The Swiss Life Living + Working fund, a KVG established under German law, has made an additional investment into Amsterdam property, valued at about €15m, marking the first acquisition outside Germany.
The properties are located in the old town of Amsterdam. Currently used as offices, they are close to the main railway station, Dam Square and other facilities including museums.
Kevin Julian Fuhr, head of Portfolio Management and Public Funds Strategy said: “After the first purchase for the fund in Germany, we have expanded our investments into other European countries with the transactions in Amsterdam. In doing so, we are targeting our goal of diversifying the fund not only in terms of the types of use, but also in terms of geographical orientation. Further investments in Germany and Europe, as well as in different types of use, will follow in the near future.”
Walter Seul, head of Fund Management said: “With both of these buildings, we could obtain properties in a first-class city-centre location, which will still be very sought-after, after the expiry of the long-term leases. Especially the option to later convert one of the building into a ‘residential’ makes the investment even more attractive.”
Sales of the KVG started in July 2017, with a starting capital of €200m from Swiss Life. The performance target has been set at 2.5%, in accordance with the BVI calculation method. Other holdings being targeted include housing, retirement homes, care homes, medical centres, offices and retail properties.