Swiss Life Living + Working invests in France for the first time

The four properties will be brought into Living + Working from a portfolio of 28 core properties, which Swiss Life Asset Managers acquired for EUR 1.7 billion in early 2019.

The fund portfolio now comprises 16 properties. According to Swiss Life Asset Managers, the four properties are "in prime inner-city locations in Paris". The average remaining lease term is between four and seven years.

Two of the properties are located in the 8th district on Rue la Boétie and are currently fully let. One of the two properties was built between 1850 and 1914 in the Haussmann style. According to Swiss Life Asset Managers, the corner building comprises 626 sqm. One third of this is used by various retail outlets on the ground floor. Two-thirds is made up of lawyers' offices and guest apartments for commercial letting. The property is in very good condition.

In the second, fully let property on Rue la Boétie, the purchase comprises the fifth floor of an office building from the 1960s and 13 associated parking spaces. The office space of just under 1,400 sqm is a size that is in high demand in the CBD location of the French metropolis, according to Swiss Life Asset Managers. The entire floor was completely renovated in 2017.

The third building is located on the Boulevard Sebastopol in the 1st district. On an area of 1,171 sqm, Living + Working acquired two office floors as well as the two retail spaces on the ground floor. The property is fully let.

The fourth property is located in the 16th district, in close proximity to the so-called golden triangle, the Triangle D'or between the Avenue des Champs-Élysées, the Avenue George V and the Avenue Montaigne. It is a mansion built in the mid-1850s with a private garden; the Victor Hugo metro station is just 150 m from the property. The 1,830 sqm of office space is fully let. (ah)