Swiss Life Asset Managers and its wholly owned subsidiary Mayfair Capital have acquired their first residential investment in the UK with the purchase of Duet in Manchester for £74 mln (€88 mln).
The purchase was made on behalf of an open-ended fund distributed exclusively by DEKA Immobilien in Germany. The seller was Moorfield Real Estate Fund IV managed by Moorfield Group.
Duet, developed and operated by the Moorfield Group under its “More” brand, was opened in 2019 and comprises 270 one, two and three-room apartments. Residents have a range of amenities at their disposal, including a gym, private work rooms, meeting room, waterfront garden, 24-hour concierge service, secure parking and bicycle storage.
Located in Salford Quays, 15 minutes from Manchester city centre, Duet is close to MediaCity, a media, digital and technology centre anchored by the BBC, which is expected to double in size over the next decade.
Jos Seligman, transaction and fund manager at Mayfair Capital Investment Management, said: ‘Having created the conditions to expand Swiss Life Asset Managers’ residential real estate investments in the United Kingdom, this purchase is the first of several planned acquisitions. Duet is an excellent fit for our thematic focus on high quality modern residential developments which are designed for rental, meet our high ESG standards and provide an attractive demographic profile. As a long-term owner, we will work with JLL as managing agent and the experienced on-site team to maintain the high level of service residents already receive.’
Christine Bernhofer, CEO of Swiss Life Kapitalverwaltungsgesellschaft and COO of Swiss Life Asset Managers in Germany, added: ‘This transaction represents a perfect start in the UK market, which provides further diversification for our fund.’
CMS and JLL acted for Swiss Life and Mayfair Capital. Knight Frank and Shoosmiths acted for Moorfield.
