Swiss Life Asset Managers has acquired Mayfair Capital, an independent London-based real estate investment management company.
Mayfair Capital currently manages over €1 bn of real estate assets located wholly in the UK. Swiss Life said that the acquisition of a UK property fund management business had been a key objective, following its takeover of Viveris REIM in France and Corpus Sireo in Germany in recent years. Viveris was rebranded Swiss Life REIM (France), while the Corpus Sireo branding remained unchanged.
The latest transaction brings together property teams in Switzerland, Germany, France and the UK creating a pan-European business with some CHF69.7 bn (€64 bn) of real estate assets under management and administration.
Both parties agreed not to disclose the purchase price.
'The acquisition is an important step in our growth strategy involving one of our core strategic areas. With Mayfair Capital we can expand our regional presence and strengthen our position as one of the leading institutional real estate and asset managers in Europe,' said Stefan Mächler, CIO of the Swiss Life Group. 'The transaction will also enable us to extend our existing client relationships and gain access to new clients. We look forward to working with the experienced Mayfair Capital real estate team.'
'The Mayfair Capital Board has been looking for a strategic partner to assist with our growth strategy. The transaction will provide our clients with access to a wider range of investment solutions across the major European markets and an investment platform with significantly enhanced distribution reach,' said James Thornton, chief executive of Mayfair Capital.
Thornton added: 'The acquisition is testament to the strength of the Mayfair Capital business, its investors and our team. With Swiss Life AM as its new owner, Mayfair Capital will be able to develop its business by entering new markets and launching new products. We are convinced that this will be very appealing and beneficial to our clients whilst giving them continuity in how their assets are managed. We look forward to being part of a like-minded and ambitious group and working with our new partners.’
Mayfair will continue to trade as Mayfair Capital in the UK, where James Thornton will remain as chief executive and Robert Palmer, chief investment officer.
Swiss Life AM is expected to invest in new funds that Mayfair Capital launches.
In the UK, Mayfair Capital manages the Property Income Trust for Charities and is adviser to the Mayfair Capital Property Unit Trust (on behalf of clients of Schroder Real Estate Capital Partners) and Mayfair Capital Commercial Property Trust (on behalf of clients of Jupiter Asset Management). In addition, the business manages two residential debt funds where the investors are a combination of pension funds and high net-worth individuals.
The acquisiton is subject to regulatory approval and is expected to be completed in the fourth quarter of 2016.
