Swiss Life has reached an agreement with Spanish REIT Elaia Investment Spain, Socimi, SA, controlled by the Luxembourg group Batipart, to purchase two hotels in Mallorca (Icon Valparaiso and Vistamar) a hotel in Gerona (Monterrey) and an apartment complex in Menorca (Eden Binibeca).
The assets are worth over €50 million euros, according to market sources and all are located on the beachfront. Three of the properties are leased to Pierre & Vacances and one is leased to HotelAtelier – all on long-term contracts.
Last year Swiss Life Asset Managers launched a new fund, “Swiss Life REF (LUX) European Hotel Fund S.A., SICAV-SIF”, aimed at international institutional investors with a target volume of EUR 1 billion.
Catella and CBRE have acted as advisors in the transaction whilst the legal advice has been provided by Perez-Llorca and Clifford Chance who advised Swiss Life.
Amongst Swiss Life’s most recent acquisitions is that of the Senator Parque Central hotel in Valencia for €24.5 million and a building on Eloy Gonzalo 27, located in Madrid’s Chamberi neighbourhood for €40 million.