Swiss Life establishes co-living JV with True North Management

Swiss Life Asset Managers enters a joint venture with True North Management to invest in the UK co-living sector.

True North Management's first development Holm Wimbledon Park in London | Swiss Life Asset Managers | BTR News
True North Management's first development Holm Wimbledon Park in London.

Swiss Life Asset Managers enters into a co-living joint venture with real estate investment management company True North Management Ltd. The joint venture will leverage True North Management’s expertise in creating high-quality living and hospitality spaces.

Swiss Life Asset Managers has acquired a minority ownership stake in True North Management, with the joint venture representing an important step in the company’s commitment to diversifying and growing its investment portfolio and exploring untapped opportunities within the UK’s living sector.

Established in 2021, True North Management has demonstrated its ability to create high-quality co-living properties, with its first development Holm Wimbledon Park in London. Achieving significant success, the scheme boasts a 99% occupancy rate and plans for expansion are underway to bring the total to 111 beds.

Since then, the company acquired a second prime asset in a London Zone 1 location, with the opportunity to develop another co-living space in the heart of London.

“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.”

Per Erikson, Head Real Estate, Swiss Life Asset Managers

Each co-living room offers customers a fully furnished private accommodation space, complete with essential amenities such as a kitchenette and bathroom, along with residential amenities that include co-working spaces, social gatherings and curated events.

The collaboration with True North Management aligns with Swiss Life Asset Managers’ broader strategy. 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.

The co-living model benefits from the same inflation-hedging nature of other living asset classes and generates a stable income for institutional investors in the long run.

“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.”

Jill Ju, Founder and CEO, True North Management

True North Management was 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 has a wealth of experience in the living sector, and she is recognised for her transformative leadership and innovative approach.