About Swiss Life Asset Managers, Real Estate
Swiss Life Asset Managers is one of the leading1 real estate investor in Europe (€69.2bn of AuM as of end of December 2017. Investments are covering all Europe with local teams in 5 countries: Switzerland (Swiss Life Asset Management Ltd.), Germany (Corpus Sireo), France (Swiss Life REIM France), Luxembourg (Swiss Life Fund Management LUX S.A.) and UK (Mayfair Capital).
About Swiss Life Asset Managers Real Estate France et de Swiss Life REIM (France)
Swiss Life Asset Managers, Real Estate France, is represented by Swiss Life REIM (France), an AIFM real estate management company founded in 2007 and managing 13.1 billion euros as of end of December 2017. The company is responsible for the investments in France, Belgium, Luxembourg, Portugal, Spain and Italy. The French teams combine real estate, legal and financial skills to offer tailored solutions to institutional and retail investors. Assets are managed in all asset classes (offices, retail, housing, logistics, student homes, healthcare and hotels). Swiss Life REIM (France) is also a pioneer on the French OPPCI market.
The Swiss Life Asset Managers France “Real Estate in Modern Investment Solutions” research chair will involve three years of academic research to analyse the role of real estate in investment solutions.
The aim of this research chair is to provide a comprehensive analysis of the role of listed and unlisted real estate investments in institutional portfolios, with a particular emphasis on how dedicated forms of real estate investments can prove to be key ingredients within the performance and hedging components of welfare-improving forms of retirement solutions.
An important part of this research effort will be dedicated to assessing the theoretical, empirical and practical challenges related to factor investing in real estate markets, with the ambition to facilitate the emergence of more efficient approaches to real estate risk premia harvesting.
As part of the research chair, we also expect to examine how dedicated forms of real estate investments can be used as part of goal hedging portfolios within improved retirement solutions, based on their ability to generate
inflation-linked replacement income cash flows.
We shall also analyse how insurance products can be integrated with real estate investments to provide a comprehensive retirement solution for all stages of retirement..
Béatrice Guedj, Lionel Martellini, Shahyar Safaee
This publication reviews the risk and return characteristics of Sociétés Civiles de Placement Immobilier (SCPIs), a form of French non-listed real estate funds, to assess whether modern investment management techniques can be applied to this growing universe of investment vehicles. We find that the commercial SCPI market offers a significant amount of dispersion in risk and return, and portfolios of SCPIs exhibit a substantially lower level of volatility than the “average SCPI”. We also find several attributes to have explanatory power with respect to such differences in risk and performance. Both results suggest that value can be added by selection and allocation decisions, which could form the basis of a welfare-enhancing open architecture multi-management approach to investment in SCPIs.