Swiss Life Asset Managers launches open-ended mutual property fund
Swiss Life Asset Managers has launched an open-ended mutual property fund Swiss Life REF (DE) European Living under German law via Swiss Life Kapitalverwaltungsgesellschaft (Swiss Life KVG).
The investment fund, which will be known as Swiss Life European Living, is aimed at German private investors. In Germany, units of the fund have been on sale exclusively via Deka and thus via German savings banks since 22 October. Swiss Life European Living is aiming for a performance of more than 2 per cent (according to the BVI calculation method – German Investment Funds Association).
Tina Störmer, CEO of Swiss Life Asset Managers in Germany, says: “European Living is our first pan-European residential property fund for private customers. Its aim is to generate stable income on a long-term basis and manage opportunities and risks responsibly. This new product therefore also follows our company’s guiding theme of independent living.”
Christine Bernhofer, COO of Swiss Life Asset Managers in Germany and CEO of Swiss Life KVG, says: “The cooperation with Deka for marketing European Living represents a win for both sides: We are combining the real estate and fund expertise of Swiss Life Asset Managers with Deka’s strong product expertise and close-knit sales network. Investors in the fund also benefit from excellent access to properties via Swiss Life Asset Managers’ local real estate units in the key European property markets.”
Swiss Life European Living invests in residential properties in European metropolitan regions. In the medium term, the fund management intends to build up a target real estate portfolio consisting of residential properties in the mid-price segment. There is also a focus on properties geared towards different user groups such as students, young professionals or commuters. The first purchase for the “Swiss Life European Living” fund has already been made through the acquisition of a German residential portfolio with a total of 533 residential units. The housing stock in Duisburg, Düsseldorf, Frankfurt, Cologne and Wuppertal constitutes the starting portfolio for Swiss Life European Living.