Swiss Life Asset Managers enters a joint venture with True North Management to invest in the UK co-living sector, leveraging True North Management's expertise in creating high-quality living and hospitality spaces.
Swiss Life Asset Managers has entered a strategic joint venture by acquiring a minority ownership stake in True North Management Ltd., a real estate investment management company founded by CEO Jill Ju and her business partner Ingo Holz, a Germany-based, international real estate expert and founder of BEOS AG (now part of Swiss Life Asset Managers). Jill Ju brings a wealth of experience in the living sector, recognised for her transformative leadership and innovative approach. This joint venture represents an important step in Swiss Life Asset Managers’ commitment to diversifying and growing its investment portfolio and exploring untapped opportunities within the UK’s dynamic living sector.
Established in 2021, True North Management has demonstrated its ability to create high-quality co-living properties with their first project Holm Wimbledon Park, in London. This project has achieved significant success, boasting a 99% occupancy rate with plans for expansion underway to bring the total to 111 beds.
Since then, it acquired a second prime asset in a London Zone 1 location, with the opportunity to craft another exceptional co-living space in the heart of London.
Co-living is a relatively nascent sector that has emerged as a new model suited to those who emphasise convenience, flexibility, high-quality living, and meaningful connections. It benefits from the same inflation-hedging nature of other living asset classes and generates stable income for institutional investors in the long run. Each co-living room offers customers a fully furnished private accommodation space, complete with essential amenities such as a kitchenette and bathroom, along with communal spaces for sharing and collaboration, curated events, co-working and social gatherings.
The collaboration with True North Management aligns with Swiss Life Asset Managers’ broader strategy and the partnership is aiming to create an industry-leading living platform that reinforces its commitment to delivering value and innovation to investors and customers alike.
Per Erikson, Head Real Estate at Swiss Life Asset Managers, comments: “The co-living sector presents an exciting opportunity within the real estate market, particularly in the UK. We remain focused on exploring new opportunities as we expand our portfolio. True North's expertise in co-living development, coupled with Swiss Life Asset Managers’ residential know-how and investment capacity, offers the opportunity to become a leader in the evolving co-living landscape."
Jill Ju, founder and CEO at True North Management, adds: “Both organisations share a purpose of enabling people and thinking long-term, which made Swiss Life Asset Managers an ideal partner for us. We both see the value of a partnership between a team of entrepreneurial experts and a supportive long-term investor. We are working on an expansive pipeline of new sites to grow our UK portfolio. There is a lack of established investment vehicles in this asset class, and we aim to create a fund vehicle that would enable mission-aligned capital partners to join us on this journey.”
Information
Swiss Life Asset Managers
Communications
Phone: +41 43 547 66 88
communications@swisslife-am.com