Swiss Life Asset Managers has purchased the first property for its fund that focuses on residential, healthcare, office and retail assets.
The investment manager paid 鈧�31m for the asset in Munich for its Swiss Life Living + Working vehicle.
The fund, which was launched , is focused on German and European real estate in the 鈥渓iving鈥� 鈥� residential and health 鈥� and 鈥渨orking鈥� 鈥� office and retail 鈥� segments.
Swiss Life insurance group is providing 鈧�200m of capital for the vehicle, which Swiss Life is investing in 鈥淏 locations in A cities and A locations in B cities鈥�, an approach known as the ABBA strategy.
Kevin Julian Fuhr, head of portfolio management and public funds strategy at Swiss Life KVG, said: 鈥淭he property鈥檚 return far exceeds the returns of pure office buildings in the city centre area.
鈥淭his investment has allowed us to make an excellent start to our fund.鈥�
The 8,000 sqm office and commercial ATROS building, in Lindberghstrasse in Munich鈥檚 Schwabing district was sold by Munich-based Hammer.
