Spanish insurer Mapfre has partnered with the real estate company GLL to invest up to €300m in prime office space in the eurozone’s key markets within two or three years.
The investment focus will be in the main cities of Germany and France, as well as in other cities like Amsterdam, Brussels, Milan and Luxembourg.
To do so, Mapfre is set to launch a co-investment real estate vehicle in the coming months, which aims at achieving returns of between 4% and 6% annually, while diversifying its portfolio.
The vehicle, which is open to other institutional investors from the insurance sector, will be managed by GLL.
Mapfre already has a portfolio of real estate properties in Spain, including Plaza de la Independencia in Madrid, Torre Mapfre in Barcelona, and in other countries, such as Torre Mapfre in the Paseo de la Reforma in Mexico City, and One Winthrop Square building in Boston.
GLL, one of the main investors in office buildings for insurance companies, manages €7bn in assets.