Insurance companies Mapfre and Swiss Life have bolstered their joint real estate holdings by adding two properties in Paris and Milan, valued at nearly €140 mln.
The acquisitions were conducted through their respective investment arms, Mapfre Inmuebles and Swiss Life Asset Managers France.
Mapfre is contributing a building located at Avenida de Burgos 12 in Madrid to a pan-European real estate fund launched in 2021. This fund prioritizes high-quality properties in key European cities like Milan, Madrid, and Brussels.
Swiss Life, on the other hand, is contributing a property located at 3 Rue la Boétie in Paris to a separate fund established in 2018. This fund currently holds ten buildings, all strategically located in the French capital.
Alfredo Muñoz, general manager of Mapfre Inmuebles, said: ‘We’ve been working together on these funds for more than five years and are very happy with the results we’re getting. Focusing on prime properties such as these and diversifying across Europe gives us considerable protection during a cycle change like the one we’re seeing now.’
Fabrice Lombardo, head Real Estate of Swiss Life Asset Managers France, added: ‘These two assets mark a further step in the deployment of our long-term partnership and reflect our high-quality Real estate portfolio strategy at an opportunistic market timing.’
Since their initial collaboration in 2018, both companies have actively acquired and contributed properties from their own portfolios to these co-owned funds, targeting prime locations in major European capitals. With this latest transaction, the combined value of both funds now surpasses €1 bn.
In addition to Swiss Life, Mapfre maintains alliances in this sector with Munich RE and with Macquarie. As a result, their total assets under management now exceed €2.1 bn.
