Swiss Life AM acquires UK property boutique

London-based property manager Mayfair Capital Investment Management Limited (Mayfair Capital) has announced its acquisition by Swiss Life Asset Managers (Swiss Life AM), part of the Swiss Life group.

The acquisition is subject to regulatory approvals and is expected to complete in the final quarter of the year.

Mayfair Capital has currently around £1bn (€1.11bn) of assets under management.

It is understood the company will continue to trade as Mayfair Capital in the UK, James Thornton will remain as CEO and Robert Palmer as CIO.

All Mayfair Directors and staff remain fully committed to the long-term future of the business, the company said in a statement.

The transaction brings together real estate teams in Switzerland, Germany, France and the UK creating a pan European business with some £55.3bn (€61.3bn) of real estate assets under management and administration.

Swiss Life AM will invest in new funds that Mayfair Capital launches.

Financial details of the deal have not been disclosed.

James Thornton, CEO of Mayfair Capital, said: “The Mayfair Capital Board has been looking for a strategic partner to assist with our growth strategy.

“The transaction will provide our clients with access to a wider range of investment solutions across the major European markets and an investment platform with significantly enhanced distribution reach.

“The acquisition is testament to the strength of the Mayfair Capital business, its investors and our team. With Swiss Life AM as its new owner, Mayfair Capital will be able to develop its business by entering new markets and launching new products.”

Robert Palmer, Mayfair Capital’s CIO, commented: “Swiss Life AM is highly focused on real estate investment and with planned co-investment capital and support from Swiss Life AM funds we can accelerate the growth of our business.

“The Board is united in its belief that the transaction is beneficial to clients, staff and other stakeholders in the Mayfair Capital business”.

Stefan Mächler, CIO of the Swiss Life Group, added: “The acquisition is an important step in our growth strategy involving one of our core strategic areas. With Mayfair Capital we can expand our regional presence and strengthen our position as one of the leading institutional real estate and asset managers in Europe.

“The transaction will also enable us to extend our existing client relationships and gain access to new clients. We look forward to working with the experienced Mayfair Capital real estate team.”

In the UK, Mayfair Capital manages the Property Income Trust for Charities and is adviser to the Mayfair Capital Property Unit Trust (on behalf of clients of Schroder Real Estate Capital Partners) and Mayfair Capital Commercial Property Trust (on behalf of clients of Jupiter Asset Management).

It also manages two residential debt funds where the investors are a combination of pension funds and high net-worth individuals.

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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