Abroad: Swiss Life fund buys in Belgium
The open-ended real estate mutual fund Swiss Life Living + Working has invested 70 million euros (CHF 78.7 million) in two Belgian properties.
The fund has acquired an office property in Brussels' European Quarter and a residential property for assisted living in Leuven. The investment volume for both properties totals more than 70 million euros, according to asset manager Corpus Sireo, which is part of Swiss Life.
The Brussels office property Cortenbergh 107 comprises around 8,000 sqm, was built in 1993 and modernized in 2014. It is prominently located next to the Royal Military Academy and 500 meters from the EU Commission. The sole tenant is a European representation to the EU.
The second property is located in the university city of Leuven, 30 km east of Brussels. Here, a residential real estate project is being realized in Vaartkom 45/47 for senior citizens. The construction project comprises 111 apartments with a total rental area of 8,161 sqm and is scheduled for completion by 2020. It is located at the northern end of Leuven's old town and is situated on a former inland waterway canal (Vaartkom). The sole tenant will be a French operator of senior residences.
According to fund manager Walter Seul, the Swiss Life Living + Working portfolio now comprises twelve properties in Germany, the Netherlands and now Belgium. "The assisted living market in particular is and will remain very dynamic, and healthcare properties form one of the four pillars of our multi-asset strategy. The project in Leuven therefore fits very well into our portfolio, both in terms of location and general conditions," says Seul.
Swiss Life Living + Working aims to build a European target portfolio of residential and healthcare properties (including senior residences, nursing homes, medical centers) as well as office and retail properties in the medium term. The fund's 1-year performance was 3.7 percent as of Oct. 31, 2018, according to the fund. (ah)
