Swiss Life AM buys German Laetitia portfolio
Swiss Life AM has acquired the Laetitia portfolio consisting of 32 commercial properties in locations throughout Germany. The seller is Aurelis Real Estate.
According to Swiss Life AM, the Laetitia portfolio consists of corporate real estate with office, logistics and production space and comprises a total of around 538,000 sqm of rental space. Around 95 percent of the space is leased, the company said, and the tenants with strong credit ratings include well-known corporations and mid-sized companies. The weighted average remaining lease term is more than five years. The properties are mainly located in Germany's top 7 cities of Munich, Frankfurt, Düsseldorf, Berlin, Hamburg, Stuttgart and Cologne, but also in B-cities such as Hanover.
The purchase would be completed through Swiss Life Kapitalverwaltungsgesellschaft mbH in cooperation with the investment manager Beos, which Swiss Life AM acquired a few months ago. The parties have agreed not to disclose the purchase price.
Portfolio to be contributed to new fund
The properties are to form the initial portfolio of the new open-ended real estate special AIF CREFG IV, whose asset management will be handled by Beos. "Through the portfolio acquisition, a significant part of the planned fund volume of 1.1 billion euros has already been invested," says Kerstin Lauerbach, Head of Portfolio Management at Beos.
CREFG IV invests in corporate real estate - specifically in mixed-use portfolio properties - in Germany's top 7 metropolitan areas, as well as a maximum of 50 percent in growth regions such as Hanover, Karlsruhe, Ulm, Nuremberg and Regensburg. CREFG IV, which, according to Swiss Life AM, has already received expressions of interest from investors for its planned equity capital of EUR 630 million, is aiming for a distribution of 5.5 to 6.0 percent per year after costs and fees. The fund will only be distributed in Germany. (ah)
