Swiss Life AM buys parts of the "Marximum" in Vienna
Swiss Life Asset Managers has made the first investment for its new Europe fund. The company has acquired parts of the "Marximum" office complex in Vienna.
The seller is the German construction group Hochtief, which had realized the overall "Marximum" project with a total of five office properties in 2010. Swiss Life AM has acquired two adjacent office buildings in the project with a total rental area of around 17,000 sqm. This is the first investment for the Swiss Life REF (DE) Key Metropolitan Areas Europe fund launched at the end of 2017. Swiss Life AM did not disclose the amount of the purchase price. Swiss Life subsidiary Corpus Sireo Real Estate supported the purchase.
Marximum" is located in Erdbergcity, in Vienna's 11th district of Simmering, on the border with the 3rd district. The occupancy rate is over 90 percent. Most recently, a large residential property manager was acquired as a new main tenant, and other companies from the IT, retail and insurance sectors have also recently moved into the properties, Swiss Life AM says, without, however, naming specific companies.
The European real estate fund Key Metropolitan Areas Europe is aiming for a volume of up to 700 million euros. It is an open-ended German special AIF and is primarily aimed at German institutional investors.
According to Swiss Life AM, the focus cities for the purchase are European metropolitan regions in France, Scandinavia and Benelux. Investments are also planned in the United Kingdom, Central and Southern Europe. Mainly office properties and inner-city retail properties are to be acquired, with retail parks as an admixture.
