Swiss Life REIM completes its first investment in Spain: the acquisition of 13 retail units from Corpfin Capital Real Estate Partners (CCREP) for €83 million.
The vendors were two Spanish REITs owned by CCREP and listed on the Madrid Alternative Stock Market (MAB): Corpfin Capital Prime Retail II Socimi (CCPR II) and Corpfin Capital Prime Retail III Socimi (CCPR III).
CCREP was founded in 2008 as an independent structure to invest and manage real estate private equity projects, specialized in prime high street and retail park properties.
The Swiss Life Group is a leading provider of life and pensions and financial solutions in Europe and has assets under management of over €69 billion. The group focuses on offices which accounts for 37% of its portfolio and residential which accounts for an additional 32%. Retail properties coincidentally, only occupies 16% of its investments. The remaining is divided between the logistics sector, hotel and alternative assets.
Swiss Life’s acquisition efforts in Spain are being led by David Clifford, a senior pan European real estate investment professional with 20 years experience in France, Belgium, Luxembourg, Germany, UK, Ireland and other European countries.
In January 2014, the Swiss Life Group expanded its position in real estate asset management by acquiring CORPUS SIREO for €210 million, the leading independent real estate service provider in Germany. The sellers of the company were three German savings banks: Sparkasse KölnBonn (50%), Stadtsparkasse Düsseldorf (25%) and Frankfurter Sparkasse (25%).
The subsidiaries Livit, Corpus Sireo, Mayfair Capital and Beos are also part of the Swiss Life Group.