Insurers Mapfre and Swiss Life have created a pan-European real estate investment vehicle seeded with €400m worth of assets in Spain and Italy.
The new pan-European co-investment vehicle currently holds the 15 Calle Mateo Inurria building in Madrid, provided by Mapfre and three other properties in Milan, added by entities of Swiss Life via its Italian Fund.
Madrid-headquartered Mapfre said both parties will be equal shareholders on the new vehicle, adding that its subsidiary Verti Italy will participate indirectly in the venture through the purchase of a 17.4% stake in the Italian fund.
The latest partnership between the two firms follows a co-investment vehicle the pair created in 2018, and through which they invested almost €300m in nine prime properties in Paris in mid-2019.
This move is part of Mapfre’s strategy to diversify its portfolio against other types of financial assets and gradually increase its alternative investments.
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