AFIAA, the investment foundation of 35 Swiss pension funds, has bought a mixed-use property in the US.

The foundation said it paid CHF100m ($104m) for the Arch Square building in Washington DC’s Chinatown district.

Zurich-based AFIAA said the purchase was part of its objective to increase its allocation of equity investment in the US.

Arch Square, a 5,100 sqm building, includes retail and office space, with the latter leased to the Alliance of Automobile Manufacturers.

“The preferred retail location and its long-term credit tenancy make (the building) very attractive as an investment,” the AFIAA said.

The property was refurbished in 2012. 

The AFIAA last year entered into a partnership with specialist manager Avadis to pool direct real estate investment resources and run CHF4bn of assets.

Its management moved to Avadis as part of the agreement.

The AFIAA’s portfolio remained unchanged, with a focus on direct global real estate investments.

Owned by Swiss pension funds, the organisation is aimed solely at tax-exempt Swiss pension funds.

Avadis Investment Foundation manages around CHF9bn in investments for more than 100 Swiss schemes, with a quarter being direct Swiss real estate investments.