Meag, the asset manager of Germany's Munich Re Group and Ergo, has attracted Spanish insurance firm, Mapfre, for a core European office fund aiming to invest up to EUR500 million by 2023.
Mapfre is the seed investor along with Meag, both of whom are contributing assets in the first place, but the fund will be opened to different institutional investors from Germany and Europe in 2024, leading the partners to think it could grow to EUR1 billion by 2025.
This is far from the first time Spain’s Mapfre has teamed up with a European institution for a property strategy. As recently as April 2021, it launched a EUR400 million co-investment vehicle with Swiss Life for assets in Spain and Italy following a 2019 agreement when they combined to invest almost EUR300 million in nine prime properties in Paris.
It is also not the first time Meag and Mapfre have worked together having partnered on investments for several years.
Mapre and Meag’s strategy for the new office fund is to assemble a portfolio of high-quality assets in prime locations in top European locations. To begin the fund, both organisations are contributing properties in Spain and Germany.
Fernando Mata, Mapfre CFO and a member of the board, said: ‘In recent years we have diversified our portfolio with alternative funds as a result of the very low rate environment. And we have always done so with the best partners.
Source: propertyeu.info on the 27th of April