Corpus Sireo inks 108,000 m2 value-add German portfolio deal

Swiss Life's German asset management arm Corpus Sireo has announced the off-market purchase of a portfolio of 108,000 m2 in Germany for an undisclosed amount.

The buyer completed the transaction from an unnamed international investor believed to be Goldman Sachs.

The portfolio, which was bought on behalf of Swiss Life, consists of 11 office-led properties in the cities of Hannover, Essen, Dusseldorf (2x), Neuss, Cologne, Mannheim, Oberursel, Neu-Isenburg (2x) and Frankfurt. The assets are 20% vacant.

The package is believed to include the German assets of the larger 42-property strong Artemis portfolio, which was bought by Goldman Sachs in May 2017 and had a market value of €442 mln.

Corpus Sireo Real Estate will manage the portfolio from its German locations as well as provide leasing, construction project management and transaction management.

'We are pleased that one of our first portfolio purchases this year is such a significant share deal. Off-market transactions are very rare in a highly competitive real estate market,' said Bernhard Berg, CEO of Corpus Sireo Real Estate. 'With our expertise across the entire property value chain and our Germany-wide positioning, we will optimize the value-add portfolio on a rental basis and thereby tap into its unused potential.'


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