Swiss Life, NBIM to pay €674m for Berlin and Paris office assets

Swiss Life, NBIM to pay €674m for Berlin and Paris office assets
The 30,000 square meter “VoltAir” property in Berlin Image : NBIM

Swiss Life Asset Managers and Norges Bank Investment Management (NBIM), through an investment vehicle, have signed agreements to acquire two landmark office buildings, VoltAir, a newly built mixed-use property located on Voltairstrasse 8-10 in Berlin, and 86 boulevard Haussmann, an office property in central Paris.

The investment vehicle is managed by Swiss Life Asset Managers and targets investments in Berlin and Paris with focus on prime locations and sizeable high-quality assets.

The investment vehicle will target core assets in Berlin and Paris, predominantly with commercial use.

To date, two real estate transactions have already been signed by the investment vehicle, VoltAir in Berlin for the amount of €457 million and 86 Boulevard Haussmann in Paris for €217 million.

NBIM will pay €297 million for its 65 percent ownership interest in VoltAir and will pay €141 million for its 65 percent ownership interest in 86 boulevard Haussmann. Swiss Life Asset Managers will hold a 35 percent interest in the properties.

The closing of the transactions are expected in February 2023 and December 2022 respectively.

”Berlin and Paris are dynamic and future-proof cities with exemplary development ambitions in the areas of sustainability and modernisation. Both cities are good examples of solid and innovative investment opportunities, said Swiss Life AM in a statement.

“We are pleased to partner with an experienced and financially strong institutional investor with a long-term investment horizon. We are successfully leveraging our proprietary asset management portfolio strategy for third parties by launching this investment vehicle with a likeminded counterparty. Drawing on our knowledge and experience of over 165 years in risk management, we develop future-oriented investment solutions. That’s how we support our clients in achieving their long-term investment objectives,” commented Stefan Mächler, Group CIO at Swiss Life.

VoltAir, Berlin
The investment vehicle will acquire the 30,000 square meter “VoltAir” property in Berlin from ABG Real Estate Group, making it one of the biggest office transactions on the German market in 2022. 90% of its space is allocated to office and 10% to retail. The modern space offers plenty of flexibility for occupants from all business sectors and disciplines and has been fully let since its completion in mid-2022. For its sustainability and comfort features VoltAir is endorsed as a Green building with LEED Gold certification; it boasts excellent digital infrastructure and is WiredScore certified.

86 Bd Haussmann, Paris
The prime office building is located in the Central Business District of Paris. Its modern 11,000 square meters are exclusively dedicated to office use and have been fully leased since 2002 whilst its rigorous renovations improved the property’s overall attractiveness, in particular its common areas and service spaces. 86 Bd Haussmann is certified BREEAM In Use and HQE Very Good and follows a sustainable strategy of continuous improvement.