Swiss insurer Swiss Life has acquired Beos, a German corporate real estate manager, with head office in Berlin.
Financial details were not disclosed.
The company, founded in 1997, has around 150 employees across offices in Hamburg, Frankfurt, Cologne, Munich and Stuttgart as well as the German capital.
Beos manages and develops mixed-use commercial real estate across the office, manufacturing, services and logistics sectors.
'With the leading corporate real estate investment manager, we can add an optimally positioned company to our business in Germany,' said Stefan Mächler, chief investment officer of the Swiss Life Group.
'BEOS will help us to advance the successful growth strategy of Swiss Life Asset Managers in the field of third-party asset management and provide us with access to new institutional clients.'
At the end of 2017, Beos managed real estate to the value of €2.6 bn covering a rental space of over 2.6 million m2. In 2017, the company generated revenues in the region of €30 mln.
According to Swiss Life, the company structure of Beos will remain inaltered, with Ingo Hans Holz and Stephan Bone-Winkel remaining on the supervisory board and investment committee for all project developments.
Subject to approval by the competition authority, the transaction will be completed in the third quarter of 2018.