Swiss Life Asset Managers has bought a residential asset in the Netherlands on behalf of its funds.

The manager has paid tB3 Investments an undisclosed sum to buy one of the Lee Towers in Rotterdam for its Swiss Life REF (DE) European Real Estate Living and Working and its Swiss Life REF (DE) European Living funds.

The Lee Towers were designed in 1975 and originally built as an office property. In 2019, the towers were renovated and converted into 443 residential units across 24 floors. It also has a commercial unit on the ground floor. The property is 95% let.

Christine Bernhofer, CEO of Swiss Life KVG and COO of Swiss Life Asset Managers in Germany, said: “With this transaction, we are able to make our mark in the Dutch residential real estate market for two of our public funds.

“This increased market attention enabled us to set an example for Swiss Life Asset Managers in the Dutch real estate market and thus lays the ground for subsequent transactions. We are very pleased with the successful completion of this highly complex transaction.”

To read the digital edition of the latest IPE Real Assets magazine click here.

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