Corpus Sireo Real Estate, the German real estate arm of Swiss Life Asset Managers, has sold its Spirit portfolio to an international investor. The investment and asset manager is still responsible for operational asset management of the portfolio on behalf of the new owner. The transferred portfolio comprises roughly 105,000 m² of rentable space, which is distributed between 12 commercial properties across Germany. The portfolio is predominantly characterised by office space, but it also includes a hotel property. The purchase price was undisclosed.
After taking over the properties in spring 2016, which can be found in A, B and C cities and can essentially be assigned to the Core+ and Value-add risk classes, Corpus Sireo Real Estate implemented numerous measures focused on value creation. Since then, for example, existing or new leases have been extended or concluded for more than 40,000 m².
The Spirit portfolio is a cluster of the Stella portfolio, which Swiss Life acquired from DEKA in December 2015. At the time, the transaction was one of the largest deals on the German investment market for the period in question.
According to the managing director responsible for Spirit at Corpus Sireo Real Estate, Benjamin Koch: "In our 16-month holding period, we worked extremely hard on the properties and we are delighted at how much we have managed to do in this time. Our operational team is now working on behalf of the new owner with the same high level of motivation. We look forward to demonstrating our ability to meet the owner's strategic aims for the portfolio."