Swiss Life buys four hotels from Spanish REIT, ELAIA

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.

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