Swiss Life Europe Fund grows thanks to new acquisitions
The Swiss Life REF (CH) European Properties real estate fund has made acquisitions in Germany and Belgium and now has total fund assets of just under EUR 715 million.
As of the end of 2021, the Swiss Life REF (CH) European Properties portfolio will consist of 19 core properties in nine countries with various types of use. In order to be able to grow further, a capital increase is planned for this fall. The fund already has an attractive deal pipeline in London, says Swiss Life Asset Managers.
The latest acquisitions are office, logistics and residential properties: Last October, the fund acquired the newly built Impuls office property at Stresemannstrasse 69 in Berlin. Certified with the German DGNB Gold sustainability label, the property comprises 12,125 sqm of office space in a central location near Potsdamer Platz. The entire building is leased to a government institution for ten years.
In September, the fund purchased its first light industrial property. The property at Kornwestheimerstrasse 49 in Korntal-Münchingen was newly built just under two years ago. It is leased for the next 18 years to a German paint and coatings company that is part of a major international group. For the company, the location in the greater Stuttgart area is strategically important because of its proximity to its customers, the automotive groups. One of the two buildings will be used as offices and headquarters, while the other will be used for production and storage. There is a free space on the property where additional buildings can be constructed. BREEAM certification of the property is scheduled to take place this year.
Office building in Belgium and residential project in Germany
In Antwerp, Belgium, the fund acquired an office property at Berchemstadionstraat 70, which is leased for nine years to one of Belgium's leading insurers. The company has already had its regional headquarters in the building since 2006. The property comprises 9,300 sqm of office space on four upper floors and is "BREEAM very good" certified.
At the end of 2021, the fund took over a residential project at Nordmoslesfehner Strasse 1-9 in Oldenburg. It consists of 73 apartments of an upscale standard spread over several buildings. Letting is going very well, even though the greening of the outside areas has not yet been completed, Swiss Life Asset Managers said.
The fund sold its office property at 2600 John Smith Drive in Oxford in a bidding process. The building was acquired at the beginning of February 2018 for around £35 million (net), and the sale price was more than 60% higher than the last valuation carried out externally, according to the fund's management. The sole tenant recently vacated the building following internal restructuring, but is still paying rent until the lease expires in 2027, it added. (ah)
