Swiss Life Living + Working fills fund portfolio
The open-ended mutual property fund Swiss Life REF (DE) European Real Estate Living and Working is making further acquisitions, purchasing four residential properties in Berlin and Wolfsburg.
The purchase agreements for the properties with an investment volume of over 50 million euros have already been signed. The open-ended real estate fund has thus secured the first residential properties for its real estate assets and, together with the purchase agreements for ten properties signed to date, is expanding its investment volume to a total of over 200 million euros. Previously, the fund had already acquired several properties in Amsterdam and Munich, among others.
Senior apartments in Berlin
Three of the newly acquired properties are located in Berlin. These are the residential property at Schönhauser Allee 115 in the Prenzlauer Berg district with 26 apartments, two retail units and a gross floor area of 4,223 square meters. In addition, the property at Alt-Wittenau 32 in Berlin-Reinickendorf, a building with 47 senior-friendly apartments and common rooms on a gross floor area of 5,918 sqm, was acquired.
The third property is also located in Berlin-Reinickendorf: The new construction project at Spießweg 11-15 comprises 57 senior apartments on a gross floor area of 6,244 square meters. Completion is expected by summer 2019. The fund's fourth investment is in Steimker Gärten, a new development for high-quality living close to the city center in the VW city of Wolfsburg. A total of 100 apartments for young and old as well as families will be built on an area of around 13,900 sqm by summer 2019.
"We are fully on track with our investment plan"
"The first properties have already been transferred to the fund assets. This means we are fully on track with our investment plan," says Dr. Christine Bernhofer, Managing Director of Swiss Life KVG, which is responsible for the fund. The fund's investment focus 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). Sales for the Swiss Life Living + Working fund were launched this summer.
