Mapfre and Swiss Life join forces to invest in Europe. Both companies have created a vehicle to invest in the real estate market that was born with a volume of assets valued at 400 million euros located in Spain and Italy.
As reported by Mapfre, both companies will be able to make new contributions in the future, while respecting shareholding parity. One of the company's assets is the Mapfre building located at 15 Calle Mateo Inurria in Madrid.
On the other hand, the subsidiaries of the Swiss Life Group have contributed three properties located in Milan. Verti Italia, Mapfre's subsidiary in the country, will participate indirectly in the company through the purchase of a 17.4% stake in the Italian fund of Swiss Life.
The two partners have shared the roles and destination markets of their real estate investment. Mapfre will be in charge of managing the assets located in Spain, while the Swiss Life Group entity will provide services to the properties located outside the country. For this operation, both companies have been advised by Phlinx and Idbo.
This is not the first alliance between the companies. The two companies formed a joint venture last year with the aim of investing 375 million euros in real estate assets in the French capital.
Another of Mapfre's vehicles, christened GLL and launched in 2018, was set up together with the Australian financial giant Macquarie. At the end of last year, the vehicle acquired its first asset in London with the purchase of the former BBC Radio headquarters for € 40 million.
