Swiss Life AM enters JV to invest in UK co-living sector

Swiss Life Asset Managers has formed a joint venture with property investment manager True North Management to invest in the UK co-living sector.

Per Erikson, Head of Real Estate, Swiss Life Asset Managers.

“The co-living sector presents an exciting opportunity within the real estate market, particularly in the UK,” said Per Erikson, head of real estate, Swiss Life Asset Managers. “We remain focused on exploring new opportunities as we expand our portfolio. True North’s expertise in co-living development, coupled with our residential know-how and investment capacity, offers the opportunity to become a leader in the evolving co-living landscape.”

Swiss Life AM has acquired a minority ownership stake in True North Management, a company founded by CEO Jill Ju and her business partner Ingo Holz, a Germany-based, international real estate expert and founder of BEOS AG, which is now part of Swiss Life Asset Managers.

The JV represents an important step in Swiss Life AM’s commitment to diversifying and growing its investment portfolio and exploring untapped opportunities within the UK’s dynamic living sector, Erikson said.

True North Management’s first project, Holm Wimbledon Park in London, is a high-quality co-living property which has reached a 99% occupancy rate and now has plans for expansion to bring the total to 111 beds. Since then, the company acquired a second prime asset in a London Zone 1 location in order to create another co-living space in the heart of London.

Jill Ju, Founder & CEO, True North Management

Co-living is a relatively nascent sector that has emerged as a new model suited to those who emphasise convenience, flexibility, high-quality living, and meaningful connections. It benefits from the same inflation-hedging nature of other living asset classes and generates stable income for institutional investors in the long run.

Each co-living room offers customers a fully furnished private accommodation space, complete with amenities such as a kitchenette and bathroom, along with communal spaces for sharing and collaboration, curated events, co-working and social gatherings.

The collaboration with True North Management aligns with Swiss Life Asset Managers’ broader strategy and the partnership is aiming to create an industry-leading living platform that reinforces its commitment to delivering value and innovation to investors and customers alike.

“Both organisations share a purpose of enabling people and thinking long-term,” said Ju. “We both see the value of a partnership between a team of entrepreneurial experts and a supportive long-term investor. We are working on an expansive pipeline of new sites to grow our UK portfolio. There is a lack of established investment vehicles in this asset class, and we aim to create a fund vehicle that would enable mission-aligned capital partners to join us on this journey.”