Swiss Life Asset Managers, on behalf of Swiss Life Global Infrastructure Opportunities Growth II, a Luxembourg-based institutional investment fund, has entered into an industrial joint venture with Planet Farms, a Milan, Italy-based CEA developer and operator.

The fund will contribute up to EUR 125 million, acquiring a controlling stake in the joint venture, while Planet Farms will contribute a 20,000 m² vertical indoor farm in Cirimido, Lombardy, existing customer relationships and a project pipeline to the newly formed company.

Founded in 2018, Planet Farms currently grows leafy greens indoor. Since incorporation, the company has raised both public and private capital, and has successfully developed its first facility in Cirimido, Lombardy.

“The strength and scale of Swiss Life Asset Managers … underscore the appeal of our CEA business model and the attractiveness of the industry to infrastructure investors,” said Daniele Benatoff, CEO at Planet Farms Holding. “Their support will be instrumental in driving the next phase of growth and will enable the company to become an established European platform.”