Swiss Life Asset Managers France has sold, through one of its real estate vehicles, five commercial premises as part of its asset diversification strategy. The premises, located in Madrid and San Sebastián, were sold in their entirety to various family offices. Cushman & Wakefield and Catella advised on the transaction on a co-exclusive basis.
These commercial premises are located in super-prime streets and in areas of high demand. In Madrid, the insurer has sold the premises at Gran Vía 30, leased to Starbucks, and the asset at Bravo Murillo 109, leased to VIPS. In addition, the company has also sold three premises located in San Sebastian's main shopping street; San Marcial 11 and 13, rented to K-Tuin, Women's Secret and Lola Casademunt.
Robert Travers, Head of EMEA Retail at Cushman & Wakefield, said: "The sales of these five retail premises in Madrid and San Sebastián are a clear demonstration of the liquidity offered by retail assets when they are in prime locations, have good tenants and offer volumes of less than €15 million".
Pablo Carvajal, Head of Capital Markets at Catella, indicated that "we have noticed a growth in investment activity by family offices in 2023 due to the increase in yields on real estate assets, which are directly influenced by the rise in interest rates. This investor profile is looking for products in prime locations and with tenants that offer security and stability in the medium to long term".
Together with the insurance mandates for Swiss Life Group, Swiss Life Asset Managers' total assets under management amounted to CHF 259.7 billion (EUR 273 billion), of which CHF 89.6 billion (EUR 94.2 billion) were invested in real estate assets.
