Swiss Life buys first asset for open-ended 'ABBA' fund

Swiss Life Asset Managers has purchased the first property for its fund that focuses on residential, healthcare, office and retail assets.

The investment manager paid €31m for the asset in Munich for its Swiss Life Living + Working vehicle.

The fund, which was launched earlier this year, is focused on German and European real estate in the “living” – residential and health – and “working” – office and retail – segments.

Swiss Life insurance group is providing €200m of capital for the vehicle, which Swiss Life is investing in “B locations in A cities and A locations in B cities”, an approach known as the ABBA strategy.

Kevin Julian Fuhr, head of portfolio management and public funds strategy at Swiss Life KVG, said: “The property’s return far exceeds the returns of pure office buildings in the city centre area.

“This investment has allowed us to make an excellent start to our fund.”

The 8,000 sqm office and commercial ATROS building, in Lindberghstrasse in Munich’s Schwabing district was sold by Munich-based Hammer.

Tags

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2540

    Asset class: All/Large Cap Equities.
    Asset region: UK.
    Size: The fund will be added to our guided fund range.
    Closing date: 2019-05-27.

  • QN-2541

    Asset class: Small/Mid-Cap Equities.
    Asset region: Switzerland.
    Size: CHF 130m.
    Closing date: 2019-06-04.

  • QN-2542

    Asset class: All/Large Cap Equities.
    Asset region: Switzerland.
    Size: CHF 130m.
    Closing date: 2019-06-04.

Begin Your Search Now