Swiss Life and Beos acquire 32-asset German portfolio

Swiss Life Asset Managers has purchased a portfolio of 32 commercial properties at locations across Germany in cooperation with German asset manager Beos for a new specialist open-ended fund, Corporate Real Estate Fund Germany IV (CREFG IV).

Financial details were not disclosed, but Beos said the acquisition represented 'a significant part' of the planned fund volume of €1.1 bn.

Dubbed Laetitia, the assets form the seed portfolio of the new alternative investment fund, which is managed by Beos. The vendor was Aurelis Real Estate.

'With this portfolio acquisition we have already invested a significant part of the planned fund volume of €1.1 bn. The portfolio fits in perfectly with our fund strategy, which focuses on stabilised properties in attractive locations,' said Kerstin Lauerbach, head of portfolio management at Beos.

The portfolio, comprising primarily office, logistics and production space, represents around 538,000 m2 of rental space. Around 95% of the space is let to well-known corporations and medium-sized companies. The weighted average remaining lease term is more than five years. The properties are located primarily in the top 7 locations, but also in secondary cities such as Hanover.

Like its predecessors, CREFG IV invests in corporate real estate - specifically mixed-use portfolio properties - in Germany's top seven conurbations with a maximum of 50% in growth regions such as Hanover, Karlsruhe, Ulm, Nuremberg and Regensburg.

CREFG IV, for whose planned equity of €630 mln there are already expressions of interest from investors, is aiming for a distribution of 5.5 to 6.0% per year after costs and fees.

The transaction is subject to the approval of the relevant antitrust authorities.


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