Swiss Life's German asset management arm Corpus Sireo has acquired a Germany-wide office portfolio for Swiss Life in an off-market transaction from an international investor.
Financial details were not disclosed.
'We are delighted that one of our first portfolio acquisitions this year is such a significant share deal. In a highly competitive real estate market, off-market transactions are very rare,' said Bernhard Berg (pictured), CEO of Corpus Sireo.
'Thanks to our expertise in every aspect of the real estate added-value chain and our locations throughout Germany, we will optimise the value-add portfolio in terms of lease agreements to leverage as-yet-untapped potential.'
The portfolio comprises 11 office properties in the cities of Hannover, Essen, Düsseldorf (x2), Neuss, Cologne, Mannheim, Oberursel, Neu-Isenburg (x2) and Frankfurt. Comprising a total of 108,000 m2, office space represents 98,200 m2, with the remainder made up of storage and residential space. The current vacancy rate for the entire portfolio is approximately 20%.
Corpus Sireo said it would manage the portfolio and leverage the value-added potential for the new owners.