MAPFRE has partnered with GLL to launch a co-investment real estate vehicle to invest in prime offices in a number of Europe’s main markets, while at the same time diversifying the portfolio against other types of financial assets.
The venture plans to acquire up to €300 million of prime office space located in the euro zone’s key markets within two or three years. The investment focus will be large cities in Germany and France, as well as other nearby markets such as Amsterdam, Brussels, Milan and Luxembourg.
The vehicle, which is open to other institutional investors from the insurance world, will be managed by GLL, which is one of the main investors in office buildings for insurance companies.
MAPFRE already has a portfolio of unique real estate properties in Spain, such as Plaza de la Independencia in Madrid, Torre MAPFRE in Barcelona, and other emblematic buildings in different countries, such as Torre MAPFRE, in the Paseo de la Reforma in Mexico City
