MAPFRE and Swiss Life Group have launched a pan-European co-investment vehicle with €400 million ($481 million) in assets, located in Spain and Italy.
MAPFRE contributed a property located at 15 Calle Mateo Inurria in Madrid to the venture, and entities of Swiss Life Group contributed three properties in Milan, through its Italian fund. MAPFRE said it will be responsible for managing the assets located in Spain, with MAPFRE Inversión serving as investment adviser and SERVIMAP serving as property manager.
An entity of Swiss Life Group will provide asset management services for the assets located outside Spain, with its real-estate arm, Swiss Life Asset Managers France, serving as investment adviser. Both groups will be able to make new contributions to the vehicle as long as they remain equal shareholders.
In addition, VERTI Italy, a subsidiary of MAPFRE, will participate indirectly in the venture through the acquisition of a 17.4 percent stake in the Italian
