquired the building at the end of 2015 and has been extensively revitalizing it since April 2016, so that it is now ready for occupancy.
"Atros" comprises around 8,000 sqm of rental space, 100 car parking spaces and green areas. The building was constructed in 2008 and was originally designed for a sole tenant. After repositioning and remodeling, the property - with office and technical space as well as show rooms - can now be used by several tenants.
According to Kevin Julian Fuhr, Head of Portfolio Management & Strategy Public Funds, Swiss Life KVG, the property's yield is "significantly above those of pure office buildings in the city center". He sees the investment as a "successful start for the fund.
The law firm Beiten Burkhardt acted as advisor to the buyer. The seller was supported by Colliers International, the law firm GSK Stockmann & Kollegen and Drees & Sommer.
The investment focus of "Swiss Life Living + Working" is on German and European real estate in the residential and healthcare (Living) and office and retail (Working) segments. The fund aims to achieve a performance of over 2.5 percent (according to the BVI calculation method). Swiss Life itself has invested 200 million euros in the fund to enable the first property purchases to be made even before the start of sales.
