The real estate alliance that Mapfre and Swiss Life Asset Managers formed last year to jointly invest in prime offices across Europe has received a new boost. The joint venture has added a new package of assets to its portfolio: on the one hand, the pan-European co-investment vehicle has acquired from El Corte Inglés the building located at Calle Alberto Bosch 13, in Madrid, just a few metres from the Retiro Park, which housed the former headquarters of the Royal Spanish Football Federation (RFEF). In total, the spaces total 4,006 square metres and will undergo a major refurbishment to transform it into top quality office use.
In addition to the RFEF, the Alberto Bosch building, built in 1970, also housed the headquarters of Viajes El Corte Inglés. The investment advisory and management company Colliers has advised the ECI Group on the sale of the asset. Martín Galbete, its national office director, said: "The sale of Alberto Bosch 13 confirms, on the one hand, the great investor appetite for new opportunities, as well as the widespread interest of both national and international investors in the acquisition of assets in prime areas, considered as a safe haven, with potential repositioning in the office market, as a result of their desire to add value to historic buildings that need to be adapted to current standards, due to new ways of working".
Mapfre and Swiss Life Group entities created a pan-European co-investment vehicle aimed at the real estate market, shared equally, which was born with a volume of assets valued at 400 million, located in Spain and Italy. Mapfre contributed a building located at Calle Mateo Inurria 15 in Madrid to this company. Swiss Life Group entities contributed three quality properties located in Milan through an Italian fund.
As part of this new package, Mapfre transferred to the pan-European co-investment vehicle another property it held in its portfolio, located at Av. de Bruselas, 30, also in Madrid, which is currently occupied by the Mercedes automobile company. It is a 6,908 square metre office building with 204 parking spaces and another 107 outdoor parking spaces.
A third asset, at Rue de la Loi 23 (Brussels), of 6,141 square metres, has been added to this new package. It has accessibility, visibility and a strategic location at the crossroads of the EU and Pentagon districts, and has high quality tenants, such as the Belgian State itself.
Mapfre and Swiss Life Asset Managers had already explored investment opportunities in the real estate market prior to this project, with another co-investment vehicle set up in 2018 and with which they undertook investments in nine prime buildings in Paris in mid-2019 for close to 300 million.
The insurance group thus continues with its investment strategy through real estate funds, always hand in hand with the sector's leaders, something that also applies to the different vehicles it has launched for other alternative assets in recent years, in the infrastructure, renewables and private equity sectors.