In a 50:50 joint venture, Madrid-headquartered insurer Mapfre and Swiss Life Group have created a pan-European real estate co-investment vehicle seeded with assets valued at €400 million, located in Spain and Italy.
While Mapfre has contributed a building at 15 Calle Mateo Inurria in Madrid (pictured), Swiss Life Group has contributed three properties in Milan, through its Italian Fund.
Verti Italy, a subsidiary of Mapfre, will in turn participate indirectly in the venture through the purchase of a 17.4% stake in the Italian fund.
Door open for further investments
Both groups can make additional contributions in future provided they remain equal shareholders.
Mapfre will manage the assets located in Spain through investment advisor Mapfre Inversión and property manager Servimap.
A Swiss Life Group company will manage assets located outside Spain, while Swiss Life Asset Managers France will be investment advisor.
It is not the first time that the two groups have collaborated. And the deal follows a co-investment vehicle formed in 2018 which invested almost €300 million in nine Paris properties in mid-2019.