Swiss Life AM and Beos launch new fund
Swiss Life Asset Managers and its German subsidiary Beos have acquired the Curve Campus corporate property in Berlin for a new fund
According to Swiss Life Asset Managers, the new Beos Berlin Prime Industrial fund is focused "on high-quality and sustainable corporate real estate in established Berlin locations." The initial investor in the fund, which is managed by Swiss Life KVG, is Swiss Life Asset Managers Proprietary Insurance Asset Management (PAM). The company manages the assets of the Swiss Life Group's proprietary insurance companies. However, the fund is also aimed at a narrow circle of other institutional investors with whom discussions are already underway, according to Swisss Life Asset Managers.
In addition to the Curve Campus, the initial portfolio of the fund, which initially has a target volume of EUR 500 million, also includes the 22,100-square-meter former production site of Schering AG in Berlin, known as Max Dohrn Labs.
The fully leased Curve Campus (26,000 sqm of rental space) was built in 2009 in Berlin's Adlershof district as the corporate headquarters of solar module manufacturer Solon. According to Swiss Life Asset Managers, the property is characterized by special architectural features such as fully glazed office space with ceiling heights of up to 4.50 m, several atriums and atriums, a walkable green roof and the last paternoster built in Berlin. It has the BREEAM DE "Excellent" sustainability certificate and a large photovoltaic system on the roof.
In 2011, the building was converted into a multi-tenant property and subsequently leased on a long-term basis to four companies with strong credit ratings. According to Swiss Life AM, the site offers two post-conversion potentials with a total of around 18,000 sqm of rental space, for some of which building permits have already been issued. The seller of the property is the German-Irish investor Signature Capital; the parties have agreed not to disclose the purchase price. (ah)
