Swiss Life KVG and real estate firm Beos have seeded a newly created open-ended fund with a portfolio of 32 German commercial properties.
Swiss Life KVG said it has acquired the Laetitia portfolio from Aurelis Real Estate for an undisclosed sum. The portfolio was acquired for Corporate Real Estate Fund Germany IV (CREFG IV), a fund managed by Beos.
The portfolio of corporate real estate with primarily office, logistics and production space comprises a total of around 538,000 sqm of rental space. Around 95% of the space is let.
In December 2016, Swiss Life Asset Managers planned to launch German-regulated real estate funds after creating Swiss Life KVG.
CREFG IV is the first Beos labelled fund launched by Swiss Life KVG. Like its predecessors, CREFG IV invests in corporate real estate - specifically in mixed-use German portfolio properties.
Kerstin Lauerbach, the head of portfolio management at Beos, said: “With this portfolio acquisition we have already invested a significant part of the planned fund volume of €1.1bn.
“The portfolio fits in perfectly with our fund strategy, which focuses on stabilised properties in attractive locations.”
Christine Bernhofer, the managing director of Swiss Life KVG, said: “We are delighted at the speed with which we were able to launch the CREFG IV for Beos, our new partner in the Swiss Life Asset Managers network.
“This clearly demonstrates the potential of Swiss Life Asset Managers for major projects.”
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