Mapfre and three entities from Swiss Life Group have formed a €400m ($483m) pan-European co-investment vehicle, to be shared equally between the two groups.
The three entities from the Swiss insurer are Swiss Life Assurance & Patrimoine, Swiss Life Ere Capital Partners Fund, and Swiss Life Luxembourg.
In the initial phase of the joint venture, Mapfre contributed a building located in Madrid, and SwissLife Group contributed three other properties in Milan, and they’re keeping their eyes open for other opportunities in Europe, a spokesperson from the Spanish insurer told Insurance Asset Risk.