Spanish insurance group Mapfre and Swiss Life Group have joined forces to create a new co-investment vehicle which will seek to build up a significant property portfolio across Europe.
The vehicle, which is owned on a 50-50 basis, has been launched with a seed portfolio valued at €400 mln consisting of assets in Spain and Italy. Mapfre has contributed its property at 15 Calle Mateo Inurria in Madrid while Swiss Life’s Italian Fund has contributed three assets in Milan.
Mapfre will be responsible for managing the assets located in Spain, with Mapfre Inversión as investment advisor and Servimap as property manager.
A unit of Swiss Life Group will provide asset management services for the assets located outside Spain, with its real-estate arm, Swiss Life Asset Managers France (SLAM), acting as investment advisor.
As part of the agreement, Verti Italy, a subsidiary of Mapfre, will participate indirectly in the venture through the purchase of a 17.4% stake in Swiss Life’s Italian fund.
This is the second partnership by Mapfre and Swiss Life Group. In 2019 the two companies teamed up to invest almost €300 mln in nine prime properties in Paris.