MAPFRE’s real estate partnership with entities of the Swiss Life Group grows with new assets in Madrid and Brussels

MAPFRE and Swiss Life Asset Managers have reinvigorated their real estate partnership for investing in prime European offices through the sale of a new package of assets to the pan-European co-investment vehicle they launched in April last year. As one part of this new package, a pan-European co-investment vehicle acquired a building located at 13 Calle Alberto Bosch from El Corte Inglés, in Madrid, just a few meters away from Retiro Park, which was once the headquarters of the Royal Spanish Football Federation (RFEF). The building’s spaces have a total area of 4,006 m2, and they will undergo extensive renovation so that they can be turned into top quality offices.

MAPFRE and entities of the Swiss Life Group created a pan-European co-investment vehicle for the real estate market, shared equally between the two companies, that, at inception, held assets located in Spain and Italy amounting to approximately EUR 400 million. MAPFRE contributed a building located at 15 Calle Mateo Inurria in Madrid while, entities of the Swiss Life Group contributed via an Italian fund three valuable properties located in Milan.

As part of this new package, MAPFRE transferred another building from its portfolio to the pan-European co-investment vehicle, located in Madrid at 30 Av. de Bruselas, which is currently being leased by the car company Mercedes. The building consists of 6,908 m2 of offices, 204 garage parking spaces, and 107 outdoor parking spaces.

A third asset was also added to this new package, at 23 Rue de la Loi (Brussels), with an area of 6,141 m2. It is accessible, visible, and boasts a strategic location between the EU and Pentagon districts as well as world-class tenants, such as the Belgian government itself.

MAPFRE and Swiss Life Asset Managers had already explored investment opportunities in the real estate market before this project, with another co-investment vehicle they launched in 2018, and through which they had invested almost 300 million in nine prime properties in Paris by mid-2019.

The Insurance Group thus continues to carry out its real estate fund investment strategy, hand in hand with industry leaders as always. The Group also applies this strategy to different vehicles it has launched with other assets in the last few years, in the infrastructure, renewable energy, and private equity sectors.