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Swiss Life Asset Managers purchases "Laetitia" portfolio for the new BEOS Corporate Real Estate Fund Germany IV (CREFG IV)

08.11.2018

  • 32 properties with 538,000 square meters of rental space
  • Significant portion of planned CREFG IV fund volume invested
  • Transaction highlights new opportunities under the umbrella of Swiss Life Asset Managers

Swiss Life Kapitalverwaltungsgesellschaft mbH (Swiss Life KVG), in cooperation with BEOS AG, has purchased the "Laetitia" portfolio consisting of 32 commercial properties at locations throughout Germany. The properties form the seed portfolio of the new open-ended real estate specialty AIF's CREFG IV, which is managed by BEOS AG. The seller of the portfolio is Aurelis Real Estate. The parties have agreed not to disclose the purchase price.

The portfolio of corporate real estate with primarily office, logistics and production space comprises a total of approx. 538,000 square metres of rental space. Around 95 percent of the space is let. The tenants with strong credit ratings include well-known corporations and medium-sized companies. The weighted average remaining lease term is more than five years. The properties are located primarily in the top 7 locations, but also in secondary cities such as Hanover.

Expressions of interest from investors for the entire planned volume
"With this portfolio acquisition we have already invested a significant part of the planned fund volume of EUR 1.1 billion. The portfolio fits in perfectly with our fund strategy, which focuses on stabilised properties in attractive locations," explains Kerstin Lauerbach, Head of Portfolio Management at BEOS AG. Like its predecessors, CREFG IV invests in corporate real estate - specifically in mixed-use portfolio properties - in Germany's top 7 conurbations and a maximum of 50 percent in growth regions such as Hanover, Karlsruhe, Ulm, Nuremberg and Regensburg. CREFG IV, for whose planned equity of EUR 630 million there are already expressions of interest from investors, is aiming for a distribution of 5.5 to 6.0 percent per year after costs and fees.

Distribution approval for CREFG IV in record time
CREFG IV is the first BEOS labeled fund launched by Swiss Life KVG. The Federal Financial Supervisory Authority (BaFin) granted distribution approval1) in September 2018 within a few days. Christine Bernhofer, Managing Director of Swiss Life KVG: "We are delighted at the speed with which we were able to launch the CREFG IV for BEOS AG, our new partner in the Swiss Life Asset Managers network. This clearly demonstrates the potential of Swiss Life Asset Managers for major projects.

The transaction is subject to the approval of the relevant antitrust authorities.

1) CREFG IV is licensed in Germany exclusively for distribution to semi-professional and professional investors in accordance with the German Investment Act (KAGB).  The fund may not be distributed outside Germany.

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