The largest life insurance company in Switzerland, Swiss Life, has made a significant acquisition in the UK.
The firm has acquired a £1 billion UK property investment management firm, Mayfair Capital Investment Management, as it looks to expand its real estate business across the continent.
According to a report in The Telegraph
, the purchase adds to other recent acquisitions in Germany and France, with Swiss Life outlining that it intends to combine its real estate teams across Switzerland, France, Germany and the UK to create one huge business that boasts £55.3 billion in real estate assets under management.
Mayfair Capital, which was established in 2002, is estimated to have around £1 billion in property on its books – it will continue to trade under its own name in the UK, with its senior management to stay in place.
Speaking to The Telegraph
, James Thornton, chief executive of Mayfair Capital, outlined that the company had been looking for a strategic partner.
“With Swiss Life as its new owner, Mayfair Capital will be able to develop its business by entering new markets and launching new products,” he said.
Swiss Life is expected to invest in new funds that Mayfair Capital will launch, the publication writes.
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