Lebanese-based multi-family office SFO Group has acquired a majority stake in the Artemis portfolio from Swiss Life Asset Managers for an undisclosed sum.
Swiss Life Asset Managers purchased the Artemis portfolio in March 2018 from Goldman Sachs. The portfolio consists of 11 office properties, predominantly located in North Rhine Westphalia and the Rhine-Main Area. Its total floor area amounts to roughly 108,000 m2.
According to PropertyEU sources, Goldman Sachs secured the portfolio in May 2017 with a market value of €442 mln.
SFO Group and Swiss Life Asset Managers will remain co-investment partners throughout the hold period. Corpus Sireo Real Estate, member of Swiss Life Asset Managers in Germany, will continue to be responsible for the portfolio as local asset manager.
'We are delighted to set up this new international relationship with SFO Group, as a seasoned global real estate investor now entering the German market,' said Benjamin Koch (pictured), managing director at Corpus Sireo.
Corpus Sireo said that a number of value-enhancing effects had already been achieved for the portfolio since the takeover, and further measures would be taken to lower vacancy further and modernise the assets.
Mario Saradar, chairman and CEO of Saradar Capital Holding, the parent company of SFO Group, said: 'Our partnership with Swiss life Asset Managers is an important milestone for our group in expanding its international real estate footprint and anchoring our German investment programme with the leading European real estate asset manager.'