Swiss Life is investing in the German real estate market to get better access to institutional clients in Europe’s largest economy.
Swiss insurance company Swiss Life (release in German) agreed to buy BEOS, it said in a statement on Monday. BEOS is based in Berlin, was founded in 1997 and employs a staff of about 150. It has branches in Hamburg, Frankfurt, Cologne, Munich and Stuttgart.
BEOS develops and manages mixed business properties, with office space, manufacturing, services and logistics facilities. The service providers is active in all big German cities mainly and is focused on the medium-sized German business clientele.
Leading European Real Estate Asset Manager
At the end of 2017, the company had properties worth 2.6 billion euros under management. The available rental space amounted to 2.6 million square meters. With the business, BEOS generated sales of about 30 million euros. Swiss Life and BEOS agreed not to disclose the financial details of the deal.
«The transaction underlines our ambition to further expand our position as a leading European real estate asset manager,» said Stefan Maechler, chief investment officer at Swiss Life.
Swiss Life intends to keep the BEOS business as it is and to run it on an independent basis. It will also retain all branches, jobs and the functions. Ingo Hans Holz and Stephan Bone-Winkel remain members of the board and investment committee.
