Swiss Life Invests in European Vertical Farm Joint Venture
(Bloomberg) — Swiss Life Holding AG’s asset management arm is investing in a European agriculture technology business.
Milan-based Planet Farms and Swiss Life Asset Managers are setting up a joint venture to develop vertical farming facilities across Europe, the Middle East and Africa, according to a statement on Tuesday that confirmed an earlier Bloomberg News report. It’s set to receive an initial capital endowment of as much as €200 million ($227 million), including up to €125 million from Swiss Life.
The venture includes a 20,000-square-meter facility near Como in northern Italy, which supplies supermarkets and food service industry across Italy and Switzerland. Swiss Life and Planet Farms plan to develop similar projects in the UK and Scandinavia.
Planet Farms was co-founded in 2018 by Luca Travaglini and former Goldman Sachs Group Inc. banker Daniele Benatoff. Guggenheim Securities exclusively advised Planet Farms on the deal.
(Updates throughout with press release.)
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