CORPORATE | 10.04.2023
MAPFRE and entities of the Swiss Life Group through a real estate co-investment fund acquire a building in Paris
- The prime office property covers 7,200 square meters and has an occupancy ratio of close to 100%
- The co-investment vehicle launched by both companies in 2018 reaches 500 million with this new asset
The real estate co-investment vehicle formed by MAPFRE and entities of the Swiss Life Group in 2018 to invest in prime offices in Paris has just added a new building to its portfolio. The 7,200 square meter property, located at 73 Boulevard Haussmann, comprises mainly offices with retail units at ground level, and is leased almost entirely to 16 high-quality tenants.
Swiss Life Asset Managers France set up this co-investment fund with MAPFRE in 2018. The fund is managed by Swiss Life Asset Managers France and this last acquisition sees it reach the €500 million milestone as of today.
In addition to this project, MAPFRE and other Swiss Life Group companies created a pan-European co-investment vehicle two years ago to invest in the real estate market, which was seeded with assets valued at 400 million euros and located in Spain, Belgium and Italy.
MAPFRE’s real estate sector transactions are handled via MAPFRE Inmuebles. Since 2018, several funds have been launched with leading partners in the market and the strategic focus remains the same: to seek out prime real estate in the most prestigious areas of European capitals.
About MAPFRE Inmuebles
MAPFRE Inmuebles is the MAPFRE unit through which the insurance group makes investments in the real estate sector. Since 2018, several funds have been launched with experienced partners. Currently, more than €800 million has been committed, and the strategic focus remains unchanged: seeking out prime properties in key markets across Europe’s capital cities.
Moreover, with a constant focus on sustainability, and as part of its Corporate Environmental Footprint Plan 2021-2030, MAPFRE’s aim is to build up a portfolio of buildings holding sustainability certification which, by 2030, will represent at least 50 percent of the total floor space of office buildings the company owns that have more than 3,000 m2 of space at ground level and above.
To this end, MAPFRE is prioritizing acquisitions and complete renovations that meet these criteria. Currently, 14 of its buildings (one leased and the rest owned by MAPFRE, representing 35.5 per cent of its total portfolio) hold this certification, mostly LEED (Leadership in Energy and Environmental Design).
MAPFRE is a global insurance company. It is the benchmark insurer in the Spanish market, the largest Spanish multinational insurance group in the world, the number one insurance group in Latin America and the sixth largest carrier in Europe by Non-Life premium volume. MAPFRE employs more than 31,000 professionals and in 2022, the company’s revenue was almost €29.5 billion, with net earnings of €642 million.
About Swiss Life Asset Managers
Swiss Life Asset Managers has more than 165 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg, the UK and the Nordic countries.
As at 31 December 2022 assets under management for third-party clients amount to EUR 106.7 billion. Together with insurance assets for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at EUR 253.3 billion. Swiss Life Asset Managers is a leading real estate manager in Europe1. Of the assets totalling EUR 253.3 billion, EUR 90 billion is invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling EUR 22.2 billion in value. Total real estate under management and administration at the end of December 2022 thus came to EUR 112.2 billion.
Swiss Life Asset Managers employs more than 2100 people in Europe.
Self-determined Life
Swiss Life enables people to lead a self-determined life and look to the future with confidence. Swiss Life Asset Managers pursues the same goal: We think long-term and act responsibly. We use our knowledge and experience to develop future-oriented investment solutions. This is how we support our customers in achieving their long-term investment objectives, which in turn also take account of their client’s needs so they can plan their financial future in a self-determined manner.